The Institute of Statistical, Social, and Economic Research (ISSER) has issued a cautionary call for fiscal restraint as the country heads into the 2024 election year.
Stressing the importance of maintaining recent economic gains, ISSER urged, “We admonish government not to overspend, especially with 2024 being an election year.”
In its State of the Ghanaian Economy Report, ISSER highlighted the risks of election-year spending on Ghana’s financial stability, underscoring the need for fiscal discipline to protect key improvements in inflation, interest rates, and exchange rate stability achieved in 2024.
“In conclusion, 2024 holds greater growth prospects, and key macroeconomic indicators—such as inflation, interest rate, and exchange rate depreciation—remain relatively improved compared to 2022,” the report noted.
Professor Peter Quartey, ISSER’s director, warned that Ghana must “break away from the elections business cycle” if it is to secure these gains long-term.
“The true state of the economy will emerge in Q1 2025,” he added, explaining that overspending in an election year can obscure underlying economic vulnerabilities and postpone needed reforms.
The report highlights the longstanding challenge posed by increased government expenditure in election years, often leading to inflationary pressures and fiscal deficits.
“Maintaining the current trajectory of improved macroeconomic indicators requires that we do not overspend or lose focus in an election year,” Professor Quartey emphasised.
As Ghana continues its IMF-backed recovery plan, ISSER stresses that staying within fiscal targets could reinforce investor confidence and set the foundation for sustained growth.
By exercising fiscal prudence in 2024, ISSER suggests that Ghana can achieve a stable economy that benefits its citizens well beyond the election cycle.
Latest Stories
-
Mahama condemns “neglect of communities over petty partisan political reasons”
24 mins -
License Independent Power Generators in Ghana under Free Zones Act
46 mins -
Kuami Eugene writing ‘Watch Me’ song for me was a prophecy – Empress Gifty
2 hours -
Speaker has not shown unwillingness to comply with Supreme Court order – Opoku Agyei
2 hours -
If I were an MP’s wife, my actions would let other MPs’ wives adore me – Empress Gifty
2 hours -
NDC MPs have made it impossible for the 4 affected MPs to come to Parliament – Opoku Agyei claims
2 hours -
Urgent Warning from Ghanaian-Canadian: Move to Canada Immediately
2 hours -
Samira Bawumia: Challenging norms, breaking glass ceilings and the “Closer” in Ghana’s 2024 elections
3 hours -
Eblah Foundation commissions biodegradable community toilet for Whuti community
3 hours -
I’ve elevated Ghana’s political discourse from sheer rhetoric to real issue-based discourse – Bawumia
3 hours -
First Lady appeals to Ga State traditional leaders, warlords to vote for NPP
4 hours -
Narcotics Control Commission destroys over 150,000kg of illicit drugs
4 hours -
Economy back to pre-covid trajectory – Amin Adam
5 hours -
Playback: The Law discussed consequence of disobeying Supreme Court orders
5 hours -
We’ve demonstrated policy innovation in tackling the most challenging issues in our country – Bawumia asserts
5 hours