Godfred Bokpin says economic transformation requires 15 years of reforms

Professor Godfred Alufar Bokpin, a finance expert at the University of Ghana Business School, has projected that Ghana will require approximately 15 years of sustained reforms and strategic investments to achieve genuine economic transformation. While acknowledging that macroeconomic stability has been restored, Bokpin cautioned that this stability is merely a preliminary step. He emphasized that the government must now focus on translating these fiscal gains into improved living standards and sustainable job creation for the broader population.

The economist warned against an over-reliance on budget cuts, noting that excessive fiscal tightening can inadvertently stifle private sector growth. Instead, Professor Bokpin advocated for a strategic shift toward "productive spending" in critical sectors such as agriculture, infrastructure, and digital technology. He argued that focusing investments in these areas is essential for building a resilient economy that produces noticeable benefits for both households and businesses beyond simple balance-sheet recovery.

Bokpin’s assessment comes as the government prepares to unveil its New Economy Agenda in the upcoming 2027 Budget, scheduled for presentation on November 12. The finance expert underscored that the real challenge for policymakers lies in maintaining policy consistency over the next decade and a half. He noted that while the initial recovery is evident, the long-term success of Ghana's economic strategy will depend on how effectively the state can foster an environment that supports private enterprise and industrial growth.