Ghana could need about 15 years of consistent reforms and investment to translate economic stability into job creation, stronger businesses and improved living conditions, economist Professor Godfred Alufar Bokpin has said.

He cautioned that stabilising the economy was only the first step, adding that the bigger challenge was ensuring that the recovery delivered tangible benefits to households and businesses.

“Normally, moving from macroeconomic stability to greater economic transformation takes close to 15 years of doing the right thing consistently and the necessary reforms bundled together reinforcing each other,” he said.

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Professor Bokpin said countries that had successfully transformed their economies maintained clear policies and implemented coordinated reforms over several years. Ghana, he argued, must therefore look beyond measures designed around a single budget year.

While acknowledging the government’s progress in restoring economic stability, he warned that excessive reliance on spending cuts could hurt businesses and undermine the recovery.

He cited a reduction of more than 47 per cent in government spending on goods and services before 2025, saying that although the cuts helped reduce the budget deficit, they also affected small businesses that depend on government contracts.

Professor Bokpin said the next phase of the recovery should prioritise investments that enable businesses to expand, boost local production and create jobs.

He identified agriculture, agribusiness, agro-processing and roads linking rural communities to urban markets as key areas requiring investment.

According to him, improved road networks and higher productivity would help businesses reach more customers and strengthen economic activity.

He also called for greater adoption of artificial intelligence and digital technologies to improve productivity, enhance revenue collection and reduce waste.

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Drawing on China’s experience, Prof Bokpin said sustained investment in infrastructure and technology could help Ghana build a stronger economy, starting at the community level.

His remarks come as the government prepares to outline its New Economy Agenda in the 2027 Budget, scheduled to be presented to Parliament on November 12, 2026.

DR/MA

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