The Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo, has warned of a slowdown in Ghana’s industrial and productive sectors, cautioning that the economy risks prolonged stagnation if policy direction remains unchanged.
Speaking during parliamentary debate on the State of the Nation Address delivered by President John Dramani Mahama, the lawmaker who is Deputy Ranking on the Economy and Development committee argued that the government’s economic doctrine appears narrow and overly reactive.
According to him, the current strategy places significant emphasis on defending the cedi through reserve accumulation and foreign exchange interventions rather than stimulating productivity and expanding the real economy.
“What we are seeing is a diversion of policy bandwidth toward short-term stabilisation at the expense of structural transformation,” he stated.
Mr. Fokuo cited data from the Ghana Statistical Service to support his concerns about weakening growth fundamentals.
He noted that overall real GDP growth slowed from 7 percent in the third quarter of 2024 to 5.5 percent in the same period of 2025.
The industrial sector, he argued, presents the clearest warning sign. Growth in industry declined sharply from 11.4 percent to 0.8 percent year-on-year, while manufacturing growth slowed from 7.4 percent to 3.9 percent.
He further pointed out that the oil and gas sector has nearly stagnated, recording marginal growth of 0.2 percent.
“These are the engines of transformation,” he said. “If industry and manufacturing weaken, then the foundation of long-term growth is compromised.”
The MP cautioned that without deliberate policies to revive investment, boost productivity, and expand industrial output, Ghana’s economic recovery narrative may fail to translate into tangible improvements for businesses and households.
He therefore called for a shift in policy focus from currency defence toward structural expansion, arguing that sustainable economic growth must be driven by strong performance in the real sector rather than short-term market interventions.
