Jibran Qureishi, Head, Africa Research, Standard Bank Group
Jibran Qureishi, Head of Africa Research at Standard Bank Group (the parent company of Stanbic Bank Ghana), the parent company of Stanbic Bank, has advised government to prioritize reviving growth, and restoring macroeconomic stability in its Reset Agenda.
Speaking at the Stanbic Economic Series webinar themed ‘The Economy Under a New Era’, Mr. Qureishi indicated that this can only be attained with careful fiscal management.
According to him, “It is critical to ensure that the reset of the economy revives underlying growth, keeps it inclusive, and, more importantly, restores macroeconomic stability.
However, this requires consistent fiscal adjustment and retaining multilateral concessional financing. Without these, Ghana could face debt sustainability challenges sooner than anticipated.”
Mr. Qureishi’s remarks come after the 2025 Budget presentation by Finance Minister Cassiel Ato Forson, which outlined plans to abolish certain taxes to ease the burden on the private sector. While commending this move, Mr. Qureishi cautioned against derailing fiscal consolidation efforts.
“The government must strike a delicate balance between supporting the private sector and maintaining fiscal discipline. It is essential to keep the IMF at home and remain in their good books, as they serve as an anchor for fiscal consolidation.
“At the same time, the business environment has become challenging, and abolishing taxes that weigh down the private sector is a step in the right direction,” he stated.
Mr. Qureishi highlighted the importance of the IMF’s role, especially as Ghana faces significant debt maturities extending into 2027 and 2028.
“We have massive maturities ahead, and the IMF’s support will be crucial during this period. However, the government must also address the concerns of the private sector to stimulate economic activity and drive growth,” he added.
He further stressed that the private sector remains the backbone of Ghana’s economy.
“Creating a conducive environment for businesses to thrive is essential for sustainable growth. While fiscal prudence is non-negotiable, the government must also take bold steps to reduce the tax burden on businesses and encourage investment,” he noted.
