Dr. John Kwabena Kwaki, director of research at the Institute of Economic Affairs (IEA), said the country’s economy “has not yet turned the corner” and is not headed for growth.
This is President Akufo-Addo’s assertion that through sustained efforts and determination, Ghana has overcome the challenges posed by both the COVID-19 pandemic and the Russia-Ukraine war and is on the path to economic recovery. This follows.
In his Christmas message on December 25, President Akufo-Addo emphasized that inflation was also under control.
He said: “Exchange rates are relatively stable and economic growth is recovering. We continue to attract domestic and foreign investment and strengthen our position as a gateway to Africa. and continues to be a beacon of peace and stability in Africa. ”
However, economists disagreed with the president on social media.
Also read: Ghana’s economy hasn’t turned the corner – economists vehemently disagree with Akufo-Addo
He argued that while the government is using falling inflation as a sign of economic recovery, the mood of this year’s Christmas season speaks to a different economic reality.
“Today is a Christmas to forget. It’s dry, dull and boring. Chicken costs gh200 so millions of Ghanaians can’t even afford a decent meal. But inflation is low and the economy is turning a corner. Really? We may have turned a corner for a few, but not for the majority,” he wrote in an X post.
On the other hand, the economist’s position supports an earlier assertion by another economist, Professor John Gatsi.
According to the dean of the University of Cape Coast (UCC) School of Management, Ghana’s economy has not yet turned a corner.
Professor Gatsi said: Joy FM News Night All economic indicators worth considering contradict the president’s claims.
This is a Christmas to forget. It’s dry, dull and boring. With chicken costing GH200, millions of Ghanaians cannot even afford a decent meal. However, inflation is low and the economy is said to be turning a corner. Really? It may have been a turning point for a few, but not for the majority.
— JK Kwaki (@JohnKwabenaKwa1) December 25, 2023
He said that in order to show the positive changes in the economy that the president has claimed, multiple indicators need to be adjusted to show this change, but even in areas where growth is occurring, especially in industry, He said that growth has been uneven and lacks strength. sector.
He highlighted the hardships faced by manufacturing and industry, citing challenges such as multiple taxation, a difficult business environment, high costs and limited access to credit, and said there are no clear signs of improvement in these areas. He added that he could not.
Disclaimer: The views, comments, opinions, contributions and statements made by readers and contributors on this platform do not necessarily represent the views or policies of Multimedia Group Limited.