The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has contested President Akufo-Addo’s claim that Ghana’s economy has turned the corner toward recovery.
Despite the government citing indicators like the decline in inflation as signs of recovery, Dr. Kwakye contends that the ongoing Christmas festivities reflect a different economic reality.
In a social media post, he expressed, “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 follows President Akufo-Addo’s assertions in his 2023 Christmas message, highlighting the recent decline in inflation, a relatively stable exchange rate, and overall economic growth as signals 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 remain 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.”
“…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,” he added.
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