The Director of the Institute of Statistics, Social and Economic Research (ISSER), Professor Robert Darko Osei, believes that Ghana’s economic recovery is on a positive track but warns that sustaining momentum hinges on efficient government spending and strategic vigilance in 2025.
Speaking at the launch of the State of Ghana’s Economy Report 2024, Prof. Osei urged the government to move beyond simple fiscal prudence and become intensely vigilant and strategic in its expenditure optimisation in 2025.
”We believe that the path we are on in terms of fiscal consolidation is good,” Prof. Osei stated. “But there is an absolute need for us to prioritise properly and really examine the efficiency of spending, because that is where we can actually make some gains in terms of improving investments.”
He highlighted the promising economic performance seen in 2024, noting that the positive fiscal trend in the first three quarters was very encouraging.
The growth was largely fueled by a strong showing from the industrial sector, specifically construction and gold mining.
”Generally, the growth that we saw in 2024 was good, but it was largely driven by the industrial sector,” he added. “I believe that the government has been quite prudent from a fiscal point of view… clearly, if that trend continues, we will achieve something good.”
Looking ahead, Prof. Osei advised caution against external threats, specifically mentioning that global commodity price fluctuations could impact Ghana’s economic stability.
Nevertheless, he remains optimistic about the nation’s prospects, provided the government takes strategic decisions. The key, he emphasised, is to leverage Ghana’s rich resources and focus on adding value locally to sustain the current growth trajectory.
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Story by Wonder Mansah Agbengu | univers.ug.edu.gh
Edited by Deborah Owusu
