Stability is not development - Gideon Boako cites IMF report to press govt on reforms

Dr. Gideon Boako, Deputy Ranking Member of Parliament's Finance Committee and Member of Parliament for Tano North, stated in an economic commentary titled "The Boako Economic Digest - #001/26" that the International Monetary Fund's (IMF) latest assessment of Ghana's economy necessitates moving beyond macroeconomic stabilisation towards long-term structural transformation. He quoted, "Macroeconomic stability is the foundation of development, but it is not development itself."

Dr. Boako argued that while improvements in inflation, fiscal balance, and exchange-rate stability were important, economic success is measured by creating opportunities, protecting livelihoods, and improving living standards. He noted the IMF identified structural vulnerabilities including 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 in the energy sector, and the need to balance international reserve accumulation with productive domestic investment. The IMF's assessment should prompt policymakers to prioritize economic diversification, stronger institutions, improved governance, sustainable domestic revenue mobilization, and productivity-enhancing reforms.