Prioritise growth for macroeconomic stability in reset agenda – Standard Bank

Jibran Qureishi, head of Africa Research at Standard Bank Group, has shared advice for the government. He suggests prioritizing growth and macroeconomic stability in its Reset Agenda.

During the Stanbic Economic Series webinar titled ‘The Economy Under a New Era,’ Mr. Qureishi emphasized careful fiscal management. He stated that reviving growth must be inclusive and restore stability.

He warned that without consistent fiscal adjustments and multilateral financing, Ghana could face debt challenges sooner than expected. His comments followed Finance Minister Cassiel Ato Forson’s 2025 Budget presentation.

The budget proposed abolishing certain taxes to ease burdens on the private sector. While he praised this move, Mr. Qureishi cautioned against undermining fiscal consolidation efforts.

He stressed the need for balance between supporting businesses and maintaining fiscal discipline. Keeping the IMF engaged is crucial for successful fiscal consolidation.

Mr. Qureishi noted that the business environment is challenging but removing burdensome taxes is positive. He highlighted the IMF's importance as Ghana faces significant debt maturities in 2027 and 2028.

He said, “We have massive maturities ahead, and IMF support will be crucial.” The government must also address private sector concerns to stimulate economic activity.

He reiterated that the private sector is vital to Ghana’s economy. Creating a supportive environment for businesses is essential for sustainable growth.

While fiscal prudence is necessary, bold steps are needed to reduce tax burdens and encourage investment.