Professor Godfred Alufar Bokpin of the University of Ghana Business School told reporters that Ghana will need roughly fifteen years of sustained reforms, strategic investments and consistent economic policies to translate its recent macro‑economic stability into meaningful economic transformation.
He said stabilising the economy is only the first phase of recovery, with the bigger challenge being the creation of productive jobs, expansion of businesses and improvements in living standards.
Bokpin argued that countries which have successfully transformed their economies did so through sustained policy direction and coordinated reforms over several years, rather than short‑term measures driven by individual budget cycles.
“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 during an interview on the sidelines of the National Policy Dialogue on Philanthropy and Social Investment in Accra.
While acknowledging the government’s progress in restoring macro‑economic stability, the professor cautioned that excessive reliance on expenditure cuts could undermine private sector growth and weaken the foundations for a broader economic recovery.
He pointed to a reduction of more than 47 % in government expenditure on goods and services before 2025, noting that although the adjustment helped narrow fiscal deficits, it also affected small businesses reliant on government contracts.
According to Bokpin, the next phase of economic management must shift towards productive spending and investments that stimulate domestic business activity, build industrial capacity and create employment.
The professor identified agriculture, agribusiness, agro‑processing and rural‑urban road infrastructure as priority areas for investment, arguing that improved productivity and connectivity would create opportunities for businesses and strengthen economic activity.
He also called for greater integration of artificial intelligence and digital technologies into economic management to raise productivity, improve revenue mobilisation and reduce inefficiencies.
Drawing on China’s development experience, he said strategic investments in technology and infrastructure could accelerate Ghana’s transformation by supporting productivity and growth from the grassroots.
Meanwhile, the government is expected to outline details of its New Economy Agenda in the 2027 Budget, scheduled to be presented on November 12.
