A political marketing lecturer at the University of Education, Winneba, Dr Bernard Tutu Boahene, has called for a shift in Ghana’s economic management approach—from reactive crisis response to sustained institutional discipline.
His remarks follow recent comments by the Governor of the Bank of Ghana, Dr Johnson Asiama, who said the economy is stabilising faster than expected, with key indicators showing improvement across several sectors.
Speaking on JoyNews’ AM Show on March 17, Dr Boahene welcomed the Bank of Ghana’s transparency but questioned how much the reported gains reflect the everyday realities of ordinary Ghanaians.
“I appreciate the transparency in the Bank of Ghana’s reports, but these are largely figures and statistics. What matters is how they translate into real impact for people on the ground,” he said.
He pointed to improvements such as the rise in gross international reserves—from $13 billion in January to $14.5 billion in March—but argued that for many Ghanaians, especially importers, the key concern remains the stability of the cedi against the US dollar.
“For most importers, the real issue is how the cedi is performing against the dollar in recent times,” he explained.
Dr Boahene emphasised the need for deliberate, long-term strategies, urging policymakers to move beyond short-term fixes.
“We need to transition from crisis management to institutional discipline,” he stressed.
He also cautioned against complacency, urging government to build on recent gains and pursue even lower inflation rates through consistent policy interventions.
“If governments remain focused and avoid complacency, we can push inflation down significantly and achieve greater stability,” he said.
Addressing concerns about persistent hardship despite easing inflation, Dr Boahene explained the differences between inflation, deflation, and stagflation, noting that each presents unique challenges.
He said inflation typically drives up prices—benefiting producers but burdening consumers—while deflation can slow economic activity as people delay purchases in anticipation of lower prices.
However, he described stagflation as the most troubling scenario, as it combines economic stagnation with rising prices, creating uncertainty and fear.
According to him, effectively managing these conditions requires strong institutions and coordinated policy action.
“It’s about managing these dynamics carefully. That’s why we must move away from crisis responses and focus on building resilient institutions,” he said.
Dr Boahene further stressed the importance of strengthening Ghana’s productive sectors, including agriculture, manufacturing, and services, to reduce dependence on imports and external support.
“If we fail to develop these sectors and continue relying on imports and foreign aid, we risk serious economic challenges,” he warned.
“For now, we may be managing, but it seems we are edging closer to a difficult situation. It wouldn’t take much to tip us into trouble,” he added.
He concluded by noting that the Bank of Ghana and its leadership now bear greater responsibility in steering the country towards long-term economic stability..