Former Finance Minister and Presidential Advisor on the Economy, Seth Terkper, has cautioned that Ghana must adopt a proactive and resilient economic strategy, stressing that crises are an unavoidable part of managing any economy. According to him, the real test of leadership lies not in avoiding shocks, but in preparing adequately to withstand them.
Speaking on the country’s economic outlook, Terkper emphasized that Ghana’s recent macroeconomic gains, though encouraging, remain fragile and highly vulnerable to both domestic and external disruptions. He warned that failure to anticipate and plan for potential shocks—such as global commodity price fluctuations, geopolitical tensions, or fiscal pressures—could quickly reverse progress and deepen economic instability.
He noted that economic crises are not anomalies but recurring realities, making it critical for policymakers to institutionalise strong buffers, maintain fiscal discipline, and build robust systems capable of absorbing shocks. Without such preparedness, he cautioned, the country risks paying a heavier price through inflation spikes, currency instability, and weakened investor confidence.
Terkper further stressed the importance of sustaining sound policies that have contributed to Ghana’s gradual recovery, while avoiding complacency. He urged government to focus on strengthening revenue mobilisation, managing debt sustainably, and supporting productive sectors to ensure long-term resilience.
Ultimately, he underscored that economic stability is not achieved by chance but through deliberate planning, discipline, and the ability to respond effectively when crises inevitably arise.
Source: MyJoyOnline
