Ghana’s economic recovery is a delicate dance, and maintaining momentum requires shrewd financial management. That’s the core message from Professor Issahaku Haruna, a Senior Lecturer in the Department of Finance at the University for Development Studies (UDS) School of Business.
Professor Haruna recently issued a strong call to action, urging the government to significantly strengthen its fiscal discipline. His primary concern? Avoiding the tempting, but ultimately dangerous, path of prematurely returning to costly borrowing, which could derail the hard-won gains of economic recovery.
The wisdom in Professor Haruna’s advice is clear. While borrowing can be a necessary tool for development, unchecked or ill-timed debt accumulation can quickly lead to a spiral of high interest payments, currency depreciation, and a stifling of economic growth. Ghana has seen its share of these challenges, making prudent financial management more critical than ever.
His remarks, made during a public lecture, underscore the importance of sustainable economic policies. For the nation to truly consolidate its recovery and build a resilient future, a steadfast commitment to managing national finances responsibly is paramount. This means focusing on revenue generation, efficient expenditure, and carefully assessing the long-term implications of any new borrowing.
It’s a powerful reminder that while the road to full economic stability is long, disciplined steps today can prevent costly detours tomorrow.
Source: Original Article
