‘No time for kenkey events’: COPEC boss warns in opposition to financial complacency in spite of restoration – Life Pulse Daily

Introduction

The economic landscape of Ghana is undergoing a pivotal phase, with recent reforms and optimistic macroeconomic indicators signaling a possible shift from crisis to recovery. However, amidst this apparent stabilization, there is growing concern about the potential for complacency among financial managers and policymakers. In a notable warning, Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has sounded the alarm against premature celebrations. His message, captured in the phrase “No time for Kenkey events,” underscores the importance of maintaining fiscal discipline and caution even as Ghana seeks to rebuild its financial health after years of volatility. This article explores COPEC’s warning, the broader context of Ghana’s economic recovery, and practical advice for navigating the challenges ahead.

Key Points

Background

Historical Economic Context

Ghana’s economic history has been marked by periods of severe volatility and hardship. In recent decades, the country has faced multiple crises, including high inflation, currency devaluation, and resource shortages. These challenges have led to significant social and economic distress, particularly for the most vulnerable segments of the population.

Recent Macroeconomic Developments

In 2025, Ghana implemented a comprehensive IMF-backed reform programme aimed at restoring economic stability and fostering sustainable growth. The programme has included measures to address inflation, stabilize the currency, and improve fiscal management. As a result, several key economic indicators have shown positive trends, including a significant reduction in inflation rates and stabilization of currency values.

President John Dramani Mahama’s announcement in early 2026 that Ghana is beginning to exit the IMF with dignity further boosted investor confidence and public optimism. These developments have been widely regarded as a turning point for Ghana’s economic landscape, suggesting a move towards recovery and growth.

Analysis

COPEC’s Warning Against Financial Complacency

Despite the apparent signs of economic improvement, Duncan Amoah of COPEC has issued a stark warning against complacency. He describes the current state of Ghana’s economy as a “blended bag,” a term that implies both progress and lingering challenges. While Amoah acknowledges that there have been significant improvements over the past few years, he cautions that the country remains in a “restoration section” that requires absolute fiscal restraint.

Amoah references past instances where premature celebrations following brief economic improvements led to perceived government overindulgence and subsequent challenges. He emphasizes the importance of maintaining a cautious approach to avoid repeating these mistakes. His warning is particularly relevant given the recent economic reforms and the positive macroeconomic indicators that have sparked optimism among policymakers and the public.

Risks and Challenges Ahead

While the economic indicators are encouraging, Amoah highlights the ongoing risks and challenges that Ghana must address to ensure sustained recovery. These include the potential for unexpected global economic shocks, fluctuations in foreign exchange rates, and the need for continued fiscal discipline. The recent drop in fuel prices at some pumps, while a positive development, is described by Amoah as fragile and subject to change.

Amoah urges the government to avoid the temptation of populism and to focus on consistent, sustained efforts to ensure that the benefits of the economic reforms reach the general population. He stresses the importance of maintaining a balanced and pragmatic approach to economic management, rather than relying on short-term fixes or celebratory gestures that may undermine long-term stability.

Practical Advice

Fiscal Discipline and Transparency

One of the key pieces of advice from COPEC is the importance of fiscal discipline and transparency. The government should continue to prioritize responsible fiscal management, ensuring that public funds are used effectively and efficiently. This includes maintaining disciplined budgeting, controlling public spending, and implementing measures to reduce fiscal deficits.

Transparency in economic decision-making is also crucial. The government should provide clear and consistent communication about economic policies and their impacts, helping to build public trust and support for the ongoing reforms.

Strengthening Institutional Capacity

To support sustained economic growth, Ghana needs to strengthen its institutional capacity. This includes investing in education and training to develop a skilled workforce, improving regulatory frameworks to attract investment, and enhancing the effectiveness of government agencies responsible for economic management.

COPEC also emphasizes the importance of fostering a business-friendly environment. This can be achieved by reducing bureaucratic hurdles, providing incentives for investment, and supporting small and medium-sized enterprises (SMEs) that play a vital role in the economy.

Engaging the Private Sector

The private sector is a key driver of economic growth and job creation. COPEC encourages the government to engage with the private sector to ensure that economic reforms are aligned with the needs and interests of businesses. This can be done through regular consultations, policy dialogue, and the creation of incentives for private sector participation in key sectors of the economy.

Additionally, COPEC highlights the importance of supporting innovation and entrepreneurship. By providing access to finance, market information, and technical assistance, the government can help foster a dynamic and competitive private sector that contributes to economic growth and development.

FAQ

Conclusion

Ghana is at a critical juncture in its economic journey, with recent reforms and stable macroeconomic indicators signaling a move towards recovery. However, the warning from COPEC’s Executive Secretary, Duncan Amoah, serves as a reminder of the importance of maintaining fiscal discipline and caution. As the country seeks to rebuild its financial health, it must avoid the pitfalls of complacency and focus on consistent, sustained efforts to ensure that the benefits of economic reforms reach the general population. By prioritizing fiscal discipline, transparency, and engagement with the private sector, Ghana can navigate the challenges ahead and build a more resilient and prosperous economy for all its citizens.