Ghana must turn economic stability into transformation – Prof Stephen Adei

Ghana's former Rector of the Ghana Institute of Management and Public Administration, Professor Stephen Adei, has called for the country to transform its recent economic stabilisation into lasting economic improvement, warning that maintaining stability alone is insufficient for sustainable development. During the 37th CIMG Annual National Marketing Performance Awards held at the Labadi Beach Hotel on Saturday, October 17, 2026, Prof Adei stated that Ghana is at an "inflection point" and must build upon the progress made in stabilising the economy to achieve meaningful improvements in the nation's economic structure and living standards.

The past two years have witnessed some progress in economic stabilisation, according to Prof Adei. He believes that Ghana has stabilised economically in the last two years, but the challenge now lies in translating this stability into transformation. He emphasised that the country cannot simply maintain its current stability without actively transforming it.

Prof Adei highlighted several signs of progress, including economic growth, declining inflation, improved foreign reserves, better creditworthiness, and increased domestic and foreign investment. According to the Ghana Statistical Service and international institutions, Ghana is among the fastest-growing economies in Africa and globally, with growth projected at around 6 per cent. Furthermore, the World Bank and the International Monetary Fund have forecasted growth within a range of 4.8 to 5.7 per cent.

Inflation has declined significantly, from 54 per cent in 2022 to 5.2 per cent, although it has slightly increased. Prof Adei emphasised the need for the public to understand the difference between a fall in inflation and a fall in prices, as political leaders must convey this distinction clearly. Prices could still rise even when inflation has fallen significantly.

Ghana's external sector has also seen improvements, with the country's reserve position becoming stronger and its credit ratings moving up according to Moody's and S&P. This external stabilisation is largely attributed to external windfalls and the government's fiscal consolidation efforts. However, Prof Adei cautioned that the gains remain vulnerable, with signs suggesting that the country's reserves have slightly decreased.

The former rector questioned how the government intends to achieve its target of having 15 months of import cover by 2028, noting that the strategy for reaching this goal has not been adequately explained. He called for clarity on the measures necessary to sustain the gains and propel the economy towards long-term development. Prof Adei acknowledged the government's introduction of specific flagship projects but stressed the broader need to transition from the current period of stabilisation to a more transformative phase for the country.