Post IMF: Economic dialogue flags fiscal discipline and export diversification as key to growth

Added: 2026-05-23

[00:00:00]Hello, good evening everyone. Welcome to Prime Business. I am Pius Kojo Banka. I look now at our stories. Maintaining fiscal discipline, diversifying exports, and strengthening local production without resorting to debt driven growth were among the main issues highlighted at an economic dialogue on Ghana's exit from the IMF program. Here's a wrap of the event.

[00:00:24]Speakers agreed that preserving the fiscal gains made under the IMF program is critical to sustaining macroeconomic stability. Country Director of ActionAid Ghana, John Enco, said there should be the deliberate effort to disrupt the political business cycle. That we have to be intentional in disrupting the political business cycle. That And I further want to challenge the president who won on the mantra of reset.

[00:00:55]That the political business cycle in Ghana itself needs a reset.

[00:01:02]And what that means is that the time for business as usual in this election cycle should not be countenanced not only by the president himself, but even we as ordinary citizens. What are the benchmarks?

[00:01:17]We have a lot of civil society organizations that monitor during elections. What do we monitor?

[00:01:23]The Media Foundation of West Africa should not only resign itself majorly on monitoring what happens in the media landscape in terms of hate speeches, but we need to be able to do also define some benchmarks to find out how is government assessing itself in terms of how it is reigning in or restraining itself from recklessness. Mary Addah of the Transparency International Ghana stated that political financing must be checked while ensuring that asset declaration is properly regulated. If we are able to deal with political financing which then entails in comes engages the issues around campaign finance, we would be able to do a lot of work because it will be dealing with the issues of corruption which have affected political will and our presidents over time have not exhibited any of those very when it comes to dealing with issues of accountability. We need to see a regime where and and fortunately for us this president in his recent agenda is proposing a constitutional review and the constitutional review committee has made a lot of recommendations which I I believe if we all work with would be good. The president initially indicated he would not be changing anything significantly from it. Now we hear there is a paper a government position paper that is going to be issued.

[00:03:03]Whatever it is, we believe without a doubt that we need to change the cycle.

[00:03:09]And so when we have elections that have their turn around time being three months like we see in Cote d'Ivoire, we see in other countries, we would be able to substantially reduce the cost of elections. Executive director for the Center for Extractive Development Africa, Samuel Bakuin, noted that leveraging economic stability and investing in agro-processing are key in accelerating economic development. And then the diversification, we need to diversify away from the extractives.

[00:03:38]Whilst it is good revenue, we need to build agro-processing as Prosper said, we need to build manufacturing and even the same the same extractives, we need to add value to them before we export.

[00:03:49]And the last bit I want to say is that these gains we've made whilst as we exit IMF what are the distributional outcomes of that? And the question I pose is that the inflation, the currency stabilization and reserves, the growth and all that, it looks better. But the question is to a market woman a young graduate looking for work in terms of an informal worker, their day-to-day might not have changed. Even despite the macro story that we have. On his part, development economist Professor Texan stressed that fiscal discipline and export diversification are requirements to post IMF growth. The success that we are talking about here is the success of stabilization.

[00:04:34]Not structural transformation.

[00:04:37]So, now we need to move to the phase of structural transformation.

[00:04:41]And it will depend on whether we continue to maintain the fiscal discipline depending on whether we will continue to deepen the structural reforms. But if we do that and we begin to diversify our production and our exports we begin to strengthen domestic production and revenue mobilization and we avoid debt-driven growth strategies then we'll be on that path that we want Ghana to be. And we will not return to the The dialogue concluded that Ghana's prospects after the IMF depend less on external support and more on internal reforms that raise productivity, expand exports and can keep public debt on a downward path.

[00:05:22]Now, some banks say they expect marginal increase in interest rates in the coming weeks. And this is despite the decision by the central bank to keep the policy rate unchanged at 14%. Chief executive of the Association of Banks, John Awuah, has been explaining to Joy Business why cost of credit could go up marginally.

[00:05:40]Of course, the Ghana reference rate, which is the key determinant of interest rates, is a the interplay of the three rates.

[00:05:48]One of the rates is just holding firm.

[00:05:51]The last time the the Ghana reference rate reduced from zero what is it 10.06 to 10.03 it was not because policy rate has significantly changed, but because the other rates also witnessed some significant movement. What we have seen now in the last published policy rate of 0. uh 10.03, clearly T-bill rate inched up and policy rate was because it wasn't within the window of releasing the policy rate and the lending rate rather interbank rate was the one that drove the Ghana reference rate down. So, the implication would be that depending on how market sentiments move within this corridor, we are going to maybe hover around where we Yeah, or depending on because the T-bill rate has started inching up on week on week basis though not much.

[00:06:51]Depending on the direction of that travel, we may see marginal perhaps uptick depending on market sentiment.

[00:07:04]Vice President Professor Yemi Osinbajo says government is working to improve Ghana's payment systems to make it easier for businesses and markets to connect and trade with other countries.

[00:07:14]Speaking on day two of the ACI Congress, the Vice President said efficient and modern payment infrastructure is critical to supporting cross-border trade, expanding market access, and deepening economic integration. More in this report.

[00:07:28]According to the Vice President, strengthening digital and financial connectivity is essential to accelerating economic integration and improving Ghana's competitiveness within regional and global markets. This reflects the growing importance of African financial markets and their expanding role in global market development.

[00:07:51]The theme for this Congress reminds us that markets exist to serve people, mobilize capital, support enterprise, price risk, allocate resources, and create opportunity.

[00:08:10]To elevate markets, therefore, we must empower the people. Also speaking at the event, Ghana's Deputy Finance Minister assured participants that Ghana is pursuing measures aimed at maintaining macroeconomic stability and building a stronger and more and more resilient economy.

[00:08:29]These reforms were to stabilize the economy, restore credibility, strengthen market confidence, and reposition Ghana within an increasingly competitive global economic environment.

[00:08:43]Today, we can all attest to the results.

[00:08:47]Macroeconomic stability has been restored. Investor sentiment has actually strengthened.

[00:08:55]Importantly, sovereign risk perceptions have improved as well.

[00:09:02]Recent assessments by international rating agencies confirm this.

[00:09:07]These developments matter greatly because the relationship between fiscal stability, sovereign credibility, and financial sector resilience is direct and undeniable. Participants at the Congress highlighted importance of collaboration between government, financial institutions, and industry players to drive reforms that strengthen Ghana's position in the global economy.

[00:09:31]The Ghana Interbank Payment System says it is intensifying engagement with key stakeholders across Ghana's financial sector as part of efforts to support economic growth and create stronger opportunities for businesses. Speaking to Joy Business during a cocktail event held on the sidelines of the ACI World Congress 2026, Divisional Head for Corporate and Institutional Banking, Barfuor Ohene Abaachire, said the institution is focused on strengthening relationships across the industry to deepen impact within the economy.

[00:09:59]Speaking to Joy Business during a cocktail event, Divisional Head for Corporate and Institutional Banking, Barfuor Ohene Abaachire, explained that stronger partnerships among banks, institutions, and businesses can help improve access to finance, enhance market confidence, and support sustainable economic expansion. Standard Chartered Bank believes in partnership.

[00:10:20]We've worked with a lot of the banks that are represented in the ACI conference, and there are still a yet more a lot more that we do not know. And so we thought that we would create an opportunity for discussion, for networking, and in so doing, take advantage of the opportunity to meet a few more new banks while still consolidating the relationships we have with the old ones.

[00:10:41]Well, Ghana International Bank was formed essentially for partnership. We are a bank that sits in London providing correspondent banking, trade finance, treasury solutions to banks across Africa. So we we face the banks in Africa, and we facilitate their business with the rest of the world. And that means that we must always be in partnership with one bank or the other across countries on the continent. The engagement formed part of activities around the ACI Congress, which brought together financial market leaders, policy makers, and industry stakeholders to discuss emerging trends and opportunities shaping the future of financial market.

[00:11:25]Now, this evening, government is appealing to financial institutions and stakeholders in the agricultural value chain to partner with the Ghana Cocoa Board to transform the country's cocoa sector. Deputy Minister of Finance, Thomas Nyarko Ampem, gave the appeal in a speech to officially announce Ghana as the host of the 2027 World Cocoa Foundation Partnership Meeting in Accra.

[00:11:45]According to him, private sector support is critically needed as government is committed to make the sector profitable and the most vibrant pillar of the economy. Details in this report.

[00:11:55]Ghana has won the bid to host the 2027 World Cocoa Foundation meeting. As one of the largest producers of the beans globally, according to Deputy Minister of Finance, Thomas Ampem Nyarko, choosing Ghana for such an important meeting reflects a shared commitment to the future of cocoa and farmers in sustaining the sector globally. He charged financial institutions and stakeholders to get involved to transform the sector for the benefit of all. And transformation cannot happen without shared responsibility across the entire value chain.

[00:12:31]The future of cocoa requires stronger partnerships between governments, industry, financial institutions, research organizations, civil society, and farming communities.

[00:12:46]It will require long-term investment, fairer value [snorts] distribution, predictable market partnerships, and greater alignment between sustainability commitments and farmer realities.

[00:13:00]When I was sitting down Speaking at the same event, Chief Executive of Cocoa Board, Randy Abbey, hinted that the meeting will be used to call on world chocolate producers to step up efforts in taking part of the burden of sustainability from cocoa producing companies. Quest for a financially viable industry cannot and should not be the sole burden of producing countries.

[00:13:25]At the 2027 partnership meeting, Cocobod will call on our international partners, chocolate manufacturers, and global buyers to step up.

[00:13:36]Compliance with new regulations must not become a tax on the poor.

[00:13:40]We need a fair, transparent pricing structure that reflects the true cost of sustainable production.

[00:13:47]We'll make the case for investing in a domestic value chain, including value addition, rehabilitation and rejuvenation of diseased and moribund cocoa farms in Ghana.

[00:13:58]The meeting will be under the theme from origin to global resilience.

[00:14:05]Still within the agricultural sector, the Ghana Private Sector Competitiveness Program Phase 2 has pledged to support the Tree Crops Development Authority to grow the sector and increase its contributions to production and economic development. According to team lead for the Ghana Private Sector Competitiveness Program Phase 2, Juliana Sekyere, this is aimed at helping the sector to realize its full potential and drive investments. She was speaking at a training workshop to build the capacity of staff of the Tree Crops Development Authority.

[00:14:34]The Tree Crops Development Authority is intensifying efforts to strengthen regulation and operational efficiency within the sector through a nationwide staff training program. The initiative seeks to enhance compliance, improve productivity, and align industry players with the legal framework governing tree crops production and trade. The exercise forms part of broader efforts to operationalize the authority's mandate and strengthen oversight across the value chain. Speaking at the program, team lead for the Ghana Private Sector Competitiveness Program Phase 2, Juliana Sekyere, emphasized that continuous training and stakeholder engagement are crucial to improving compliance and driving sustainable growth in the sector. Cocobod is committed to ensuring that TCDA is on its ground and is fully in operation.

[00:15:30]And for this reason, um it would like to ensure that all the staff in the organization are on the same level.

[00:15:43]They understand what their duties are.

[00:15:47]By diving into the regulation and also into the LI that mandates the activities.

[00:15:55]And that is the more reason why we are we see the staff here this week. Chief Executive of the Tree Crops Development Authority, Dr. Andy Osei Ocra, says the authority is implementing key measures to strengthen enforcement and improve regulation within the sector. So, we are taking our staff through for them to understand properly. And all the directives that has come out of that, they will get understanding.

[00:16:21]And more important, how they can conduct themselves professionally, complied, and ensure enforcement. Tree Crop Development Authority is a regulator and a developer.

[00:16:31]We regulate this system and we develop this system. So, when the staff understand this, then they can help. And more important, then the value chain actors uh actors need to know. And as we keep on saying it, for number one thing is you have to register and get the license to do everything. That's where it start from. And if you do that, anything that you have to do, you go according to the details in the act and then in the LI. The training program is supported by the Swiss State Secretariat for Economic Affairs.

[00:17:06]Now, the Office of the Registrar of Companies is a highlighting um its newly digitized registration renewal service as it cracks down on businesses breaching the law. The ORC He the move to digitize its processes aimed at easing challenges faced by companies during renewal. According to the head of Kumasi zonal office, Yvonne Gima Adjare, many registered companies have failed to renew their registration, often citing inconvenience of the old system. Nana Adjima reports.

[00:17:34]Section 353 of the Companies Act establishes the Office of Registrar of Companies to register and regulate all types of businesses in conformity with the law. By law, registered companies are required to renew their registration and file annual returns to remain in good standing and avoid delisting. This week, the ORC announced plans to delist 318 companies over compliance breaches.

[00:18:03]Head of the Kumasi zonal office, Yvonne Adjima Adjare, warns that many more companies risk being delisted under similar circumstances. She says the office has digitalized its processes to make compliance less cumbersome and more customer-friendly. We will crave the indulgence of um the public that they can walk into our our offices and then do their renewal annual renewal.

[00:18:34]And we also have this digital platform where um if you have a mobile phone, you dial star 222 hash. You go through the process and then the renewal you can do the renewal um yourself in the comfort of your own home.

[00:18:52]Meanwhile, the ORC has intensified sensitization efforts to encourage more businesses to register. The Kumasi zonal office has held a stakeholder engagement with associations in its catchment area.

[00:19:08]People outside think that the process of registering a company is a cumbersome um process. So, we reach out to stakeholders to educate them, to give them the guidelines as to how um the steps to take in registering a company. And after registering a company, what you have to do, that is compliance.

[00:19:31]For Joy News, Nana Yaw Gyimah, Kumasi.

[00:19:36]With the FIFA World Cup just weeks away and travel demand expected to surge, Delta Airlines says it is working with travel agencies and partners to provide flexible travel options for fans headed to North America. The announcement came as the airline marked 20 years of operations in Ghana at a media soirée in Accra, celebrating two decades of service, partnerships, and community impact.

[00:19:59]As excitement builds toward the FIFA World Cup, Delta Airlines says Ghanaian fans looking to travel to the United States and across North America will have multiple options to make the journey. Managing Director of International and Specialty Sales, Rob Lebel, says the airline is collaborating with local travel agencies to provide individual and group flight ticket packages while leveraging partnerships to widen travel choices.

[00:20:25]>> Sure, Alonya, our local Ghanaian sales manager and and the team are certainly working very, very closely with the local travel agency community to help educate them on various opportunities to be able to secure airline tickets to fly to the World Cup, not just in the US, but North America as well. So, multiple options as far as individual pricing on Delta aircraft, group pricing programs for 10 or more that want to fly on Delta aircraft as well, too. We have a joint venture partner in KLM as well, too. So, if individuals are open to connecting over Europe to find much-needed inventory, there's that option. And then lastly, there's group charter options as well, too.

[00:21:05]Delta has a partnership with Wheels Up, our partner as well too. So, for private charter flying for very, very large groups, that could be a potential pricing option as well too. The announcement coincided with Delta's media soirée in Accra, commemorating 20 years of operating in Ghana, a milestone the airline says reflects resilience, long-term commitment, and strong local partnerships. It has been the key to success for any international market, whether you're flying it 1 years or 20 years, is to have very close partnerships not only with local government authorities, but certainly the airport authorities as well too locally, the Ghanaian airport we've had very strong partnership with as well too. And so, yeah, we are very, very thankful and appreciative of the strong government support that we've had from the Ghanaian government from from day one. Beyond aviation, Delta says its anniversary activities are also focused on community engagement, youth development, and women's empowerment. Marketing and sales manager for Delta Airlines in Ghana, Enam Adu, points to leadership camps, innovation programs, and mentorship initiatives aimed at preparing young people for opportunities in innovation and beyond. Um women and children empowerment, I should say first of all that I proudly serve as a DI coordinator for Delta Airlines for the Europe, Middle East, and Africa region. So, that gives me a lot of insight into what is happening in the region and I'm able to glean into that and you know, just utilize what I learn from my colleagues in the market. So, we have the International Women's program. We launched that 3 years ago, started with about 35 women. This year we hosted about 80 women and it's it's a half-day program. We have speakers from different different industries come and speak to us, empower women, and also most importantly, you know, celebrate them.

[00:22:53]Just sharpening each other for the work that we do. Delta Airlines began operations in Ghana in 2006 and says it is positioning itself for continued growth in passenger travel, business mobility and diaspora connectivity over the coming decades.

[00:23:11]In more business news, managing partner of Millennium Marathon Sports Limited, Catherine Morton, is calling on corporate organizations to invest more in employee wellness, stressing that the health of workers directly impacts productivity, profitability and long-term business sustainability.

[00:23:27]Speaking at the Millennium Marathon Corporate Wellness Forum in Accra, she noted that companies seeking sustainable growth must create healthy working environment and support the physical and mental well-being of your staff.

[00:23:39]Corporate executives, health professionals and well-being advocates gathered at the Mix Design Hub in Accra for the Millennium Marathon Corporate Wellness Forum. The forum, organized as part of activities leading to the Millennium Marathon, focused on the theme work-life integration in the modern corporate world. Participants discussed the growing need for organizations to prioritize employee well-being in today's demanding work environment. Speaking in an interview, managing partner of Millennium Marathon Sports Limited, Catherine Morton, emphasized the direct connection between employee well-being and organizational profitability. There's a bountiful of research that shows a direct relationship between employee wellness and profitability. And so, if you're a company that is interested in your bottom line, you have no choice but to be investing in your employees. Most Most often at times, employees think that wellness or coming up with programs that makes employees comfortable is a waste of money, it's taking away from their profits. However, if your employees do not have sound mind or sound How do you call it?

[00:24:48]Physical ability to work, they'll become unproductive. We have you know, a lot of absenteeism at work, a a of them, you know, will not be good at their job and in the long run that leads to decreasing profitability. Public relations manager for KGL Foundation, Edwin Osmond Lamptey, also proposed the introduction of a national health work day to promote physical well-being among public sector workers. You can have a national health work day, right?

[00:25:17]A national marathon. And these are ideas that we've been talking about together with the Millennium Marathon and the foundation and the KGL Foundation and the Millennium Marathon to see how best we can incorporate this in national policies. Have an agenda where each and every other person would want to go on a on a walk or a run just to keep fit. It could be just once a day once a month or twice in a year. The Millennium Marathon Corporate Wellness Forum forms part of broader efforts to promote healthier lifestyles through sports, wellness advocacy, and corporate engagement. Organizers say the initiative is aimed at encouraging institutions to see employee wellness not as an expense but a long-term investment.

[00:26:06]A package by way of Prime Business. I am Pius Kojo Oppong Ben Afful is next with Prime Sports. Do enjoy.

[00:26:17]>> [music]