'I fail to celebrate this success' - Professor Bokpin on economic gains

Economist Professor Godfred Bokpin says he cannot fully celebrate Ghana's economic progress because of the damage being done to the country's water bodies and the environment.

Speaking at the CEO's Webinar Hub on July 31, 2026, he said that although improvements in inflation and other economic indicators are positive, they should not come at the expense of Ghana's natural resources.

"If I adopt a value chain approach and look at the destruction of our water bodies and ecological integrity, I fail. I fail to celebrate this success," he said.

He explained that economic success should not be measured solely by indicators such as inflation and exchange rate stability, but also by how well the country protects its environment.

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Professor Bokpin also warned that pressure on the cedi is making it difficult for authorities to reduce interest rates further.

He said the tight monetary policy that helped bring inflation down was deliberate, but cutting rates too quickly could weaken the cedi.

"They cannot afford to bring the policy rate down significantly because the unattractiveness within the open market operations will cause the cedi to depreciate," he said.

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According to him, while money market rates have fallen to about 5.5%, the policy rate remains at 14% due to concerns about the stability of the local currency.

He stressed that Ghana must strike a balance between economic recovery and environmental protection to ensure sustainable development.

DR/MA