Seth Terkper urges policy discipline to safeguard Ghana's economy gains

The Presidential advisor on the economy, Seth Terkper, says Ghana’s recent economic progress is the result of deliberate efforts to restore structure and discipline across key sectors, including gold exports and public financial management.

Speaking in an interview with TV3 on June 27, 2025, he emphasised that past experiences show how disorder in the economy, especially in resource sectors like mining, often creates opportunities for mismanagement and economic inefficiencies.

He stressed that restoring order through institutional reforms, such as the establishment of a Gold Board, has been critical to improving foreign exchange inflows and stabilising the national economy.

“Bringing order into the gold value chain was essential. When you formalize the process from production to exports and ensure that the Bank of Ghana is the custodian of forex, you eliminate much of the confusion that allows for financial leakages,” he said.

According to him, the swift establishment of the Ghana Gold Board, along with designated intermediaries, has created a more transparent and accountable system, ultimately enhancing the central bank's reserve position.

Terkper noted that this development partly explains the recent gains in Ghana’s foreign exchange reserves.

He further explained that gold’s role as a competing reserve asset to major currencies like the dollar and euro makes its effective management vital, particularly in today’s volatile global financial environment.

“Gold provides stability, and when used strategically, it can cushion the economy in difficult times,” he added.

Seth Terkper also reflected on significant public financial reforms introduced during his tenure, particularly the rollout of the Treasury Single Account (TSA), which centralized government funds and reduced fiscal inefficiencies.

He noted that, in the past, ministries and agencies often left idle funds in commercial banks, which those banks then used to buy government securities, inadvertently driving up interest rates.

DR/MA

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