A team of economists has proposed a series of measures to stabilise Ghana’s economy, pointing to weak revenue generation, poor public expenditure management, and excessive borrowing as the main causes of the country’s recurring economic difficulties.
Presenting the interim report of the Macroeconomic Stability Group at the National Economic Dialogue (NED) 2025 on Tuesday, March 4 at the Accra International Conference Centre, economist Leslie Bright Mensah outlined recommendations aimed at addressing longstanding economic challenges.
Mr. Mensah noted that despite the role macroeconomic stability plays in Ghana’s development, sustaining it has remained a challenge. He traced the country’s recent economic crisis to unsustainable fiscal policies, particularly excessive budget deficits and rising debt service costs.
“In the five years leading up to the 2022 economic crisis, Ghana’s budget deficit averaged 9 per cent of GDP, while debt servicing accounted for nearly 70 per cent of public revenue in 2021. This led to the fiscal difficulties we are still experiencing today,” he said.
