Centre for Economic Research and Policy Analysis-CERPA

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CERPA is a think tank driving Africa's economic growth and sustainable development through research, policy analysis, advocacy, and capacity building for a prosperous Africa.

Ghana has made notable progress under the IMF-supported Extended Credit Facility (ECF) programme, with lower inflation, ...
23/05/2026

Ghana has made notable progress under the IMF-supported Extended Credit Facility (ECF) programme, with lower inflation, relative exchange rate stability, improved reserves, and better fiscal conditions. The country is now transitioning to a Policy Coordination Instrument (PCI), which emphasises policy discipline
and institutional reforms without direct IMF financing.

CERPA acknowledges these gains but cautions that the recovery remains fragile. Much of the improvement has been driven by debt restructuring, fiscal tightening, and strong gold export earnings rather than deep structural transformation.

Visit our our website to read more : Cerpagh.org
https://cerpagh.org/index.php?id=10&detail=164&heading=ghana%E2%80%99s_imf_transition:_stabilization_or_sustainable_recovery

The Centre for Economic Research and Policy Analysis (CERPA) notes Ghana’s gradual transition from the International Mo...
22/05/2026

The Centre for Economic Research and Policy Analysis (CERPA) notes Ghana’s gradual transition from the International Monetary Fund (IMF) support programme as an important moment for the country’s economic future.

While recent gains in inflation control, exchange rate stability, and investor confidence are commendable, CERPA maintains that exiting the IMF programme does not automatically mean Ghana’s economic challenges are over. The real test lies in whether the country can sustain stability without external supervision.

Ghana continues to face structural weaknesses including import dependence, weak industrial productivity, fiscal pressures, and limited export diversification. Without deliberate reforms, the country risks repeating cycles of economic instability.

The post-IMF phase must focus on building a resilient and self-sustaining economy driven by productivity, fiscal discipline, and institutional efficiency.

CERPA therefore urges policymakers to prioritise fiscal discipline, industrialisation, private sector growth, energy sector reforms, and long-term policy consistency to protect recent economic gains and secure sustainable national growth.

CERPA’s analysis highlights concerns raised at the 130th Monetary Policy Committee (MPC) meeting of the Bank of Ghana,...
20/05/2026

CERPA’s analysis highlights concerns raised at the 130th Monetary Policy Committee (MPC) meeting of the Bank of Ghana, where Governor Johnson Pandit Asiama pointed to a number of emerging risks shaping Ghana’s economic outlook, including exchange rate pressures, inflation persistence, fiscal constraints, and external uncertainties.

Ghana’s macroeconomic environment remains in a delicate adjustment phase. While recent policy measures have contributed to relative stabilisation in some indicators, underlying vulnerabilities continue to influence the direction of the economy.

CERPA’s position is as follows:

• Macroeconomic stability remains fragile and reversible
• Exchange rate pressures reflect structural import dependence
• Fiscal constraints continue to limit policy flexibility
• External shocks remain a key transmission channel to domestic instability

CERPA further notes:

• Energy sector inefficiencies continue to pose inflation risks
• Debt servicing pressures are constraining public investment
• Monetary tightening alone cannot resolve structural weaknesses
• Weak export diversification sustains external vulnerability

CERPA’s View:

Sustaining macroeconomic stability will require coordinated fiscal and monetary discipline supported by deep structural reforms. Policy responses must move beyond short-term stabilisation to long-term productivity enhancement, particularly in industrial development, energy efficiency, and export expansion.

The priority is not only to manage risks as they emerge, but to reduce the economy’s structural exposure to those risks over time.





CERPA’s analysis highlights rising xenophobia in South Africa as a threat to African integration, regional stability, an...
13/05/2026

CERPA’s analysis highlights rising xenophobia in South Africa as a threat to African integration, regional stability, and economic cooperation, with renewed attacks raising continental concern.

South Africa remains a key economic hub and destination for African migrants. However, unemployment, inequality, weak service delivery, and political populism are driving anti-foreigner sentiment.

CERPA’s position is as follows:

• Xenophobia undermines Pan-African unity and trust
• It threatens labour mobility and AfCFTA goals
• Economic frustration is redirected toward migrants
• Weak migration governance increases instability

CERPA further notes:

• Migrants support entrepreneurship and informal trade
• Inequality and unemployment are key drivers
• Xenophobia may weaken South Africa’s regional leadership
• Poor enforcement may increase informal migration flows

CERPA’s View:

Addressing xenophobia in South Africa requires more than reactive security interventions. A sustainable response must combine strong institutional enforcement with inclusive economic reforms and regional cooperation.

African governments and regional bodies must prioritize policies that strengthen social cohesion, protect migrant rights, and expand economic opportunities for vulnerable populations.

The long-term priority should be to preserve African unity while addressing the structural economic and governance pressures fueling anti-immigrant sentiment.






Fitch’s upgrade of Ghana’s sovereign credit rating marks an important milestone in the country’s economic recovery journ...
12/05/2026

Fitch’s upgrade of Ghana’s sovereign credit rating marks an important milestone in the country’s economic recovery journey. This policy brief by CERPA examines the key drivers behind the upgrade, the economic implications, persistent structural challenges, and the policy measures needed to sustain long-term growth and stability.

Visit our website to read more: https://cerpagh.org/index.php?id=10&detail=163&heading=fitch_upgrades_ghana%E2%80%99s_credit_rating_from_b-_to_b_amid_global_uncertainty


The Bank of Ghana’s GH¢15.6 billion loss in 2025 raises important questions about monetary stability, fiscal pressures, ...
07/05/2026

The Bank of Ghana’s GH¢15.6 billion loss in 2025 raises important questions about monetary stability, fiscal pressures, and the long-term sustainability of crisis-response policies.

In this CERPA policy brief, we examine the structural drivers behind the losses, the broader macroeconomic implications, and the policy measures needed to strengthen central bank resilience.

Swipe through our social cards for key insights.

Read the full analysis on our website: [https://cerpagh.org/index.php?id=10&detail=162&heading=understanding_the_rising_losses_of_the_bank_of_ghana:_trends,_drivers,_and_policy_options_(2025)]

The Bank of Ghana’s rising losses are no longer a temporary concern, they reflect deeper structural pressures within Gha...
07/05/2026

The Bank of Ghana’s rising losses are no longer a temporary concern, they reflect deeper structural pressures within Ghana’s macroeconomic framework.

In our latest policy brief, CERPA examines the key drivers behind the BoG’s GH¢15.6 billion loss in 2025, including the lingering effects of the Domestic Debt Exchange Programme (DDEP), high monetary policy costs, exchange rate pressures, and quasi-fiscal operations.

The brief also outlines practical policy recommendations to strengthen central bank resilience, restore credibility, and safeguard long-term macroeconomic stability.

Read the full publication here: [https://www.myjoyonline.com/cerpa-links-bog-losses-to-debt-impairments-gold-for-oil-programme/

https://www.myjoyonline.com/high-interest-rates-and-currency-depreciation-drive-bank-of-ghana-financial-strain-cerpa-report/

https://www.myjoyonline.com/bank-of-ghana-exposure-to-government-debt-raises-independence-concerns-cerpa/]

At the heart of every thriving economy is a committed workforce.On this Labour Day, we celebrate the resilience, product...
01/05/2026

At the heart of every thriving economy is a committed workforce.

On this Labour Day, we celebrate the resilience, productivity, and ingenuity of workers who drive economic growth and national development.

Happy Labour Day, Ghana.🇬🇭

CERPA is Hiring.We are looking for a reliable and professional Corporate Driver to join our team.See flyer for details.
28/04/2026

CERPA is Hiring.
We are looking for a reliable and professional Corporate Driver to join our team.

See flyer for details.

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