Ghana Must Save During Good Times to Withstand Future Shocks – Joe Jackson
Chief Executive Officer of Dalex Finance, Joe Jackson, has cautioned that Ghana’s current economic stability should not be mistaken for permanent progress, stressing the need for disciplined savings and reserve accumulation to prepare for future economic headwinds.
Speaking at the 14th Ghana Economic Forum (GEF) held in Accra on Wednesday, October 29, 2025, on the theme “Currency Stability – A Reset for Sustainable Economic Growth,” Mr Jackson commended the government’s fiscal discipline and the favourable external environment supporting the cedi’s stability.
“First of all, we have to admit that the headwinds have been good. We’ve enjoyed a beneficial environment. But we also cannot discount the discipline and the sacrifice that have gone into making this not just something that the headwinds have blown us into, but something that we can start to realise,” he said.
The Dalex Finance boss, however, warned against complacency, drawing a biblical analogy to emphasise prudence and foresight.
“Go to the ant, you sluggard. Without a master, they store in harvest. That’s the challenge we have to face now. This is our season of harvest, harvest from the price of gold, harvest from the good winds blowing globally. This is the time to increase reserves to unprecedented levels,” he remarked.
Mr Jackson urged policymakers to establish a stabilisation or sovereign wealth fund that can serve as a financial buffer when global and domestic conditions become unfavourable.
He also expressed concern about suggestions for increased central bank intervention whenever the cedi appreciates sharply, describing such calls as short-sighted.
“Every time we hear pressure coming from the cedi dropping to as low as nine, the call is for the central bank to intervene more. It frightens me. What do we do when the winds turn from being in our favour?” he queried.
Citing comments made earlier by Vice President Professor Jane Naana Opoku-Agyemang during the same forum, Mr Jackson reiterated the importance of prioritising long-term growth over short-term comfort.
“The Vice President said we should not let our short-term comfort be at the expense of our long-term growth. For me, that sums up the situation we are in now,” he stated.
Mr Jackson’s comments come amid renewed optimism over Ghana’s macroeconomic outlook, driven by strong gold prices, improved fiscal discipline, and a rebound in investor confidence. However, he cautioned that the real test of economic management will come when favourable external conditions subside.
