Former Deputy Finance Minister Kwaku Kwarteng has cautioned that Ghana’s recent economic stability may be short-lived unless the government undertakes deep structural reforms in public spending and revenue mobilisation.
Speaking on the Asaase Breakfast Show on Thursday (22 January), Kwarteng acknowledged that the current administration has made progress in stabilising the currency and controlling expenditure, crediting the Finance Ministry for recent improvements.
“In the last one year, we have seen stability, and the Finance Minister deserves some commendation,” he said.
However, he warned that Ghana has experienced similar periods of stability in the past, only for them to collapse due to unresolved structural weaknesses.
Kwarteng argued that the current stability is largely the result of temporary expenditure restraint rather than long-term reforms.
“You can’t re-end expenditure forever. The real question is whether what we are seeing is sustainable,” he noted.
He called for tough decisions on the wage bill, entrenched government expenditures, and comprehensive reforms to boost domestic revenue, describing Ghana’s revenue-to-GDP performance as among the weakest globally.
According to him, without these reforms, inflation and currency pressures are likely to return, regardless of short-term gains.
“It is only when I see those reforms that I will be comfortable saying this administration has really done well,” he said.
Kwarteng urged government to act decisively, particularly as the president is not seeking re-election in 2028, describing the moment as an opportunity to implement politically difficult but necessary economic reforms.
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