The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has issued a warning to the nation’s economic managers: while the worst of the fiscal storm may have passed, the time for celebration has not yet arrived.
Speaking as a panellist on Channel One TV on Saturday, January 10, 2026, Mr. Amoah described Ghana’s current economic status as a “mixed bag”.
While he acknowledged significant improvements compared to the severe volatility of the previous three to five years, he insisted that the country remains in a delicate “recovery phase” that requires absolute fiscal restraint.
Despite the positive outlook, the COPEC boss was quick to contrast the current progress with past instances where temporary economic gains led to perceived government excess.
He specifically referenced premature jubilations in the past that he believes must not be repeated.
“I would not say we are out of the woods yet, so for the handlers of the economy, that everybody seemed to say we are doing well, is not the time to go having Kenkey parties as we saw previously,” he cautioned. “Because once you do that, you clearly are already jubilating even before the ball enters the net.”
Mr. Amoah’s assessment comes at a pivotal moment for Ghana.
Following the implementation of a $3 billion IMF-backed reform programme and the subsequent announcement by President John Dramani Mahama that Ghana has initiated its exit from the fund “with dignity”, macroeconomic indicators have begun to stabilise.
Inflation, which peaked at over 54% in 2022, plummeted to a multi-year low of 5.4% in December 2025.
“I think that the past 12 months have been a mixed bag, though generally, fairly speaking, there has been a lot of improvement over the things that we witnessed some 5, 4, 3 years back,” Mr Amoah noted.
He suggested that the handlers of the economy, currently led by Finance Minister Dr. Cassiel Ato Forson, appear to have “found a certain rhythm, a certain pathway that seems to let things work”.
As an advocate for petroleum consumers, Mr Amoah’s call for calm is rooted in the reality that global energy shocks and currency fluctuations remain a constant threat.
In early January 2026, fuel prices at some pumps dropped below GH¢11 per litre for the first time in years, a development COPEC has used to press transport unions for fare reductions.
However, Mr Amoah maintains that these gains are fragile.
He urged the government to ignore the temptation of populism and focus instead on consistency and sustained effort to ensure that the recovery reaches the pockets of the average Ghanaian.
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Source: www.myjoyonline.com
