Will power as a national economic resource: Discipline and national recovery

By Prof. Samuel Lartey

www.pefghana.org

Ghana’s economic journey over the last decade has been marked by expansion, shocks, correction and recovery. Between 2022 and 2024, the country experienced its most severe macroeconomic stress since the early 1980s, characterised by elevated inflation, debt distress, currency depreciation and a sharp contraction in investor confidence.

By 2025, however, Ghana entered a stabilisation and recovery phase under a national reset agenda anchored on fiscal discipline, debt restructuring, institutional reform and private sector renewal.

Beyond policy design and financial engineering, recovery has required something deeper and less measurable but equally decisive. That factor is “will power.” Will power in this feature is defined as the sustained ability to follow through on difficult decisions, resist short term gratification, enforce discipline and persist in long term goals despite pressure and sacrifice. In economic terms, will power determines whether reforms are implemented, whether businesses adapt or collapse, and whether citizens adjust behaviour to support national recovery.

This feature article examines how will power operates at government, public sector, business and individual levels and how Ghana can leverage it as a strategic asset in navigating the reset agenda and consolidating economic recovery.

Ghana’s Recent Economic Context and the Reset Agenda

Between 2022 and 2023, Ghana’s economy faced multiple shocks including global monetary tightening, commodity price volatility and domestic fiscal slippages. Inflation peaked above fifty percent in late 2022 and early 2023, the cedi depreciated sharply, and access to international capital markets was lost. Ghana subsequently entered an International Monetary Fund supported programme in May 2023 valued at three billion US dollars.

By late 2024 and throughout 2025, macroeconomic indicators began to stabilise as reforms took hold.

Key Macroeconomic Indicators

Indicator	Crisis Period	Recovery Phase
Inflation rate	54.1 percent in December 2022	6.3 percent in November 2025
GDP growth	3.1 percent in 2023	Projected 5.8 percent in 2025
Treasury bill rates	Above 30 percent in 2023	Approximately 11 percent by late 2025
Primary fiscal balance	Deficit exceeding 3 percent of GDP in 2022	Surplus of approximately 1.9 percent of GDP in 2025
External debt sustainability	High risk of distress	Improved outlook after debt restructuring

Sources: Ghana Statistical Service Inflation Summary December 2022 and November 2025, Ministry of Finance Ghana Economic Reset Report January 2025, International Monetary Fund Country Report Ghana 2024, Reuters Ghana economy and debt restructuring coverage 2024 to 2025

These improvements did not occur automatically. They reflect institutional will power in policy execution, fiscal restraint and reform continuity under pressure.

Will Power in Government and the Public Sector

Fiscal Discipline and Policy Consistency

Government will power is expressed through fiscal discipline, especially in resisting populist spending during politically sensitive periods. Ghana’s achievement of a primary surplus in 2024 and 2025 represents a decisive break from historical fiscal patterns where election cycles often triggered fiscal overruns.

The Ministry of Finance noted in its January 2025 Reset Report that expenditure rationalisation and improved domestic revenue mobilisation were maintained despite social and political pressures.

Source: Ministry of Finance Ghana Resetting the Economy Report January 2025

This form of institutional will power has direct financial impact. Lower government borrowing reduced domestic interest rates, easing credit conditions for the private sector and lowering debt servicing costs.

Debt Restructuring and Long-Term Resolve

In June 2024, Ghana secured debt restructuring agreements totalling approximately 2.8 billion US dollars with official bilateral creditors, providing fiscal space and smoothing debt service obligations.

Reuters quoted Ghana’s Finance Minister stating that the restructuring required “difficult but necessary commitments to long-term sustainability rather than short-term relief”.

Debt restructuring will require willpower in negotiations, policy credibility, and adherence to IMF programme conditionalities.

Will Power in Business and Entrepreneurship

Private Sector Resilience and Strategic Patience

During the crisis period, many Ghanaian businesses faced reduced demand, rising input costs and constrained access to finance. Those that survived did so through adaptive will power expressed as cost discipline, innovation and long-term investment decisions.

Major firms such as MTN Ghana continued to exceed one billion US dollars in capital expenditure on network expansion and digital infrastructure despite macroeconomic uncertainty.

Source: MTN Ghana Annual Reports 2023 and 2024, Ghana Business News May 2025, Financial Science in Action, 20225

Small and medium enterprises also demonstrated willpower through formalisation, digital adoption and participation in new export opportunities under the African Continental Free Trade Area framework.

Entrepreneurial Growth Drivers

Growth Lever	Economic Impact
Business formalisation	Improved access to bank credit and government programmes
Digital payments and platforms	Reduced transaction costs and expanded market reach
Export orientation	Increased foreign exchange inflows
Local value addition	Higher margins and job creation

Sources: Bank of Ghana SME Financing Reports 2024, AfCFTA Secretariat Accra Trade Performance Updates 2024, Ghana Statistical Service Business Register Reports

Will Power at the Individual and Household Level

Personal Financial Discipline and Skills Investment

Economic recovery is incomplete without household resilience. High inflation eroded real incomes, forcing individuals to adjust their consumption patterns, manage their debt, and prioritise savings.

According to the Bank of Ghana Financial Stability Review 2024, households that adopted disciplined budgeting and diversified income streams showed greater resilience during the downturn.

Source: Bank of Ghana Financial Stability Review 2024

Willpower at the individual level also manifests in skills acquisition. Enrolment in technical and vocational programmes increased during the recovery phase as individuals sought employable skills aligned with the digital and green economy.

Source: Ministry of Education TVET Statistics 2024

Economic Impact of Will Power Across the System

Will power produces measurable economic outcomes when embedded in policy, business strategy and personal behaviour.

Level	Expression of Will Power	Financial Impact
Government	Fiscal restraint and reform continuity	Lower borrowing costs and improved investor confidence
Public sector	Institutional efficiency	Reduced waste and improved service delivery
Businesses	Strategic patience and innovation	Business survival and expansion
Individuals	Financial discipline and skills	Household resilience and employability

Sources: IMF Ghana Country Reports, Ministry of Finance Budget Statements 2024 and 2025, World Bank Ghana Economic Update 2024

Conclusion

Ghana’s reset agenda demonstrates that economic recovery is not driven by policy frameworks alone but by the will to execute them consistently. Will power is the invisible force that sustains reform beyond headlines, election cycles and temporary relief.

For the government, it means resisting fiscal excess and enforcing accountability. For public institutions, it means institutional discipline and service efficiency. For businesses, it means investing through uncertainty and adapting to new realities. For individuals, it means financial discipline, skills development and long-term thinking.

As Ghana consolidates recovery and pursues inclusive growth, willpower stands as a strategic national resource. When aligned across state, market and society, it transforms recovery into resilience and reforms into lasting prosperity.

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