‘No time for kenkey parties’ – COPEC boss cautions against economic complacency amid recovery

The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has cautioned Ghana’s economic managers against premature celebration, warning that despite recent improvements, the economy is still in a fragile recovery phase.

Speaking as a panellist on Channel One TV on Saturday, January 10, 2026, Mr Amoah described the country’s current economic situation as a “mixed bag”. While acknowledging that conditions have improved markedly compared to the intense volatility of the past three to five years, he stressed that the nation has not yet fully emerged from its economic challenges.

According to him, the gains recorded so far require strict fiscal discipline and restraint, not jubilation.

“I wouldn’t say we are out of the woods yet. So for the handlers of the economy, the fact that people are saying things are improving is not the time to go and have kenkey parties as we have seen in the past,” he cautioned. “Once you do that, you are celebrating even before the ball enters the net.”

Mr Amoah’s comments come at a critical point for Ghana’s economy. Following the implementation of a $3 billion IMF-supported reform programme and President John Dramani Mahama’s announcement that Ghana has begun exiting the programme “with dignity”, key macroeconomic indicators have shown signs of stabilisation.

Inflation, which soared to over 54 per cent in 2022, declined sharply to about 5.4 per cent in December 2025, marking a multi-year low.

Reflecting on the past year, the COPEC boss said the last 12 months have brought noticeable improvement compared to previous years, noting that economic managers now appear to have found a clearer path forward.

He observed that the current economic team, led by Finance Minister Dr Cassiel Ato Forson, seems to have settled into a rhythm that is helping to restore some stability.

However, Mr Amoah warned that the progress remains delicate, especially in the face of potential global energy shocks and currency fluctuations.

He pointed to the recent drop in fuel prices—below GH¢11 per litre at some pumps in early January 2026—as a positive but fragile development. COPEC has since used the reduction to push transport unions to lower fares.

Despite these gains, he urged government to resist populist pressures and remain focused on consistency and sustained policy implementation to ensure that the recovery translates into real relief for ordinary Ghanaians.