Ghana is not approaching a “failed state” despite infrastructure deficits and power challenges, according to alternative economic analyses. The country’s current trajectory demonstrates declining inflation, ongoing fiscal consolidation, and strengthened reserves. These factors, along with debt restructuring programmes, have improved Ghana’s medium-term economic sustainability.
Professor Bokpin’s warning about infrastructure and power issues pushing Ghana towards a “failed state” reflects legitimate concerns. However, this characterisation may overstate the severity of Ghana’s current economic conditions. A failed state typically involves the collapse of governmental authority and widespread insecurity, unlike Ghana’s democratic stability and foreign investment appeal.
Ghana maintains democratic stability, attracts foreign investment, and implements significant structural reforms. The nation faces development and productivity challenges, rather than an existential institutional crisis. This perspective suggests that while economic difficulties are present, they do not equate to state failure.
Dr. Stephen Kpanti Issaka, in his analysis on August 10, 2026, highlighted that macroeconomic stability is a prerequisite for economic transformation. While stability alone does not guarantee transformation, it creates the necessary conditions for large-scale industrialisation and structural change. Investors require stable inflation, exchange rates, and controlled fiscal deficits before committing long-term capital.
The relationship between stability and transformation is complementary. Lower inflation, improved reserves, and debt sustainability establish the conditions for prosperity. Harvard economist Dani Rodrik argues that sustained development needs both sound macroeconomic management and deliberate structural transformation policies.
Critics of large infrastructure programmes fear a return to past debt accumulation problems. However, the cost of underinvestment can sometimes exceed the cost of investment. Poor road infrastructure, for example, increases transportation costs and reduces competitiveness.
Nobel Prize-winning economist Joseph Stiglitz suggests evaluating well-structured infrastructure investments based on their long-term productive returns. Productive infrastructure generates future economic output that can support repayment obligations. The key question is whether investments are commercially, economically, and fiscally viable.
Professor Bokpin’s criticism of a 24-hour economy presumes a reliable power system must exist first. Alternatively, increased economic activity can justify and finance improvements in energy infrastructure. Major economies often expand infrastructure in response to growing demand.
Promoting continuous operations in manufacturing, logistics, and other sectors can create commercial incentives for new investments in energy systems. The policy aims to generate economic activity to support future energy investments, rather than waiting for perfect energy supply.
The proposed 24-hour Economy Authority has been called duplicative by Professor Bokpin. However, economic transformation programmes often fail due to a lack of coordination. Implementing a 24-hour economy involves multiple sectors, including energy, transport, and labour.
A central coordinating institution can reduce fragmentation and enhance accountability across various ministries. Mariana Mazzucato’s research on mission-oriented development shows that complex national economic transformations require specialised institutional mechanisms for coordination.
Professor Bokpin has cautioned against using taxation as a punitive measure. The government’s approach to revenue mobilisation focuses on broadening the tax base, digitalising collections, and reducing leakages. This aims to collect more revenue from previously untaxed activities while easing pressure on compliant businesses.
The central policy debate should address how revenue is raised and whether the tax burden is distributed equitably. This approach seeks to improve compliance rather than merely increasing tax rates.