Ghana must turn economic stability into transformation – Prof Stephen Adei
Former Rector of the Ghana Institute of Management and Public Administration (GIMPA), Professor Stephen Adei, says Ghana must translate its recent economic stabilisation into lasting economic transformation, warning that maintaining stability alone will not be enough to secure sustainable development.
He said Ghana was at an “inflection point” and needed to build on the progress made in stabilising the economy to deliver meaningful improvements in the country’s economic structure and living conditions.
Speaking at the 37th CIMG Annual National Marketing Performance Awards at the Labadi Beach Hotel on Saturday, October 17, 2026, Prof Adei said the past two years had seen some progress in economic stabilisation.
“I believe that in the past two years, Ghana has stabilised somehow in the economic area. But we are at an inflection point, and the challenge is how to translate stability into transformation because we cannot destabilise and stabilise,” he said.
“When the time comes, we must transform.”
Prof Adei cited economic growth, declining inflation, improved foreign reserves, better creditworthiness and a recovery in domestic and foreign investment as signs of progress.
He said data from the Ghana Statistical Service and international institutions placed Ghana among the faster-growing economies in Africa and globally, with growth of about 6 per cent.
He added that the World Bank and the International Monetary Fund had projected growth within a range of 4.8 to 5.7 per cent.
The former GIMPA rector also pointed to the decline in inflation from 54 per cent in 2022 to 5.2 per cent, although he noted that the rate had risen slightly.
He said inflation was projected to end the year at 4.8 per cent, subject to the trend being contained.
Prof Adei, however, stressed the need for the public to understand the difference between a decline in inflation and a fall in prices.
He argued that political leaders needed to communicate this distinction clearly to the public, noting that prices could continue to rise even when inflation had fallen significantly.
On the external sector, Prof Adei said Ghana’s reserve position had improved considerably, while the country’s credit ratings, according to Moody’s and S&P, had also edged forward.
He attributed the economic stabilisation largely to external windfalls and the government’s fiscal consolidation efforts. He also cited the government’s generation of a primary surplus as a positive development.
However, he cautioned that the gains remained vulnerable, pointing to indications that the country’s reserves had slipped slightly.
Prof Adei also questioned how the government intended to achieve its reported target of 15 months of import cover by 2028, saying the strategy for reaching that level had not been adequately explained.
He called for clarity on the measures needed to sustain the gains and move the economy towards long-term development.
The former rector said the government had introduced specific flagship projects, but stressed the broader need to turn the current period of stabilisation into a more transformative phase for the country.
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