A political marketing lecturer at the University of Education Winneba, Dr Bernard Tutu Boahene, has called for a shift in Ghana’s economic management approach—from reactive crisis handling to sustained institutional discipline.
His remarks follow recent comments by the Governor of the Bank of Ghana, Dr Johnson Asiama, who indicated that the country’s economy is stabilising faster than expected, with improvements in key indicators across several sectors.
Speaking on AM Show on JoyNews on March 17, Dr Boahene acknowledged the transparency of the central bank’s reports but questioned their real-life impact on ordinary Ghanaians.
“I feel that the reports from the Bank of Ghana are commendable in terms of transparency. However, they are largely figures and statistics. What matters is how these translate into practical benefits for the ordinary Ghanaian,” he said.
He pointed to the increase in gross international reserves—from $13 billion in January to $14.5 billion in March—as a positive development, but stressed that many citizens remain more concerned about the stability of the cedi against major foreign currencies, particularly the US dollar.
“I think the key issue for the Ghanaian importer has to do with the stabilisation of the cedi and how it is performing against the dollar,” he explained.
Dr Boahene urged policymakers to adopt deliberate long-term strategies rather than relying on short-term fixes.
“We need to transition from crisis management to institutional discipline,” he stated, adding that government must avoid complacency and build on recent gains to achieve even lower inflation rates.
He noted that with sustained planning and effective interventions, Ghana could potentially reduce inflation to as low as one per cent or below.
Addressing concerns that many Ghanaians still face economic hardship despite lower inflation figures, Dr Boahene explained the distinctions between inflation, deflation and stagflation.
He said inflation, while often associated with rising prices, can support production and job creation, but places a burden on consumers. Deflation, on the other hand, can lead to delayed spending as consumers anticipate further price reductions, slowing economic activity.
However, he described stagflation—characterised by rising prices alongside weak economic growth—as the most troubling scenario due to the uncertainty it creates.
According to him, effectively managing these economic conditions requires strong institutions and coordinated policy efforts.
“It is about managing these three dynamics. That is why we must move away from crisis management towards building resilient institutions,” he said.
Dr Boahene also stressed the need to strengthen Ghana’s productive sectors, including agriculture, manufacturing and services, to reduce dependence on imports and foreign aid.
“If we fail to build these sectors and continue relying on imports and external support, we risk serious economic challenges in the future,” he warned.
He concluded that the leadership of the Bank of Ghana now bears heightened responsibility in steering the country towards long-term economic stability and sustainable growth.
