Daniel Kwadwo Owusu, the big boss at Deloitte Ghana, is asking the government to think about keeping the International Monetary Fund (IMF) program going for another year or two. Why? Because Ghana has made some great progress since joining the program!
Back in May 2023, Ghana got a $3 billion loan from the IMF to help fix its struggling economy. This program is supposed to wrap up in June 2026, but Mr. Owusu believes extending it could be beneficial.
At a recent event called the 9th Ghana CEO Summit, Mr. Owusu shared some positive news. He said that the IMF program has made investors feel more confident about putting their money into Ghana. He pointed out that the program has helped the country manage its finances better, something that hasn’t been easy without the IMF's support.
He also mentioned that Ghana's economy showed some strength in 2024, growing by 5.7%. This growth was mainly thanks to the mining and quarrying industries.
Mr. Owusu believes that to keep this growth going, Ghana needs to change how its economy works. This change is important for creating good jobs and increasing money for the government, so they don’t have to rely so much on outside help. He supports the President’s idea of a “reset” to make this happen.
He pointed out that depending too much on services might not be the best idea because it doesn’t create enough jobs for all the students graduating from universities. Every year, over 150,000 students finish their studies, and we need a solid plan to help them find work.
Mr. Owusu also encouraged the government to push forward with its farming plans mentioned in the 2025 Budget. He highlighted two important programs: ‘Feed Ghana’ and ‘Feed the Industry’. These programs are crucial because they will not only help feed the country but also provide materials for factories, create jobs in farming and manufacturing, and help lower food prices.
He stressed that these plans need clear steps and deadlines so the government can reach its goals.
When it comes to money matters, Mr. Owusu warned that Ghana might face challenges when it starts paying back its external debt in May 2026. This could affect the country’s foreign reserves and the value of the cedi, which is Ghana's currency.
He praised the government for the good work done so far but urged them to keep building up the country’s reserves to keep the cedi strong.
Mr. Owusu also mentioned that Ghana can’t just rely on cocoa as its main cash crop anymore. He suggested that the country should focus on growing other crops like oil palm, shea nuts, rubber, and cashews. By doing this, Ghana can earn more money from exports.
Finally, he talked about inflation, which is when prices go up. He believes that if the cedi stays stable and we improve how we supply food, we could see inflation gradually drop to the target of 11.9% by the end of the year, as mentioned in the Budget Statement.
In short, Mr. Owusu is calling for smart changes to help Ghana’s economy grow and create more opportunities for everyone!