By James Amoh Junior, GNA
Accra, May 5, GNA – The European Union (EU) Ambassador to Ghana, Rune Skinnebach, has called for sustained structural reforms to consolidate Ghana’s recent economic gains, warning that current progress may not be durable without a stronger foundation.
Speaking at a media engagement in Accra to launch Europe Month, he acknowledged that Ghana’s economy was showing positive signs, with improved macroeconomic indicators and faster-than-expected progress under ongoing reform programmes.
However, he cautioned that the gains were underpinned by fragile factors, particularly high global gold prices, which could expose the economy to volatility.
“The economy is doing great, but it is based on a very fragile pillar,” he said, noting that reliance on commodity-driven growth posed long-term risks.
He explained that while recent fiscal and economic reforms had yielded encouraging outcomes, including improved performance under international support programmes, sustaining the momentum would require disciplined policy implementation and diversification.
The Ambassador stressed that Ghana could not depend on favourable external conditions such as commodity prices or periodic debt restructuring to drive growth over the long term.
“The success is based on reform, but also on external factors, and we cannot count on that every few years,” he noted.
The Ambassador urged authorities to prioritise domestic revenue mobilisation, describing it as a critical area for strengthening Ghana’s economic resilience.
He observed that government revenue collection remained suboptimal and called for a more predictable, efficient, and unified tax system across the country.
“There should be a much better collection of taxes in a predictable and unified manner,” he said.
The Ambassador added that emerging challenges in key sectors of the economy, including cocoa and petroleum, had traditionally supported Ghana’s fiscal stability and pressures in these sectors underscored the need for economic diversification and stronger internal revenue systems.
According to him, while Ghana’s current economic trajectory had positively surprised many observers, including international financial institutions, maintaining that performance would depend on prudent economic management in the coming years.
He emphasised that policy consistency and effective implementation would be crucial in avoiding a relapse into fiscal instability.
The Ambassador highlighted the importance of building a resilient economy capable of withstanding external shocks, particularly in an increasingly uncertain global environment.
He noted that global economic conditions, including fluctuations in commodity markets and geopolitical tensions, continued to pose risks to developing economies.
In that context, he said partnerships with reliable international actors, such as the European Union, could play a vital role in supporting Ghana’s long-term development agenda.
The EU, he noted, remained committed to supporting Ghana through investments in infrastructure, job creation, and economic transformation initiatives aimed at promoting sustainable growth.
He reiterated that the EU’s engagement with Ghana was shifting from traditional development assistance to a more strategic partnership focused on shared interests, including economic stability and private sector growth.
The Ambassador also highlighted ongoing EU-supported programmes designed to enhance skills development, boost employment, and improve infrastructure, particularly in underserved regions.
These interventions, he said, were intended to complement Ghana’s domestic efforts to build a more inclusive and resilient economy.
He stressed the importance of accountability in public spending and project implementation, noting that development programmes must deliver measurable impact for citizens.
“We need to ensure that investments translate into real benefits for the people,” he said.
He described Ghana as a country with strong economic potential, but emphasised that realising that potential would require sustained commitment to reform and sound economic governance.
He called for continued collaboration between government, development partners, and the private sector to drive long-term growth.
The media engagement formed part of the official launch of Europe Month, during which the European Union is highlighting its partnership with Ghana and engaging stakeholders on key development issues.
The event provided a platform for journalists to interrogate critical aspects of Ghana’s economy and explore opportunities for strengthened cooperation between Ghana and its international partners.
GNA
Edited by George-Ramsey Benamba
May 5, 2026