Across the world, every nation’s path to sustainable economic transformation is anchored on a single truth: lasting progress is possible only when the foundational pillars are strong, coherent and deliberately built.
Over the years, however, Ghana’s macroeconomic signals, governance structures and social cohesion have too often moved out of sync, creating a disjointed environment that limited the country’s ability to convert potential into sustained growth. In many instances, periods of stability were undermined by institutional weaknesses or social pressures, while moments of reform struggled to gain traction because the economic and social pillars required to support them were not properly aligned.
Today, however, Ghana finds itself in a unique position. Key pillars of macroeconomic stability, institutional reform and social progress are increasingly aligning. The groundwork for long-term prosperity is becoming visible, and the task ahead is to protect these gains, deepen them and channel their benefits into the daily lives of citizens and businesses.
For many across the political divide, Ghana has made notable progress over the past year in restoring economic predictability — a critical ingredient for investor confidence and business planning. Stability in the value of the cedi, improvements in inflation management, a more disciplined fiscal framework and prudent debt management are not abstract achievements. They are the bedrock upon which all productive activity rests, from the operations of small market traders to large-scale industrial ventures.
When these indicators hold steady, the private sector can plan with confidence, families can better anticipate their cost of living, and the nation can direct its energy towards growth rather than uncertainty.
Institutional reforms
Another significant development has been the renewed focus on strengthening governance and regulatory systems. Few things matter more for national development than institutions that are transparent, responsive and insulated from abuse.
This is why recent constitutional, regulatory and administrative reforms — particularly those aimed at improving accountability, strengthening oversight and refining the management of natural resources — represent important steps in the right direction. A clear example is the introduction of the commitment control rule under the amended Public Financial Management Act, which now requires explicit approval from the Ministry of Finance before any public contract becomes valid. This reform has tightened fiscal discipline, curtailed indiscriminate contract awards and protected the state from the recurring accumulation of avoidable liabilities.
Similar efficiency-driven reforms are reshaping other key institutions. The Public Procurement Authority has upgraded its systems to reduce opaque sole-sourcing arrangements; the Ghana Gold Board is enforcing stricter oversight of gold licensing and aggregation, with enormous benefits reflected in the dramatic growth in gold output by small-scale miners; COCOBOD has enhanced auditing and quality control across the cocoa value chain; and the Electricity Company of Ghana has intensified revenue protection through improved metering and digital monitoring.
The foundation is half the task
Taken together, these interventions signal a shift towards stronger governance, cleaner processes and more accountable management of national resources. They demonstrate a clear intent to modernise state institutions and ensure that Ghana’s abundant natural wealth works for the people, rather than the other way around.
This progress reflects deliberate leadership by President John Dramani Mahama, with senior officials being guided to pursue reforms that strengthen institutions and serve the broader national interest. It reinforces the expectation — and hope — that his second term will unlock Ghana’s full potential over the next three years.
But as many will readily admit, building foundations is only half the task. The real work — the work that transforms lives — lies in what is built upon them.
Jobs, jobs and more jobs
The question now is not whether progress has been made, but whether we are prepared to consolidate it and extend its benefits across the wider economy and society.
For many young people, economic stability is meaningful only when it translates into real jobs and opportunities. Youth unemployment remains one of Ghana’s most pressing challenges. Our youthful population represents both our greatest asset and our greatest vulnerability.
To unlock this potential, macroeconomic stability must be channelled into targeted, job-creating sectors such as agribusiness, light manufacturing, digital services, green and renewable energy, and tourism. These sectors can absorb large numbers of young people, stimulate local value chains and generate inclusive growth.
The high cost of credit also continues to suffocate domestic businesses, particularly small and medium-sized enterprises (SMEs). Even the most innovative Ghanaian entrepreneur cannot thrive when financing remains expensive and difficult to access. Strengthening financial sector reforms, expanding development finance institutions and improving credit risk assessment frameworks will be essential to reducing borrowing costs and enabling SMEs — the true backbone of the economy — to scale.
In addition, pockets of communal violence threaten the peace and cohesion for which Ghana is globally respected. Beyond security interventions, strengthening community-level dialogue, investing in early-warning mechanisms and empowering local leadership are critical. Development flourishes only where peace prevails.
This is the moment to move decisively from groundwork to execution, advancing major initiatives such as the 24-hour economy, large-scale infrastructure development and renewed industrialisation. With the fundamentals increasingly in place, accelerating these flagship projects is essential to convert national momentum into jobs, investment and tangible economic gains.
All hands on deck
Indeed, Ghana stands at a promising crossroads. The economic and governance foundations now being strengthened are not ends in themselves. They are enablers — tools meant to support a broader national ambition: a Ghana where businesses grow without unnecessary obstacles, young people find meaningful work, communities feel secure and prosperity is not an elite privilege but a shared reality.
The task ahead is clear. We must collectively safeguard the progress made, deepen the reforms and translate stability into opportunity. Ghana has laid the right foundation. Now is the time to build boldly, inclusively and with unwavering commitment to the well-being of every citizen.
Alhaji Seidu Agongo is a businessman and philanthropist.
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