The economic advisor to President John Mahama, Seth Terkper, says the current administration is laying strong financial foundations to prevent a recurrence of Ghana’s past economic setbacks.
Speaking on PM Express Business Edition on JoyNews, the former Finance Minister revealed that the government is actively bolstering the Sinking Fund and Stabilisation Fund as part of long-term economic planning.
“We are populating — and I’m quoting the Finance Minister — we are populating the Sinking Fund. We are populating the Stabilisation Fund,” Mr. Terkper stated.
According to him, these efforts form part of broader structural reforms aimed at ending the cycle of economic booms and busts that have historically destabilized the country.
“It takes hard work, strategising, and learning from the setbacks of recent years,” he said. “Seeing an economy recover from HIPC and other major challenges to a point of stability is a dramatic transformation.”
Mr. Terkper noted that Ghana is beginning to experience a reversal of the economic decline that followed years of fiscal pressure.
“What you are seeing now is a gradual reversal of those trends,” he added.
He also referenced previous eras of economic difficulty. “It is reminiscent of the days of the single spine, huge arrears, excessive borrowing, and tough labour negotiations.”
When host George Wiafe pointed out that the current economic team appears to be achieving significant progress just five months into their tenure, Mr. Terkper agreed — but offered a caution.
“Yes,” he said, “but if you listened to the Finance Minister during the budget presentation and to President Mahama during the Economic Dialogue and the State of the Nation Address, they both emphasised the need for short-term traction while maintaining a clear focus on the medium term.”
He cautioned against overconfidence. “History tells us not to be complacent even when we’re seeing success.”
Mr. Terkper also highlighted the administration’s efforts to entrench fiscal discipline. “We are introducing rules — debt ceilings, debt floors, deficit ceilings and floors — to guide us through the medium term,” he explained.
He concluded by stressing that Ghana’s economic recovery should not just focus on short-term relief but on building a resilient and disciplined economy.
“The narrative should not be just about short-term successes. It must be about long-term stability, resilience, and discipline. That’s the only way,” he said.
