Daniel Kwadwo Owusu, the country managing partner of Deloitte Ghana, has asked the government to think about extending the International Monetary Fund (IMF) program by a year or two due to the many successes the nation has made thus far.
In May 2023, Ghana agreed to an IMF bailout package, obtaining a $3 billion Extended Credit Facility (ECF) to stabilize the faltering economy. Nevertheless, the program will conclude in June 2026.
Speaking at the 9th Ghana CEO and Summit, however, Mr. Owusu stated that the program has increased confidence among both domestic and foreign investors. He also added, “The program has brought fiscal discipline, which we haven’t done well without the IMF.”
He said that despite the fluctuation in previous years, the Ghanaian economy demonstrated some resilience, especially in 2024, when it grew at a pace of 5.7%, primarily due to the mining and quarrying sub-sector.
According to him, the nation must reform its economy in order to lessen its over-reliance on aid, generate substantial government revenue, and create genuine, respectable jobs within the current economic trajectory. “I agree with the President’s proposal for a reset because of this.”
The World Bank estimates that more than 150,000 students graduate from the nation’s universities each year, and that calls for a bold and ambitious plan to create opportunities for them.
He criticized the fact that an over-reliance on the services sector could act as a disincentive because it would not create the jobs required for the expanding labor market.
He reiterated his call for the government to carry out the agricultural programs included in the 2025 Budget, saying that the “Feed Ghana” and “Feed the Industry” initiatives are crucial because they will not only provide food for the country but also act as raw materials for the manufacturing sector, generate employment in the manufacturing and agriculture value chain, and combat the high rate of food inflation.
“These policies must be implemented with clear-cut strategies and targeted timelines to enable the government to achieve its vision”, he added.
To maintain Cedi stability, reserves must be maintained. Regarding the balance of payments, he cautioned that when Ghana begins to service its foreign debt in May 2026 and beyond, the positive balance of payments is probably going to be impacted.
“This could have an impact on our foreign reserves and, in turn, the cedi.” Although he praised the administration for its positive economic efforts thus far, he urged further expansion of the nation’s reserves to maintain the strength of the local currency.
“We cannot continue to rely on cocoa as our main cash crop. We must deliberately diversify the Non-Traditional Exports base by targeting other cash crops such as oil palm, shea nut, rubber, and cashew. We must grow these into cash-cow commodities that will bring in the much-needed earnings in foreign exchange”, he added
The Sustainability of Cedi to Reduce Inflation Regarding inflation, he emphasized that “we should see a gradual decline in inflation towards the 11.9% year-end target noted in the Budget Statement” provided the cedi maintains its current stability and supply-side variables can be adjusted to mitigate the increase in food costs.
The Sustainability of Cedi to Reduce Inflation Regarding inflation, he emphasized that “we should see a gradual decline in inflation towards the 11.9% year-end target noted in the Budget Statement” provided the cedi maintains its current stability and supply-side variables can be adjusted to mitigate the increase in food costs.