A finance and economics specialist at the University of Ghana, Professor Godfred Bokpin, has challenged the government regarding the true extent and effectiveness of the claimed economic recovery.
He pointed out that the present economic conditions have heavily impacted the middle class, greatly diminishing their purchasing power.
Additionally, he emphasized the increasing economic inequality that is emerging alongside the nation’s development
“The development we’ve seen from 2021 has actually impacted the middle class more and has dwarfed our purchasing power. If you measure 2017 purchasing power to this year there’s been an enormous difference. So a lot of upper and lower middle class are sliding down,” he said.
His comments follow the government’s continual assertions of economic recovery.
In a media interview, Professor Bokpin pointed out that despite optimistic reports of economic progress, the actual situation for many Ghanaians is markedly different.
He stressed that the recovery has been both expensive and uneven, leaving many citizens marginalized.
“So even now that we are talking about economic growth and recovery, you can see it is costly. It is a recovery that has left millions of Ghanaians behind,” he noted.
Professor Bokpin also cited the 2022 World Bank Report, which indicated that inflation had pushed more than 850,000 Ghanaians into extreme poverty.
“So the question is this [economic] recovery we are celebrating, has it lifted those people out of extreme poverty?” he quizzed.