Ghana’s fragile economic recovery could stumble if fiscal discipline weakens — and the warning signs are already there. Professor Issahaku Haruna, a Senior Lecturer at the Department of Finance, University for Development Studies (UDS), has urged the government to maintain strict control over spending and avoid rushing back into expensive borrowing that could undermine recent economic stabilization efforts. But here’s where it gets controversial: Are policymakers truly ready to make the hard choices needed to keep the economy steady?
Speaking at a public lecture themed “The State of Ghana’s Economy and the Role of Journalism,” Professor Haruna cautioned that while Ghana’s recent recovery steps have sparked cautious optimism, the progress remains fragile. The event, hosted by the Journalism Students Association of Ghana at UDS’s Nyankpala campus, gathered students, academics, government officials, and media professionals — all united by a goal to deepen understanding of fiscal sustainability and the importance of responsible journalism in shaping economic discourse.
Professor Haruna traced Ghana’s economic journey, painting a vivid picture of the country’s shift from pre-crisis stability to a period of intense debt pressure, and then to the current phase of recovery. He explained that genuine and durable growth demands bold reforms — reforms that may seem painful in the short term but essential in steering the nation away from recurrent fiscal pitfalls. "Recovery doesn’t simply mean returning to business as usual," he emphasized, suggesting that without a firm commitment to sound fiscal management, today’s progress could vanish faster than expected.
To keep Ghana’s recovery on track, Professor Haruna proposed several strategic actions. These include re-profiling the national debt to lower interest costs, enhancing domestic revenue collection, and widening the tax base — while ensuring that those who already comply with tax obligations aren’t unfairly burdened. He also called for fast-tracked structural reforms designed to raise productivity levels, tighten public financial management, and strengthen Ghana’s external sector resilience against future global shocks like supply chain disruptions or commodity price swings. And this is the part most people miss: structural reforms, though slow and technical, are the real engines of sustainable transformation.
Adding to the discussion, Attah Issah, Member of Parliament for the Sagnarigu Constituency, highlighted an often-overlooked factor — the role of journalism in economic resilience. He stressed that economic and financial reporting must evolve beyond surface-level commentary, arguing that informed journalism is vital to holding leaders accountable and educating the public. “When journalists can interpret fiscal data accurately, society becomes more empowered to question, debate, and demand better,” he noted. To that end, Issah called for targeted investment in specialized media training so journalists can better decode policy language and economic data.
Both speakers agreed that Ghana’s progress depends as much on strong institutions and engaged citizens as on prudent fiscal decisions. If journalists, citizens, and leaders unite in understanding and explaining economic realities clearly, transparency and accountability will naturally follow. But here’s the real question for readers: Do you believe Ghana’s government will stay disciplined enough to resist the lure of easy borrowing — or are we headed for another cycle of debt and austerity? Share your thoughts below; this debate is far from over.
