Head of Africa Analysis at Customary Financial institution Group, Jibran Qureishi.
The Head of Africa Analysis at Customary Financial institution Group (the dad or mum firm of Stanbic Financial institution Ghana), the dad or mum firm of Stanbic Financial institution, has suggested authorities to prioritise reviving development, and restoring macroeconomic stability in its Reset Agenda.
Jibran Qureishi, talking on the Stanbic Financial Sequence webinar themed ‘The Economic system Beneath a New Period’, Mr. Qureishi indicated that this will solely be attained with cautious fiscal administration.
In response to him, “It’s vital to make sure that the reset of the financial system revives underlying development, retains it inclusive, and, extra importantly, restores macroeconomic stability.
Nevertheless, this requires constant fiscal adjustment and retaining multilateral concessional financing. With out these, Ghana might face debt sustainability challenges before anticipated.”
Mr. Qureishi’s remarks come after the 2025 Funds presentation by Finance Minister Cassiel Ato Forson, which outlined plans to abolish sure taxes to ease the burden on the non-public sector.
Whereas commending this transfer, Mr. Qureishi cautioned towards derailing fiscal consolidation efforts.
“The federal government should strike a fragile stability between supporting the non-public sector and sustaining fiscal self-discipline. It’s important to maintain the IMF at dwelling and stay of their good books, as they function an anchor for fiscal consolidation.
“On the identical time, the enterprise setting has turn into difficult, and abolishing taxes that overwhelm the non-public sector is a step in the suitable route,” he acknowledged.
Mr. Qureishi highlighted the significance of the IMF’s position, particularly as Ghana faces important debt maturities extending into 2027 and 2028.
“We now have large maturities forward, and the IMF’s help will probably be essential throughout this era. Nevertheless, the federal government should additionally deal with the issues of the non-public sector to stimulate financial exercise and drive development,” he added.
He additional harassed that the non-public sector stays the spine of Ghana’s financial system.
“Making a conducive setting for companies to thrive is crucial for sustainable development. Whereas fiscal prudence is non-negotiable, the federal government should additionally take daring steps to cut back the tax burden on companies and encourage funding,” he famous.
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