“We just need a longer STEM strategy” – Prof. Asuming calls for economic overhaul

As Ghana prepares for the upcoming National Economic Dialogue 2025, economist Prof. Patrick Asuming of the University of Ghana Business School is calling for a fundamental shift in the country’s economic strategy.

Speaking on ABC News GH on Wednesday, February 19, he outlined key challenges threatening Ghana’s financial stability.

“There is a debt problem. Everywhere you turn, this economy has challenges,” he remarked, pointing to the agriculture sector, government finances, and the power industry as major areas of concern.

According to Prof. Asuming, Ghana’s current IMF Programme has failed to deliver meaningful economic improvements. “The fact that we are more than halfway through the IMF Programme, it is fair to say that we haven’t really made as much progress as we could have,” he noted.

One of the most pressing issues is the country’s unstable currency, weak public finances, and high credit costs. “After one and a half years of implementation, the currency is still unstable. Public finance is still not in very good shape, and the cost of credit is extremely high,” he explained.

To address these challenges, Prof. Asuming urged the government to adopt a longer-term strategy focused on governance, corruption control, and economic transformation. “We just need a longer STEM strategy,” he asserted.

He further advised that Ghana must rethink its approach under the IMF Programme and shift attention to key microeconomic issues.

“We have to reexamine the choices and options we have under the current IMF Programme,” he stated.

“Then we begin to look at the microeconomic issues: How do we boost production, especially in the agriculture sector? How do we ensure that the cost of production and food goes down?

“And ultimately, they will create a lot of jobs?”

With the National Economic Dialogue 2025 just weeks away, Ghanaian policymakers have a crucial opportunity to reset the country’s economic agenda. Whether they seize the moment or allow economic instability to persist remains to be seen.

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