Ghana must strengthen its domestic revenue mobilization and productive sectors to reduce dependence on external creditors, according to the Leader of the AfriKan Continental Union Consult (ACUC).
Benjamin Anyagre Aziginaateeg, the ACUC leader, told the Ghana News Agency (GNA) that building financial capacity is essential. This allows the country to set its own development priorities without being constrained by external financing arrangements.
Economic sovereignty depends on creating enough financial strength to avoid excessive constraints from external creditors, Mr Aziginaateeg said. While Ghana should not reject international cooperation, he said it should work to reduce its reliance on International Monetary Fund (IMF) financing and external borrowing.
Strengthening economic foundations would allow the country to negotiate from a position of strength. It would also help pursue partnerships that align with national priorities.
An IMF assessment from July 2026 indicates Ghana could lower its primary surplus target. The target could drop from 1.5 per cent of Gross Domestic Product in 2026 to 0.5 per cent starting in 2027. This depends on debt remaining sustainable and fiscal reforms continuing, Mr Aziginaateeg said.
Lower targets could allow the government to redirect more resources toward social investment and development spending. But Mr Aziginaateeg said stronger revenue systems and improved public financial management are required to sustain this trajectory.
Revenue and grants reached GH¢99.4 billion in the first half of 2026. This was a 29 per cent increase compared to the same period in 2025. However, the figure was about 10 per cent below the programmed target of GH¢110.4 billion.
Mr Aziginaateeg said this shortfall shows the need for innovative measures. These measures must improve domestic revenue mobilization and public financial management.
To address revenue shortfalls and reduce external dependence, Mr Aziginaateeg recommended several specific economic measures:
- Reviewing mining concessions, royalties, tax exemptions, and revenue-sharing arrangements to ensure the nation receives proper benefits from natural resources.
- Improving revenue collection from mining, petroleum, property taxation, the digital economy, and public enterprises.
- Conducting periodic cost-benefit reviews of tax exemptions to eliminate unjustified concessions.
- Strengthening customs controls to tackle smuggling and under-invoicing.
- Implementing simplified and fair taxation systems within the informal sector to encourage voluntary compliance.
The ACUC leader also called for increased support for local manufacturing, agriculture, and small businesses. This would help reduce the nation’s reliance on imported goods. He suggested more resources should go toward essential public services, rural development, social protection, and decent employment.
Mr Aziginaateeg urged the government to take stronger action against corruption, transfer mispricing, and illicit financial flows to address financial leakages. Public procurement systems must be strengthened to prevent inflated contracts and expenditure leakages, he said. He also called for action against the concealment of taxable wealth.
The government should focus on broadening the tax base and improving compliance. This ensures those with greater economic capacity contribute fairly, rather than increasing the tax burden on productive businesses and struggling households, Mr Aziginaateeg said.