Tamale: The Institute of Public Policy Initiatives (IPPI) has lauded the President John Mahama-led government for what it describes as a ‘remarkable turnaround’ of the country’s economy in just 120 days into its Social Contract with the people.
According to Ghana News Agency, this commendation was contained in a statement issued by IPPI, signed by Dr. Ahmed Saeed, its Executive Director. The statement highlighted significant improvements in key macroeconomic indicators, attributing them to prudent economic management, sound policy decisions, and a renewed focus on inclusive growth.
The statement noted that the country’s economy is showing strong signs of recovery, with real GDP growth projected to hit 4.8 percent in 2025. Additionally, inflation has dropped sharply to 15.2 percent, down from a peak of over 40 percent in recent years. The stabilization of the cedi against major international currencies has boosted business confidence, easing pressures on imports and exports.
Other areas of progress mentioned include declining interest rates, a narrowed fiscal deficit of 5.2 percent of GDP, and a strengthening of the country’s foreign reserves, which now stand at over $6 billion. These indicators suggest that the government is taking the right steps to stabilize the economy and lay the foundation for long-term development.
The statement further highlighted endorsements Ghana has received from international institutions. The International Monetary Fund (IMF) has praised the government’s efforts in meeting key reform targets, while global ratings agencies such as Moody’s and Fitch have upgraded the country’s outlook from negative to stable. The World Bank has also noted improvements in macroeconomic stability and social protection.
Emphasizing the need to ensure that the gains made directly benefit ordinary citizens, especially the vulnerable, the statement asserted, “The real success of any economic recovery lies in its impact on the daily lives of citizens, jobs, healthcare, infrastructure, and the cost of living.”
IPPI urged the government to remain focused on sustaining macroeconomic stability, accelerating pro-poor initiatives, enhancing productivity in key sectors, promoting inclusive governance, and strengthening institutions. The organization also encouraged the government to consolidate these early gains and continue on a path of stability and inclusive growth in the years ahead.