Economist and Finance lecturer at the University of Ghana Business School, Professor Lord Mensah, has stressed the need for the implementation of the outcomes of the National Economic Dialogue which kicks off March 3, 2025 to steer the economy back on to the path of recovery.

President John Mahama in his maiden State of the Nation Address painted a dire outlook for the country’s economy with public debt standing at GH¢721 billion.

He added that the National Economic Dialogue will be expected to discuss the state of the economy and reach a consensus on the key policies needed to address the devastating economic crisis confronting the country.

The dialogue the president said will also support the development of a home-grown fiscal consolidation programme and highlight key structural reforms and policy priorities essential for resetting the economy and creating prosperity for all.

For economist Professor Lord Mensah, the real test lies beyond the National Economic Dialogue. He says there is a need for actionable outcomes that translate into policy shifts.

“I don’t want it to be a document or a guideline that will be restricted to this particular administration. The outcome of this dialogue should not be something that will be sitting on the shelves – just a paperwork that on the grounds, different things will be happening without necessarily implementing what we proposed at the dialogue,” he told Citi Business News in an interview.

Professor Lord Mensah also emphasized that discussions should prioritize Ghana’s exit from the current IMF program in May next year.

He noted that while Ghana demonstrates better fiscal discipline under an IMF program, it tends to struggle when managing its finances independently.

According to Lord Mensah, ensuring prudent fiscal management after the IMF program should be a key priority for discussion at the National Economic Dialogue.

“The question is as we going to hold up a dialogue, we should be able to center this discussion as to how we are going to manage our finances without IMF and be disciplined. That should be discussed thoroughly at the dialogue,” he said.