Renowned economist and University of Ghana lecturer, Prof. Patrick Asuming, has sharply criticized the government’s assertion of a robust economic recovery.
He contends that the current economic situation is more accurately described as stalling rather than rebounding.
Prof. Asuming’s comments come in direct opposition to Finance Minister Dr. Mohammed Amin Adam’s declaration of a stronger-than-anticipated economic resurgence during the 2024 Mid-Year Budget Review.
In an interview on the Big Issue on Channel One TV, the economist highlighted the stark contrast between the government’s optimistic outlook and the prevailing economic hardships faced by Ghanaians.
He cited persistent challenges such as exchange rate volatility, intermittent power outages, and high unemployment rates as evidence of the economy’s fragility.
Prof. Asuming emphasised that while the 2023 GDP growth exceeded initial projections, it still fell short of the 2022 figures, a year widely considered economically challenging. He argued that focusing solely on GDP growth without considering its distribution and impact on citizens’ livelihoods provides an incomplete picture of the economy’s health.
The economist concluded that the government’s claim of a strong economic recovery is exaggerated and does not align with the lived experiences of Ghanaians.
“We don’t measure the progress of the economy by the GDP growth without paying attention to where the growth rate is coming from. And the extent to which Ghanaians are benefitting. I think if you go on the streets and ask many Ghanaians, what they will tell you is completely at variance with what the finance minister said that the economy is recovering strongly… The statement that the economy is recovering strongly is a lot of overstatement.
“Simply quoting that the exchange rate is lower than it used to be doesn’t really tell the full picture. The stabilisation we saw is kind of stalling.”
