The Institute of Economic Research and Public Policy (IERPP) has called on the Mahama administration to accelerate its flagship programs. They specifically include the 24-hour economy, the GHS 10 billion Big Push infrastructure program, and industrialisation initiatives. This push comes as strong economic performance has not yet improved everyday living standards.
Executive Director Isaac Boadi stated that Ghana's economy shows signs of stabilisation. However, these gains have not translated into better lives for ordinary citizens. He noted that despite reduced inflation, improved foreign reserves, and tax reforms, progress in infrastructure, industrialisation, and job creation remains limited. The IERPP's first-year assessment found this disparity.
This situation fits into Ghana's broader economic challenge of translating macroeconomic stability into tangible development. The country often records positive economic data, yet many citizens struggle with high cost of living and unemployment. Such calls highlight the persistent need for policies that directly impact job creation and poverty reduction, moving beyond just headline economic figures. This echoes past criticisms about inclusive growth.
“The macroeconomic indicators are doing so well, but the lived experience of individuals cannot be matched,” Boadi said during a recent appearance on the Asaase Breakfast Show. He also questioned the lack of verifiable data regarding the impact of the 24-hour economy program on employment. Boadi also noted that funding for the GHS 10 billion Big Push infrastructure program has not yet resulted in visible projects.
The lack of progress in these key areas could hinder Ghana's long-term economic transformation. Decision-makers must now focus on practical implementation to ensure these programs deliver their intended benefits. Markets and citizens will closely watch for concrete steps to boost manufacturing, agriculture, and job creation. This shift could help reduce import dependence and strengthen the country’s economic base.
Boadi emphasised that Ghana relies too much on the services sector for economic growth. He pointed out that the primary and secondary sectors, including agriculture and manufacturing, are struggling. Sustainable economic transformation requires a balanced growth across all sectors. He urged the government to revive domestic industries, especially poultry production, to reduce reliance on imports. This would ensure that economic improvements are felt directly by Ghanaian households and businesses. The effective implementation of these flagship programs is crucial for transforming data-driven gains into actual improvements in people's lives.