The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has criticized the New Patriotic Party (NPP) administration for its handling of Ghana’s economy, arguing that the government has failed to achieve significant improvements over its eight-year tenure.
Speaking on The Big Issue on Channel One TV, Dr. Kwakye noted that key economic indicators, including inflation, public debt, and the exchange rate, have worsened under the NPP government.
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“Where they took the economy from, it was not in a good place even though we were told by the previous administration that we had turned the corner. IMF projected growth for 2024 was just 4 percent, and it was 3.6 percent in 2016, and that is just marginal growth,” he stated.
He highlighted concerns over rising inflation, which reached 23.5% in January 2024, compared to 15.2% in 2016, attributing the increase to cedi depreciation, excessive government borrowing, and supply chain disruptions. Additionally, he pointed out that Ghana’s public debt-to-GDP ratio has surged from 58% in 2016 to 72% as of November 2024, while the exchange rate has deteriorated from GH¢4.2 to GH¢15 per dollar.
“They took it from GH¢4.2, so you will see that over the eight-year period, the economy has not improved,” he remarked.
Dr. Kwakye’s comments add to growing concerns about Ghana’s economic outlook as the country grapples with persistent inflation, mounting debt, and currency depreciation.
