BoG urges deep structural reforms for economic reset 

Bank of Ghana Calls for Structural Reforms

The Bank of Ghana (BoG) has emphasized that macroeconomic stability alone cannot reset Ghana’s economy. It urges bold reforms to tackle long-standing structural challenges.

This statement follows recent improvements in the economy. The Cedi has appreciated by about 18 percent against the US Dollar since early 2025. This appreciation has contributed to better economic indicators.

At the Daily Graphic/Ecobank Economic Forum in Accra, Mr. Osei Gyasi, a BoG Director, spoke on this issue. He stated that the government must prioritize long-term reforms.

“Macroeconomic stability is necessary but not enough for a full reset,” he said. Stability strengthens economic fundamentals, but structural transformation guides sustainable growth.

The government's economic reset agenda aims to boost productivity and governance. It seeks to create jobs, promote accountability, and ensure prosperity through fiscal stability and debt sustainability.

Mr. Gyasi called for a diversified growth model. He highlighted the need for value addition to Ghana’s resources and exports, especially through intra-African trade.

“Gold and cocoa are key drivers but limited in scope,” he noted. We must build on these sectors with diversification for long-term prosperity and job creation.

He urged leveraging the African Continental Free Trade Area (AfCFTA). This would help position Ghana as a regional hub for agro-processing, light manufacturing, and logistics.

Mr. Gyasi also stressed focusing on tourism, education, and health sectors. Targeted policy interventions and infrastructure investments are essential for progress.

Addressing deep structural constraints is crucial too. Institutional reforms should be prioritized alongside these efforts.

On revenue generation, Mr. Gyasi suggested broadening domestic mobilization through better tax compliance and efficiency. He recommended performance-based budgeting to ensure value for money in public spending.

“The economic reset agenda requires policy consistency and institutional reforms,” he said. If we get these fundamentals right, Ghana can transform from resilience to growth.

He reaffirmed the Central Bank's commitment to prudent monetary policies that stabilize the economy. This supports Ghana’s goal of becoming a stable and competitive nation globally.

Mr. Seth Terkper, Presidential Advisor on the Economy, echoed calls for structural reforms. He noted that the country’s policy framework lags behind economic transformation as it becomes more service-led.

He expressed concern over agriculture's decline compared to services. The government aims to reverse this trend through private sector collaboration for value addition and diversification.

Mr. Terkper added that strengthening domestic taxation is also a priority. The goal is to raise the tax-to-GDP ratio between 18% and 20%.

“As the President has said, borrowing should fund projects that can repay loans,” he stated.