The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has cast doubt on President Akufo-Addo’s assertion that Ghana’s economy is on the path to recovery.
Despite the government citing indicators such as a decline in inflation as signs of recovery, Dr. Kwakye argues that the ongoing Christmas festivities reveal a different economic reality.
In a social media post, Dr. John Kwakye, shared his honest thoughts about the current Christmas season.
He described it as one to forget, characterized by a lack of excitement and dullness. Dr. Kwakye pointed out the financial challenges faced by many Ghanaians, emphasizing that a significant number can’t afford even a basic meal, like a chicken that costs 100gh.
Contrary to official statements highlighting economic improvements, Dr. Kwakye questioned whether the claimed turnaround truly benefits everyone.
He suggested that, despite reported progress, a large portion of the population continues to face economic hardships.
“This is an Xmas to forget. Dry, dull, and boring. Millions of Ghanaians can’t afford even one decent meal as a chicken costs 100gh. Yet we are told inflation is low and the economy has turned the corner. Really? Maybe it’s turned the corner for a few but not the majority,”Dr Kwakye’s post read.
Dr. Kwakye’s comments serve as a counterpoint to President Akufo-Addo’s 2023 Christmas message, wherein the President highlighted the recent decline in inflation, a relatively stable exchange rate, and overall economic growth as indicators of a rebound.
President Akufo-Addo stated, “We continue to attract investments in our economy both domestic and foreign, reinforcing our position as the gateway to Africa and remaining a beacon of democracy, peace, and stability in Africa. The country is not yet completely out of the woods, but there is a growing sense of confidence that with hard work and determination, Ghana will make it, and collectively, we will secure our futures.”
This is an Xmas to forget. Dry, dull and boring. Millions of Ghanaians can't afford even one decent meal as a chicken costs 200gh. Yet we are told inflation is low and the economy has turned the corner. Really? May be it's turned the corner for a few but not the majority.
— J. K. Kwakye (@JohnKwabenaKwa1) December 25, 2023