In order for Ghana's economy to stabilize, the current government must stick to certain remedies, such as;
1. A fiscal policy must be implemented by the government. The use of government spending and taxing policies to impact the broader economy is referred to as fiscal policy. Fiscal policy supports long-term, strong growth and aids in poverty reduction. The government can influence the economy by increasing or decreasing economic activity in a short period of time. The government will receive extra money from the investors in the form of taxes paid as a result of this investment.
2. The government must lower the country's tax rates to a reasonable level. A reduction in Ghana's tax rates will encourage more investors to invest more money in the country. A higher tax rate will increase the burden on taxpayers in the short term, but it will have a long-term impact on the economy.
3. The government should reduce its reliance on foreign loans and refrain from importing goods that can be obtained locally. Rather than obtaining loans from international aid agencies with higher interest rates, the government should learn how to produce revenue in Ghana. Goods that can be obtained within the country should not be imported since they can be obtained at a lower cost than those that are imported.
4. The Ghanaian government should invest more in Ghana than in other countries. Investment in Ghana will generate more cash and create more jobs in the country, allowing more residents to gain employment and aiding the country's economic development. Government investment aids in the development of public infrastructure, which is critical for long-term economic and societal growth.
If the government can implement these ideas, Ghana's economy will be stable in no time.