Ghana’s growth target reflects fiscal programms: Professor John Gatsi
Professor of Finance, Chartered Economist, and Barrister at the University of Cape Coast asserted that reducing the 7.9% deficit to about 3.1% on a commitment basis, reducing expenditure, and reducing the primary balance from a 3.9% deficit to a 1.5% surplus are macro-fiscal efforts that require a moderate growth rate to make the growth target credible. 
According to him, “the credibility of macroeconomic programs is important in shaping a sustainable growth environment and achieving stability. Thus, a program to reduce huge deficits, work towards low and stable inflation, and at the same time engage in modest social and infrastructure sector investments builds confidence”.
Speaking at the post-budget workshop for the MPs held in Parliament on 15th March 2025 as one of the resource persons, Professor Gatsi notes “the fact that the 2024 growth rate outperformed ECOWAS, sub-Saharan, and emerging market growth targets does not mean we should set a growth target that lacks credibility and confidence”.
He said, Ghana has 
not met ECOWAS benchmarks on budget deficit and inflation and is also not meeting structural, arrears, and debt sustainability benchmarks, except for the debt-to-GDP ratio stressing the fact that policy measures seem good but require absolute commitment to achieve the desired outcomes, as achieving 11.9% and a positive primary balance demands a lot of focus.
“you cannot achieve your growth target at the level of 2024, therefore, the 2025 growth projection is in line with good practice”, John Gatai added.
By Edzorna Francis Mensah
