Presidential Advisor on the Economy, Seth Terkper, has stressed the need to strengthen the domestic bond market and reduce reliance on external borrowing as Ghana pushes to attain upper middle-income status.
Speaking at the PricewaterhouseCoopers (PwC) 2025 Budget Digest Forum, Terkper noted that transitioning from lower middle-income status would mean losing concessional loans and significant foreign grants.
However, he believes this shift could ultimately improve the country’s financial ratings.
“If we become an upper middle-income country with a per capita income of about $4,000, we are likely to lose substantial, if not all, concessional financing and grants. The best approach will be a hybrid model, and we must prepare for this transition by making necessary economic corrections,” he stated.
Presidential Advisor on the 24-hour economy, Goosie Tanoh, highlighted the importance of securing long-term capital to finance key value chains under the policy.
He stressed that sectors such as agriculture, industry, textiles, machinery, and technology would require significant investment.
“Our approach focuses on strengthening value chains, including agriculture, industry, machinery, technology, textiles, and mindset development through Technical and Vocational Education Training (TVET) programs. All these require capital, and our goal is to source concessionary financing,” Tanoh explained.
Deputy Minister of Food and Agriculture, John Dumelo, reiterated the government’s commitment to making agriculture attractive to young people. He highlighted initiatives such as distributing poultry to 55,000 households and launching the “Irrigation for Wealth Creation” program, which will provide irrigated lands for farming.
“This year, we will construct 50 farmer service centres. Farmers will have easy access to technical assistance at these centres,” Dumelo added.
Senior Country Partner at PwC, Vish Ashiagbor, urged the government to create a conducive environment for private sector investment in agriculture. While acknowledging the GHC 1.5 billion allocation to the Agriculture for Economic Transformation initiative, he stressed the need for additional private sector funding to ensure long-term sustainability and growth.
