Amid ongoing global shocks, policy experts, bankers and industry leaders are calling for deliberate efforts to translate the country’s recently-attained macroeconomic stability into real-sector growth, job creation and productivity.
The call was made at the Chartered Institute of Bankers Ghana’s (CIB Ghana) Post-MPC Policy Seminar, themed ‘Balancing Stability and Growth: Interest Rates Impact in Geopolitical Shocks’.
They gathered to assess the Bank of Ghana’s (BoG) latest monetary policy decisions and discuss strategies for sustaining economic performance.
BoG recently reduced its benchmark interest rate by 150 basis points, bringing it down to 14 percent from 15.5 percent – citing sustained disinflation, improving domestic macroeconomic conditions and elevated real interest rates as key factors behind the further reduction.
Headline inflation declined to 3.3 percent in February 2026 from 5.4 percent in December 2025 after peaking at 23.8 percent in December 2024, driven by easing food and non-food prices.
Dr. Theo Acheampong, Technical Advisor to the Minister of Finance, conceded that the challenge now is to translate stabilisation into broader economic growth which creates jobs and strengthens productivity – stressing that the disconnect between macroeconomic stability and real-sector performance must be addressed deliberately.
“We need growth that impacts people’s livelihoods, strengthens productivity and builds domestic capacit.”
The economy’s structural weakness exposes its vulnerability to recurring external shocks and has to be addressed as it is seemingly appearing to be the “new normal”.
Dr. Theo Acheampong observed that to sustain growth beyond short-term stabilisation, there’s a need for long-term structural transformation – especially in agriculture and manufacturing – to build resilience and reduce import dependence.
He asserted government alone cannot provide jobs for everyone; thus, the private sector must lead job creation with government providing an enabling environment for industries to absorb the workforce and reduce unemployment.
President-Association of Ghana Industries (AGI) Kofi Nsiah-Opoku, while impressed with macroeconomic improvements, cautioned that the benefits have yet to fully translate into increased demand and industrial growth.
Although production costs are easing, consumer purchasing power remains weak – limiting sales and slowing industrial recovery.
He called for the establishment of a dedicated industrialisation fund to provide long-term, affordable financing to manufacturers. This is because commercial banks are ill-suited to providing such financing due to their short-term funding structures.
For his part, Dr. Philip Abradu-Otoo – Director of Research at the central bank – indicated that lower policy rates should result in improved credit access for businesses of all sizes, including SMEs and traders.
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