Ghana's economic gains must now create jobs and better incomes - IEA

The Institute of Economic Affairs (IEA) has called on government to turn Ghana’s improving economic figures into more jobs, higher incomes and better living conditions for Ghanaians.

The Institute said economic stability would mean little if ordinary people did not feel its benefits in their daily lives.

Director of Research at the IEA, Alexander Bilson Darku, made the call during the Institute’s assessment of the 2026 Mid-Year Budget Review.

He said Ghana had made progress in stabilising the economy, but government must now focus on creating jobs, supporting businesses and increasing production.

“Ghana’s stabilisation is done. Now is the time to turn macro stability into real economic transformation, jobs and resilience,” he stated.

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He mentioned that the economy grew by 6.4 in the first quarter of 2026, higher than the government’s full-year target of 4.8%.

He also said inflation had fallen from 23.8% in December 2024 to 5.7% by June 2026.

Ghana’s debt has also dropped from 61.8% of GDP in 2024 to 45% by June 2026, while the country now has enough foreign reserves to cover about five months of imports.

However, the Director of IEA noted that the strong economic figures must be matched by more jobs and better incomes.

“The question is no longer whether Ghana can stabilise its economy. We have. The question is whether we have the courage to consolidate those gains into lasting economic transformation,” he stated.

He identified that services grew by 7.1%, while agriculture grew by only 4%, despite agriculture being a major source of employment.

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He called for more investment in farming, agro-processing, improved seeds and support for farmers to make agriculture more productive and create jobs.

Alexander Darku urged government to ensure that lower interest rates lead to cheaper loans for businesses.

He stated that the government should also reduce the country’s reliance on gold exports by increasing other exports, producing more goods locally and encouraging more Ghanaian ownership of businesses and productive assets.

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