‘Stability is not development’ – Gideon Boako invokes IMF report to press gov’t on reforms

The Deputy Ranking Member of Parliament’s Finance Committee and Member of Parliament for Tano North, Dr Gideon Boako, says the International Monetary Fund’s (IMF) latest assessment of Ghana’s economy underscores the need for the country to move beyond macroeconomic stabilisation towards long-term structural transformation.

In a commentary titled “The Gboako Economic Digest - #001/26”, Dr Boako said although the IMF acknowledged Ghana’s progress in restoring macroeconomic stability, it cautioned that stabilisation alone should not be mistaken for economic transformation.

These include the country’s growing dependence on gold exports, modest fiscal returns from the mining sector despite Ghana being Africa’s largest gold producer, widespread illegal mining, continued financial weaknesses at the Bank of Ghana, fiscal risks within the energy sector and the need to carefully balance international reserve accumulation with productive domestic investment.