Dr. Theo Acheampong Advocates Structural Reforms for Sustainable Economic Recovery

Economist and Political Risk Analyst, Dr. Theo Acheampong says Ghana‘s quest for reset and transformation should take a more holistic approach tackling the structural issues of the economy beyond debt management.

The economist says structural reforms that take into account productivity, governance, and job creation should take the centre stage among the numerous issues facing the economy.

Dr. Acheampong, who was speaking to Accra Street Journal on the sidelines of the National Economic Dialogue acknowledged the significance of Ghana’s debt crisis but asserted that the country’s economic challenges extend beyond fiscal deficits.

He stressed that the real concern should be how to make Ghana’s economy more productive and job-generating, rather than solely focusing on fiscal deficits and debt management

Dr Acheampong acknowledged the importance of the dialogue expressing his belief that the experts drawn from the various fields will come up with solutions that will set the economy on growth and development trajectory.

“It’s a good platform for dialogue. The country faces multiple issues. Trying to bring all the different stakeholders together to chart a way forward, I think is the way to go. There are a number of things that need to be unpacked, from governance to how we deal with the deficit and the debt, and our state-owned enterprises, rightfully, I think this is the forum to discuss them,” he remarked in an interview with Accra Street Journal.

Commenting on whether the country’s debt should take the centre stage, he said, “It’s broader than that, I think it’s productivity. How do we get the economy to create more jobs and to be more productive? That’s the thing. The debt is a side issue. It’s important but there are other structural things that need to be addressed.”

The comments of Dr. Theo Acheampong reflect growing concerns among economists and industry experts who argue that Ghana’s economic strategy must shift towards fostering private sector growth, enhancing productivity, and driving innovation.

Many analysts also agree that while debt management is crucial, sustainable economic transformation in addition to redefining how state institutions, including state-owned enterprises (SOEs) should operate must also be given utmost priority.

Without efficient management and accountability, SOEs will continue to drain the nation’s resources rather than contribute to economic expansion.

Last Updated on March 4, 2025 by samboad