Ghana’s fiscal problems are the real challenge, but we are going to fix it – Seth Terkper backs Mahama’s economic recovery plan

Former Finance Minister and Presidential Economic Advisor Seth Terkper says Ghana’s fiscal difficulties remain the biggest obstacle to economic recovery but insists the government is taking the right steps to address them.

Speaking on Channel One TV on Friday, March 3 2025, Mr Terkper reflected on President John Dramani Mahama’s State of the Nation Address (SONA), where the president reaffirmed his determination to restore economic stability.

“You saw the president taking charge, I wouldn’t even say virtually taking charge of the agenda going forward,” Mr Terkper said.

He noted that beyond fulfilling his constitutional duty of reporting on the state of the economy, Mr Mahama outlined a plan to resolve the crisis.

Drawing comparisons to Ghana’s economic policies in 2013 and 2014, Mr Terkper explained that the government is relying on data and statistics to guide its approach.

He stressed that fiscal challenges, rather than monetary policy, are at the heart of the country’s economic difficulties.

“The minister today took it a notch lower into details to show what the president has been talking about. These are the facts based on data, based on statistics,” he said.

Mr Terkper also referenced comparisons between Ghana’s economy and those of peer nations, saying, “I am not saying something which advanced countries have done and made progress, but I’m saying even the countries in our category, some of whom were ahead of us, are now behind us. And these are the facts.”

He assured Ghanaians that the upcoming budget would provide further details on the government’s policies and solutions.

“All of this will culminate in the budget, where there will be more facts,” he stated, adding that sector ministers would soon outline specific measures to address economic concerns.

Looking ahead, Mr Terkper underscored the need for policy continuity, pointing out that certain economic strategies introduced during his tenure as Finance Minister remain relevant today.

He cited the Treasury Single Account and the contract database as examples of policies that have helped manage public finances over time.