- Quartey attributes possible stronger growth to fiscal discipline and structural reforms
- He warns against economic growth that damages the environment, citing illegal mining
- Comments made at a symposium honouring Prof. Ernest Aryeetey at the University of Ghana
Economist and former ISSER Director, Professor Peter Quartey, believes Ghana’s economy could exceed the 2025 growth projections made by the International Monetary Fund (IMF) and the World Bank.
In their recent forecasts, the IMF projected Ghana’s GDP to grow by 4%, slightly below the World Bank’s estimate of 4.3%. Both institutions remain cautiously optimistic, citing the country’s ongoing economic reforms under its recovery programme.
However, Prof. Quartey is confident that Ghana’s improving economic fundamentals and resilience could lead to stronger growth than predicted.
“The IMF and World Bank are often cautious in their projections, preferring to err on the side of conservatism,” he noted. “But historically, Ghana has often outperformed their estimates, and I believe we can go beyond the 4% mark — assuming all things remain stable.”
He emphasized that sustained fiscal discipline and continued structural reforms could unlock even greater economic performance, arguing that international institutions sometimes underestimate growth potential to avoid setting unrealistic expectations.
Despite this optimism, Prof. Quartey cautioned against growth at the cost of environmental degradation. He specifically warned of the long-term impact of illegal mining on Ghana’s natural ecosystems.
“We must take environmental accounting seriously,” he stressed. “You can have 10% growth, but if it comes with the destruction of water bodies and food sources, it’s not real progress.”
Prof. Quartey made these remarks during an interview with Citi Business News at a symposium held in honour of Emeritus Professor Ernest Aryeetey at the University of Ghana.
The event, themed “Placing Research at the Centre of Higher Education in Africa,” celebrated Prof. Aryeetey’s contributions to academic leadership and research development. As a former Vice-Chancellor, appointed in 2010, Prof. Aryeetey spearheaded significant reforms aimed at strengthening research capacity, governance, and global partnerships at the University of Ghana.
His legacy includes the expansion of graduate education, faculty development, and collaborations with top international universities. At the heart of his vision was transforming the university into a research-driven institution capable of contributing meaningfully to national and continental development.
Prof. Aryeetey’s work continues to inspire academics and policymakers across Africa, embodying values of excellence, inclusivity, and sustainable progress.
