{
  "id": 466780,
  "title": "2026 Mid-Year Budget Review deserves more scrutiny, it’s difficult to see the economic case – Dr Nsafoah",
  "url": "https://urgent.news/2026/08/10/2026-mid-year-budget-review-deserves-more-scrutiny-its-difficult-to-466780",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-10T12:05:38.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/2026-mid-year-budget-review-deserves-more-scrutiny-its-difficult-to-see-the-economic-case-dr-nsafoah/"
  },
  "original_language": "en",
  "account": "Assistant Professor of Economics Dennis Nsafoah has argued that Ghana's 2026 Mid-Year Fiscal Policy Review demands closer examination due to its economic implications. The government has shifted GH¢5 billion from capital expenditure to GoldBod in order to fund the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), with the goal of increasing international reserves to 15 months of import cover by 2028. While Nsafoah acknowledges that the Mid-Year Review maintains total spending, he contends that reallocating funds from productive investments to reserve accumulation warrants debate. The IMF's recent staff reports present a pressing concern, as they estimate Ghana's reserve adequacy at around six months of imports, far below the proposed 15 months. Moreover, the Fund explicitly cautions against reserves reaching 15 months due to their economic costs. Nsafoah questions why the government is pursuing a reserve target significantly higher than what its primary international adviser deems adequate while simultaneously cutting capital expenditure. He emphasizes that the economics of reserve accumulation becomes less favorable as reserves increase, as the benefits diminish beyond a certain threshold. Resources spent on low-yielding foreign assets could be allocated towards higher-return domestic investments, such as infrastructure projects. Nsafoah concludes that the economic case for maintaining a reserve stock of 15 months over the currently recommended level is difficult to support.",
  "summary": "He added that the relevant economic question is whether the return from moving Ghana’s reserves from an adequate level of around six months toward 15 months exceeds the return from roads, irrigation, energy infrastructure, hospitals, schools and other productivity-enhancing public investments.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "2026 Mid-Year Budget Review deserves more scrutiny, it’s difficult to see the economic case – Dr Nsafoah",
        "url": "https://urgent.news/2026/08/10/2026-mid-year-budget-review-deserves-more-scrutiny-its-difficult-to",
        "published": "2026-08-10T12:05:38.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}