The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has commended the government for its prudent management of the economy over the past year, but urged caution and restraint to avoid premature celebrations.
Speaking on The Big Issue on Channel One
TV on Saturday, January 10, 2026, Mr. Amoah described Ghana’s economic performance over the last 12 months as a “mixed bag,” noting that while conditions have improved compared to the challenges of the past three to five years, the country is not yet fully out of danger.
“I think that the past 12 months have been a mixed bag, though generally, fairly speaking, there has been a lot of improvement over the things that we witnessed some 5, 4, 3 years back,” he said.
He emphasised that current signs of recovery should not be misinterpreted as a reason to relax fiscal discipline, cautioning economic managers against complacency. According to him, economic stability requires consistency and sustained effort rather than celebration.
“I would not say we are out of the woods yet, so for the handlers of the economy, that everybody seemed to say we are doing well, is not the time to go having Kenkey parties as we saw previously. Because once you do that, you clearly are already jubilating even before the ball enters the net, and so I would still call for calm and insist that those handling the economy may have found a certain rhythm, a certain pathway that seems to let things work,” he added.
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Meanwhile, Asantehene, Otumfuo Osei Tutu II, has called on the Bank of Ghana to accelerate efforts to bring down interest rates, warning that Ghana’s economic recovery cannot be sustained without affordable credit to stimulate domestic private investment.
Speaking during a visit to the Bank of Ghana headquarters in Accra, Otumfuo described the central bank as an institution whose decisions ultimately determine “whether we have shelter over our heads, food on the table, and the ability to educate our children and care for our families.”
“This is no exaggeration,” the Asantehene said, stressing that the work of the Bank of Ghana touches every Ghanaian, from households to businesses.
While acknowledging recent improvements in macroeconomic stability, including signs of currency stabilisation, Otumfuo cautioned against complacency and urged policymakers to focus more deliberately on reducing borrowing costs.
“I hope the unavoidable attention being paid to the cedi does not mean we are relegating the second mandate of the Bank—which has to do with interest rates—to the back burner,” he said.
Although interest rates have begun edging downward, the Asantehene said past experience shows the pace of reduction must be accelerated if businesses are to thrive.
“Domestic private investment cannot happen at the current cutthroat interest rate regime,” he stated, challenging the Bank’s leadership to find creative ways to move the economy from high-interest constraints to a level that stimulates business expansion and wealth creation.
Domestic Investment Key Amid Global Uncertainty
Otumfuo warned that Ghana cannot rely on foreign investment to drive growth in an era of global uncertainty and geopolitical tension.
“No amount of government investment can scratch the surface of what we need to build a sound economy,” he said. “This moment calls for a massive push to stimulate domestic private investment in industry.”
According to him, affordable credit remains the single most important condition for unlocking the productive potential of Ghanaian businesses and entrepreneurs.
The Asantehene also acknowledged that after a difficult period, the country has begun to “breathe easy” as the cedi shows signs of stability on the foreign exchange market.
However, he warned against premature celebration.
“These are only the earliest tools of progress,” he said, echoing earlier caution from the BoG Governor that stability must be sustained before declaring success.
“We must be careful not to start feasting before the true state of the harvest is known.”
