Ghana’s current macroeconomic climate presents “a rare window for real growth,” according to financial security expert Dr. Philip Takyi, who is urging policymakers not to waste it.
His call follows the Bank of Ghana’s decision to cut the policy rate by 300 basis points — from 28 percent to 25 percent — a move he describes as a “tactical step to drive economic activity.” However, Dr. Takyi warns that without deliberate structural reforms, the relief will be short-lived.
“This policy rate cut is a step in the right direction,” he said, “but it must be complemented by bold, strategic follow-ups. Otherwise, the gains will remain on paper.”
The central bank’s announcement, which marked the end of its 125th Monetary Policy Committee meeting, was based on declining inflation and some stability in the local currency. Yet the decision diverges from the International Monetary Fund’s advice to maintain a tighter monetary stance under Ghana’s Extended Credit Facility.
Dr. Takyi believes the break from IMF orthodoxy offers Ghana a chance to chart its own path — provided that reforms follow swiftly. In his view, policy easing alone cannot fix the economy; it must be matched with serious structural commitments.
