The Vice Chancellor of Methodist University Ghana, Prof. William Baah Boateng, has offered a thoughtful assessment of Ghana’s recent economic progress while urging the government to pursue deeper structural reforms to safeguard against future vulnerabilities.
Speaking in an exclusive interview on WTV Morning Show, Sore Na Hyeren on Thursday, November 20, 2025, the renowned Economist shared his assessment of the current economic landscape and the outlook for the months ahead.
Prof. Baah Boateng described the present state of the economy as encouraging, commending the government for measures that have contributed to relative stability. He noted that critics who refuse to acknowledge the progress made may not be giving a fair evaluation of the recent policy interventions.
However, he cautioned that macroeconomic gains will remain incomplete unless they translate into direct improvements in the lives of ordinary Ghanaians.
“Inflation may be trending downward and certain indicators may show stability, but if citizens do not feel relief in their pockets and if jobs are not being created, then the gains become meaningless,” he observed.
Reflecting on the transformation over the past three years, Prof. Baah Boateng stated that the economy has clearly regained some strength. He noted that policy corrections and fiscal discipline have laid a foundation that signals improvement, but insisted that more comprehensive efforts are required to sustain it.
The Vice Chancellor stressed that Ghana’s current economic debate has been overly narrowed to revenue and expenditure, which he described as only a fragment of the broader economic picture. He argued that true economic progress must be measured by growth sources, productivity, and how the outcomes improve livelihoods.
“You can have excellent inflation figures and a strong exchange rate, but if unemployment remains high, the economy is still underperforming,” he explained.
He also highlighted a persistent structural issue—Ghana’s dependency on imports despite having capacity to produce several goods locally. This, he argued, must be addressed urgently to prevent existing gains from eroding.
Prof. Baah Boateng commended the Ministry of Finance for its efforts in curbing expenditure, noting that fiscal discipline has contributed significantly to stabilisation efforts. He further praised the Bank of Ghana for its interventions but urged the Central Bank to ensure a more predictable and gradual movement in the exchange rate.
He expressed concern that the recent sharp appreciation of the Ghana cedi—from 14.5 to 10.5 within a short period—may not be organic. If not well managed, he warned, it could reverse and negatively impact key sectors of the economy.
“If the exchange rate strengthens too quickly without strong fundamentals behind it, it could backfire. Stability must be gradual and sustainable,” he emphasised.
Prof. Baah Boateng concluded by calling for a balanced approach—one that celebrates progress but recognises the need for deeper structural reforms to secure long-term economic resilience.
Source: Wesleyannews.com
Do you have a story to share? Send it to our editorial team at editor@wesleyannews.com
