Economist Professor Festus Ebo Turkson has urged the Mahama administration to seize the country’s improving macroeconomic conditions to implement long-delayed structural reforms.

He is warning that Ghana cannot afford to wait while external shocks continue to threaten the economy.

Speaking on Joy News’ PM Express Business Edition on Thursday, Prof. Turkson said the current period of relative economic stability provides the ideal opportunity to build a more resilient economy.

“We are enjoying stability, and we need to build resilience. Resilience will come with a structural change,” he said.

He pointed to the recent decision to supply crude oil from the Jubilee Field to the Tema Oil Refinery (TOR) as an example of the kind of reforms Ghana needs.

“I was excited to see that TOR has received some oil from our Jubilee Fields to refine. That is a structural change. That change will allow us to reduce our imports of refined oil. That change will put less burden on the cedi.”

According to him, reducing pressure on the cedi would have wider benefits for the economy.

"And if the cedi is relatively stable and inflation is low, the monetary policy rate would ease, and therefore interest rates will decline."

His comments come as Ghana continues to record improvements in key economic indicators, including easing inflation, stronger foreign reserves and a more stable exchange rate.

However, Prof. Turkson argued that these gains will only be sustained if government tackles the economy’s structural weaknesses.

"And so we need to begin to put in place policies that will structurally transform our Ghanaian economy to build the resilience needed to withstand those external shocks.”

He disagreed with suggestions that government should focus solely on preserving stability before embarking on major reforms.

“So I do not entirely agree with Dalex Finance CEO, Joe Jackson, that we should think about stabilising and hold on a bit.”

“I’ve said it, that the current government has the platform, and the environment to make those structural changes.”

Beyond energy, he identified electricity, manufacturing and transport infrastructure as critical areas requiring urgent attention.

“We need our businesses to be competitive,” he said, warning that high production costs force local manufacturers out of business and increase imports, putting renewed pressure on the cedi.

“So it is now. It is not wait.”

Prof. Turkson said strong commodity prices, rising external reserves, improved fiscal management and lower public debt have created favourable conditions for government to act decisively.

“But we’ve got almost everything working out well now, and that is the environment that they need to change the structure of the economy, but we cannot wait.”

He also urged the government to use its flagship infrastructure agenda to expand Ghana’s productive capacity.

“And the government should begin using its big push project to expand the productive base of the economy by providing the critical infrastructure that reduces the cost of doing business, including roads that connect our various regions and our ports, rail lines that would enable the transportation of goods and persons more cheaply across the country.”

He said better transport links would position Ghana to serve landlocked countries in the sub-region while reducing reliance on imports.

“I’m excited that a company is producing quality tiles in Ghana that is being exported because the price is competitive and so we are producing import substitutes qnd exporting same. This is the sort of transformation we need in the manufacturing sector,” he added