Alan Kyerematen, the United Party founder and leader, has cautioned against describing Ghana’s recent macroeconomic improvements as sustained economic stability.
He argues that the gains must be maintained over a much longer period.
Alan Kyerematen noted that administrations, whether led by the National Democratic Congress (NDC) or the New Patriotic Party (NPP), often celebrate improvements in economic performance without giving sufficient attention to whether those gains can be sustained.
Speaking on The Point of View on Channel One TV on Monday, September 21, the United Party leader stated, “I think part of the challenge of governments, whether it’s NDC or NPP, they are too quick to be praising themselves about what they’ve done. But I’m saying that you can’t call, you can’t describe two years of macro performance as stability. You need a longer period of sustained growth”.
“So 6%, it’s good, but I’m saying that it’s a trend, but you cannot… So we need 10 years of at least 8% to 10% growth,” he said.
However, Alan Kyerematen, the leader and founder of the United Party, has said the John Mahama-led National Democratic Congress (NDC) government has done well in stabilising Ghana’s economy.
According to Alan Kyerematen, despite the Mahama government stabilising Ghana’s economy, the key test will be whether the gains can be sustained.
Alan Kyerematen argued that improvements in key economic indicators should not be treated as the final measure of success.
He stressed that sustaining the gains over the long term would be a more important test of the government’s economic management.
He stated, “If you ask me about my own assessment of what the NDC and President John Dramani Mahama have done, I would say, generally, they have done well, particularly stabilising the macroeconomy. The question we need to ask is whether they can sustain the progress that has been made.
“I think that is a very important material question. Success is good and is very important, but the real litmus test of success is when you are able to sustain it. So the question we need to ask can they sustain what they have done?”
He further highlighted that the NDC’s two years of economic gains are not enough to establish stability, detailing that a much longer period of growth is needed to support such a conclusion.
Meanwhile, President John Dramani Mahama has said Ghana’s economy is resilient and capable of withstanding external shocks.
According to John Mahama, Ghana’s economy used to stand on broomsticks; but today it is standing on concrete pillars.
Mahama noted that in the past Ghana’s economy was vulnerable to developments in the global economic environment, but argued that today the economy is stabilised despite international challenges.
Speaking during his accountability engagement in Wa at the weekend as part of his #ResettingGhana Tour of the Upper West Region, Mahama stated, “In the past, Ghana’s economy used to stand on broomsticks. As soon as something happens in the world, it comes crashing down. Today Ghana’s economy is standing on concrete pillars, so even when there’s an earthquake, the country is still standing.
“This Iran-Israel-US war, if it had happened some years back, by now the economy would have come crashing down, but happily it’s been well managed,” the President explained.
Mahama, however, noted that while the economy remained stable, external developments had slowed the pace of progress expected by the Government.
According to John Mahama, his government planned to invest GH¢2.5 billion annually in five key sectors of the economy under its proposed “new economy” initiative aimed at creating jobs and opportunities for young people.
President Mahama disclosed that the Minister of Finance would unveil the initiative in the 2027 Budget Statement, with investments targeted at sectors including pharmaceuticals, agriculture and agro-processing, tourism, and power generation.
“These are not going to be government businesses. Government is not going to set up state-owned enterprises with GH₵2.5 billion a year. It is going to go to the private sector to set up the businesses,” President Mahama indicated.
Mahama further urged entrepreneurs and private sector operators to take advantage of the opportunities to expand businesses and create employment for the youth.
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