International Corporate Lawyer and entrepreneur Victoria Bright has praised the government’s recent macroeconomic gains but warned that long-term progress will depend on structural reforms and stronger support for small and medium-sized enterprises (SMEs).

Speaking on Newsfile on JoyNews on Saturday, February 28, during a discussion on the 2026 State of the Nation Address, Ms Bright acknowledged that the country’s economic indicators have improved.

“I mean, our currency is stronger. We have lower debt ratios, higher reserves, lower inflation," she said.

She also pointed to developments in the export sector. “The gold exports have been institutionalised under the gold board, and the cocoa sector reforms will be presented. So, I think we’ll hold our horses a little bit on that to see how that’s meant to be operationalised.”

While describing the government’s macroeconomic recovery as “very commendable”, she cautioned against focusing only on short-term fiscal corrections.

“What we are hoping and praying for is that the reforms don’t just end up being fiscal corrections following the extreme difficulties that we found ourselves in not too long ago. But they operate in such a way that in the long term they prevent a relapse,” she said.

Ms Bright said that Ghana has often experienced cycles of progress followed by setbacks.

“We do well, and then we go back. Two steps forward, four steps back. So, we don’t want that. We’re all hoping and praying that this time it stays,” she said.

According to her, reforms must be embedded firmly in national systems to avoid a repeat of past downturns.

“Unless fiscal discipline, export diversification, energy reforms and enforcement independence are locked into our systems, then the recovery risks become cyclical rather than permanent. They are not structural, and that is what we want,” she explained.

“We can’t keep doing the same things over and over again and expect a different result. I’m hoping that this time things will be done differently,” she added.

Ms Bright said that macroeconomic stability must translate into real benefits for citizens.

“This stability that we can all see and which we have to acknowledge has to translate into money in our pockets, lower cost of living for the ordinary Ghanaian, increased real wages and sustained SME growth,” she said.

She said that SMEs are critical to job creation and economic inclusion. “SMEs, in any country, drive the economy and reduce youth exclusion,” she noted.

Although she acknowledged data from the Ghana Statistical Service showing that employment increased by one million between the first and third quarters of last year, she raised concerns about youth unemployment.

“When you look at the other side of the coin and the 1.95 million youth who are not in employment, education or training, it means that a fifth of our youth are actually excluded,” she said.

She also questioned the quality of the jobs being created. “Are they formal jobs? Are they informal? Are they seasonal? Are they permanent? Private sector or public sector?” she asked.

Ms Bright warned against relying too heavily on public sector employment. “We can’t also pack people into the public sector. It then leads us to the same problems,” she said.