Prioritise growth for macroeconomic stability in Reset Agenda – Standard Bank

The Head of Africa Research at Standard Bank Group has shared important advice. He urged the government to focus on growth and macroeconomic stability. This is part of the government's Reset Agenda.

Jibran Qureishi spoke at the Stanbic Economic Series webinar. The theme was ‘The Economy Under a New Era’. He emphasized that careful fiscal management is essential for achieving these goals.

He stated, “It is critical to ensure that the reset of the economy revives underlying growth.” He added that it should be inclusive and restore macroeconomic stability. However, this requires consistent fiscal adjustments and multilateral financing.

Without these measures, Ghana may face debt sustainability challenges sooner than expected. Mr. Qureishi made these comments after Finance Minister Cassiel Ato Forson presented the 2025 Budget. The budget includes plans to abolish certain taxes to help the private sector.

While he praised this move, Mr. Qureishi warned against losing sight of fiscal discipline. “The government must balance supporting the private sector with maintaining fiscal discipline,” he said.

He stressed the importance of keeping good relations with the IMF for fiscal consolidation. The business environment is challenging, so abolishing burdensome taxes is a positive step.

Mr. Qureishi also highlighted the IMF’s crucial role as Ghana faces significant debt maturities in 2027 and 2028. “We have massive maturities ahead,” he noted, emphasizing that IMF support will be vital during this time.

He pointed out that addressing private sector concerns is necessary for economic activity and growth. The private sector is essential for Ghana's economy.

“Creating a conducive environment for businesses to thrive is key,” he said. While fiscal prudence is important, bold steps are needed to reduce tax burdens and encourage investment.