News
Experts call for greater economic freedom and sustainable fiscal policies to boost Ghana’s growth
Economists and policy experts have underscored the need for Ghana to promote economic freedom, reduce bureaucratic barriers, and sustain ongoing fiscal stability efforts to strengthen private sector growth.
The call was made during a public discussion on economic freedom organised by the Institute for Liberty and Communication (ILC) in Accra, which brought together economists from the United States and Ghana to explore policies that can help small and medium enterprises (SMEs) grow and reduce poverty.
Director of Education and Senior Research Fellow at the American Institute for Economic Research (AIER), Ryan Young, urged governments to focus on creating an environment that allows individuals and businesses to take responsibility for improving their lives rather than relying on centralized plans.
“At the core, people have the potential to do great things when given the opportunity. The focus should be on removing rules and regulations that make it difficult for individuals to improve their own lives. Public policy should start from freedom, economic and personal, where individuals are empowered to make their own progress,” he explained.
Mr. Young emphasized that credit markets should be allowed to operate freely to support small businesses.
He noted that whenever governments set up new public funds or centrally managed loan schemes, they often compete with and weaken private lending systems.
“People should make lending decisions based on risk and reward, not administrators in an agency,” he said.
Director of Economics and Economic Freedom at AIER, Dr. Peter C. Earl, explained that economic development depends heavily on maintaining sound monetary policies, such as controlling inflation.
He commended Ghana’s recent decline in inflation to around 8–9%, calling it a positive sign that could lead to growth in employment and business activity if sustained.
“There’s no development without sound money. Ghana’s progress in reducing inflation is impressive. Stability in currency encourages investment and confidence. It’s important that the country doesn’t relax its efforts now,” Dr. Earl stressed.
He, however, warned that global trends, including the weakening of the U.S. dollar due to political and economic policies, could affect emerging economies like Ghana’s.
“A weaker dollar might make African exports to the U.S. more expensive, while U.S. goods become cheaper here. The long-term effects depend on how countries manage their local economies,” he added.
Vice President of IMANI Africa, Kofi Bentil, speaking on Ghana’s monetary outlook, said the Bank of Ghana’s interventions have helped stabilise the cedi but raised concerns about sustainability.
“The central bank’s responsibility is to stabilise the cedi, and they’ve done that well so far. The question is whether what they’re doing is sustainable. If the stability is artificial driven only by pumping dollars into the market then we will pay a heavy price when that stops,” he cautioned.
Mr. Bentil called for transparency in how the central bank manages its gold reserves and interventions, saying it would help build public confidence.
He also urged consistency in economic management, noting that stability over time is more important than short-term gains.
“Prices don’t immediately respond to changes in the exchange rate. What matters is a stable, predictable economic environment that allows businesses to plan ahead,” he explained.
He added that the programme was designed to promote ideas that encourage private sector participation and investment.
“Our aim is to promote economic freedom. People should be able to set up businesses, register them easily, and grow them without unnecessary barriers. The government’s role is to regulate fairly and create an environment where businesses can thrive,” he said.
He lamented that Ghana’s business registration and taxation processes remain cumbersome, describing the country’s bureaucracy as a major obstacle to entrepreneurship.
“Even though we’re not as bad as some socialist countries, starting a business in Ghana is still too difficult. The government must simplify the process to make it easier for small businesses to enter the market,” he urged.
By: Jacob Aggrey
🔗 Follow Ghanaian Times WhatsApp Channel today. https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
🌍 Trusted News. Real Stories. Anytime, Anywhere.
✅ Join our WhatsApp Channel now! https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
The Speaker of the Algerian Parliament, Mr. Azouz Nasri, has arrived in Accra to take part in the Next Steps High-Level Consultative Conference on the implementation of the landmark United Nations Resolution on the Trafficking of Enslaved Africans.
He was received at the Jubilee Lounge, Kotoka International Airport, by Ghana’s First Deputy Speaker of Parliament, Bernard Ahiafor.
The 3-day conference runs from June 17–19, 2026 in Accra. It will bring together parliamentary leaders, diplomats, civil society, and other key stakeholders to reflect on the implications of the UN Resolution for Africans and people of African descent worldwide.
Organisers say the meeting is aimed at advancing a coordinated global framework to strengthen advocacy around the Resolution and provide practical guidance for its implementation across member states.
The Resolution is described as a historic step toward acknowledging the transatlantic slave trade and addressing its lasting impact, with this conference marking one of the first high-level efforts to move it from declaration to action.
By Edem Mensah-Tsotorme
Aspiring National Chairman for the New Patriotic Party (NPP), Awentami Paul Afoko, has stated that the party has a unique opportunity to annex power in the 2028 elections.
According to him, the one person who has been on Ghana’s ballot paper for several elections will not be on the ballot paper in the 2028 elections, paving the way for the NPP to properly market its flagbearer Dr Mahamudu Bawumia, who is already a formidable force to reckon with and will go ahead to win the polls.
He argued that voters already know him, he’s battle-tested and ready to win.
He reiterated that the NPP will have a well-marketed candidate in the 2028 election and just as the party did in 2016 when it annexed power from a sitting government, the same can be done.
The Former NPP National Chairman, however, noted that this can be possible if the NPP unites as a unit and approach the elections with all the seriousness it deserves to ensure that its quest for victory does not become a mirage.
Mr Awentami Paul Afoko made this known when he met with Regional Executives, Patrons and Elders of the party in the Volta, Oti and Eastern Regions yesterday.
“For the first time we have a unique opportunity. At the time I put the New Plan for Power in place, we knew that the sitting president could go again and if he won another term, we would sit in opposition for twelve years.
We had to put a plan in place to make sure we come to power and we came to power. This time around, he will not be on the ballot paper and this offers us a unique opportunity, but without unity we will not get there,” he stated.
“As for unity, it is not negotiable. You can’t sit here and look at the lady sitting next to you and say I don’t like her so we can’t work together. We are working together for power, and if we let emotions get in the way, we lose” he said.
“Those of you who are old enough to remember Muhammad Ali the boxer, he is in the ring with you, he’s talking and calling you names then you get emotional and he takes advantage. Emotions won’t give us power. I didn’t get anything so I won’t support; no, let that go because it is in the past,” he noted.
Afoko, who is pushing his 3R Agenda of Reunite, Rebuild, and Recapture power, said the party must adopt a clear message to win back the confidence of Ghanaians and believes, with Dr Mahamudu Bawumia, whom he described as the right candidate will guarantee the NPP victory in the 2028 polls.
“For years I chose to work quietly behind the scenes, supporting the NPP in private,” Afoko said.
“But recent developments have compelled me to step forward. We need to get our party back into winning ways, and that starts with unity of purpose,” Afoko reiterated.
He framed the upcoming period as a test of whether NPP politics would mature or remain stuck in cycles of blame, but was optimistic that everyone who loves the party would come on board to realize the goal of making Dr Mahamudu Bawumia the next President of Ghana.
By: Jacob Aggrey
