Dr Mahamudu Bawumia, the NPP Presidential Candidate, has jabbed the NDC government, describing Ghana’s current economy as a tale of two economies.
According to Dr Bawumia, Ghana now has a paper economy and a pocket economy.
Dr Bawumia argued that despite the NDC government’s claim of lower inflation and a stronger cedi, life is still hard for Ghanaians.
Speaking at the NPP’s National Thanksgiving Service at the Church of Pentecost in Sunyani, Dr Bawumia stated, โAs you can all attest, things are not going well. Things are really hard for the people. And when you ask them what they have done, they will tell you that inflation is down and the dollar is down. The reason we all want inflation and the dollar to go down is that we want it to have a positive impact and make life and the cost of living easier. But if inflation and the dollar go down and the people are suffering, is that how we want it?โ.
โYou cannot have a stable economy with people suffering. The stability should be a way of improving the lives of the people. So what is the use of the stability they are talking about when the people are suffering?”
Dr Bawumia added, โHave cocoa farmers benefited? They told them they will pay them 6000 cedis per bag. Has that happened? Have cashew farmers benefited? They told cashew farmers to look for land and expand their farms because they will pay them more, but that has not happened. Soybean, rice and maize farmers have all been deceived. Teachers, too, are the same. Same with nurses and doctors. Traders are also complaining because people are not buying their goodsโ.
โGalamsey is even worse. Maybe when they mentioned 1:3:3, they meant galamsey because galamsey has now more than tripled. Dr Sam Jonah said our river bodies now look like chocolate milk. They said they would end galamsey within one month, but they have failedโ.
โThey promised Ghanaians a new economy called a 24-hour economy. We have been waiting for nearly 2 years to see it, but it has not happened. Clearly they did not even understand what they were talking about. It was campaign propaganda to deceive Ghanaians. They said 1:3:3 – one job for three people, and the question Ghanaians are asking is, where are the jobs? They also promised to complete Agenda 111 hospitals, but they have failedโ.
He added, โOne is a paper economy – they say inflation is down and the exchange rate is down. The second economy is the pocket economy – the high cost of living and your sufferings. That is more important to the people of Ghana. The stability of the economy is meaningless if it cannot be linked to the liberation of the suffering of our peopleโ.
Meanwhile, Director of the International Monetary Fund (IMF) African Department, Zeine Zeidane, has stated that things are moving in Ghana in the right direction.
Zeine Zeidane disclosed that Ghana is better positioned to withstand potential global commodity-price shocks.
The IMF offered an optimistic assessment of the economy as the Fund and World Bank conclude their 2026 Annual Meetings in Bangkok, Thailand.
Zeine Zeidane highlighted that Ghanaโs strong economic performance and recent credit-rating upgrade point to progress in the countryโs recovery, as it moves beyond the completed Extended Credit Facility (ECF) bailout programme to a new phase of reforms under the Policy Coordination Instrument (PCI).
Director of the IMFโs African Department expressed confidence in the direction of the economy.
Speaking at a Sub-Saharan African press briefing during the meetings, Zidane stated, The performance has been strong up to now. And also, you certainly have seen that recently, there was an upgrade of Ghana. So, things are moving in Ghana in the right directionโ.
He, however, acknowledged the risks posed by fluctuations in global commodity prices, adding that Ghana was entering this period from a stronger position.
โOf course, the risk in terms of commodity prices, every country can face them, but I think Ghana is, if that happens, we will face them from a very strong position,โ he added.
Also, the IMF has cited Ghanaโs economic reform programme as an example for other countries to follow.
The IMF African Department Director, Zeine Zeidane, praised the countryโs progress under the Extended Credit Facility (ECF).
@ghnow_ Victims of the fire outbreak at Bubuashie have accused a man identified as Alhaji of being responsible for the blaze. #GHNow #fyp โฌ sonido original – YOSELINโฅ๏ธโจ๏ธ
@ghnow_ A man who lost over GHยข400,000 and his newly opened boutique in the Bubuashie fire outbreak is left speechless by the devastating loss #GHNow #fyp โฌ original sound – ๐ oreigner ๐๐ ๐ฝ๐น๐ผ๐ฟ๐ฒ๐
