Ghana has made important progress in stabilising its economy, but without deeper structural reforms, recent gains may prove short-lived.

That’s the central warning from EM Advisory’s Mid-Year Review of the Ghanaian Economy, which urges the government to move beyond short-term fixes and address longstanding institutional weaknesses.

The August 2025 report commends the John Mahama administration for achieving rapid disinflation and showing signs of fiscal discipline, noting that “disciplined, targeted policymaking can yield macroeconomic gains even under challenging conditions.”

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However, EM Advisory cautions that stabilisation is not the same as transformation.

Despite new policy initiatives, medium-term growth projections remain unchanged, while critical issues, from weak public sector delivery to rising debt risks, persist.

The firm outlines urgent priorities for the next six months: rebuilding the Sinking Fund to prepare for future shocks, enforcing tax and spending discipline, addressing cost-of-living pressures, and rethinking capital investments to prioritise high-impact, revenue-generating projects.

“The next crisis will come, the question is whether Ghana will be ready,” the report states. “Stabilisation has bought time, but time alone will not solve Ghana’s problems.”

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Below is the full report:



SSD/MA

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