Economist Professor Ebo Turkson has cautioned government against over-reliance on Ghana’s current commodity-driven growth, warning that the recent economic stability could prove temporary if structural reforms are not pursued.
Speaking to Citi Business News, Prof. Turkson acknowledged that Ghana’s improving fiscal and external positions have been supported largely by strong gold prices and initiatives like the Gold-for-Reserves policy. However, he stressed that sustainable growth requires a diversified and productive economic base.
“Most of what we are seeing now is coming from favourable commodity conditions. Gold has helped strengthen the balance of payments, but you cannot depend on commodities to build long-term resilience,” he noted. “This is the time government should prioritise diversifying our production base.”
Prof. Turkson’s comments come as the economy shows clear signs of recovery. Data from the Bank of Ghana indicates that the cedi has appreciated by 37 percent against the US dollar, while inflation has fallen into single digits (9.4%) for the first time in four years — a milestone achieved after nine consecutive months of decline.
Despite the positive outlook, the economist insists that real transformation will come only through industrial expansion, value addition, and support for the 24-hour economy policy.
“The 24-hour economy can be a game changer if the right infrastructure and policies are implemented. It can diversify production and exports, and create employment opportunities across sectors,” he said.
The remarks come ahead of the 2026 Budget, set to be presented on November 13, which will be the first full-year fiscal policy of President John Dramani Mahama’s administration since his return to office in early 2025.
Economists and industry players are closely watching the upcoming budget for signs of structural reforms that could consolidate Ghana’s economic recovery and lay the foundation for long-term resilience.
