International corporate lawyer and entrepreneur Victoria Bright has commended the government for recent macroeconomic improvements but cautioned that Ghana’s long-term stability will depend on deep structural reforms and sustained support for small and medium-sized enterprises (SMEs).
Speaking on Newsfile on JoyNews on Saturday, February 28, during discussions on the 2026 State of the Nation Address, she acknowledged that key economic indicators show encouraging signs of recovery.
“Our currency is stronger. We have lower debt ratios, higher reserves, lower inflation,” she noted.
Encouraging Signs, But Caution Ahead
Ms Bright pointed to developments in the export sector, including the institutionalisation of gold exports under the Gold Board and anticipated reforms in the cocoa sector.
While describing the macroeconomic turnaround as “very commendable,” she stressed that reforms must extend beyond short-term fiscal corrections.
“We are hoping and praying that the reforms don’t just end up being fiscal corrections… but they operate in such a way that in the long term they prevent a relapse,” she said.
Avoiding the Cycle of Progress and Setback
According to her, Ghana has historically experienced cycles of advancement followed by regression. “We do well, and then we go back. Two steps forward, four steps back. So, we don’t want that,” she cautioned.
She emphasised that fiscal discipline, export diversification, energy reforms, and enforcement independence must be firmly embedded within national systems to make recovery permanent rather than cyclical.
Stability Must Reach Households
Ms. Bright argued that macroeconomic stability should translate into tangible improvements in citizens’ lives.
“This stability… has to translate into money in our pockets, lower cost of living for the ordinary Ghanaian, increased real wages and sustained SME growth,” she said.
She highlighted the crucial role of SMEs in driving economic inclusion and job creation, particularly for the youth. “SMEs, in any country, drive the economy and reduce youth exclusion,” she added.
Concerns Over Youth Unemployment and Job Quality
Although citing Ghana Statistical Service data showing that employment rose by one million between the first and third quarters of last year, Ms Bright expressed concern about the 1.95 million young people not in employment, education or training.
She also questioned the nature of the new jobs being created. “Are they formal jobs? Are they informal? Are they seasonal? Are they permanent?” she asked.
Warning against overreliance on public sector employment, she said expanding government payrolls could recreate past fiscal challenges.
“We can’t also pack people into the public sector. It then leads us to the same problems,” she cautioned.
