Professor Godfred Bokpin from the University of Ghana Business School has observed that Ghana’s economy, though showing signs of recovery, has not yet returned to its pre-Covid levels. Speaking on TV3’s Key Points on November 23, he noted that several economic indicators, such as exchange rates and interest rates, remain below pre-pandemic standards.
Bokpin highlighted that while the nation has made progress, the private sector has not fully rebounded, and significant efforts are still needed to navigate what he described as an “expensive economic recovery.” He pointed out that while some economic corners have been turned, many challenges remain before a complete recovery can be claimed.
President Akufo-Addo’s Perspective on Economic Gains
President Akufo-Addo, however, expressed a more optimistic view of Ghana’s economic trajectory. During the commissioning of The Bank Square, the new headquarters of the Bank of Ghana, on November 20, 2024, he emphasized that the economy is on a solid path to recovery. He cited provisional GDP growth of 6.9% in the second quarter of 2024 and a 7.0% rise in non-oil sectors, highlighting the agriculture, industry, and services sectors as key drivers.
Key Economic Indicators Highlighted by the President
The President pointed out several positive indicators:
- Inflation Reduction: Inflation dropped from 54.1% in 2022 to 22.1% as of October 2024, a development seen as a relief for households and businesses.
- Trade Surplus: A trade surplus of $2.78 billion contributes to the nation’s economic stability.
- International Reserves: Reserves increased to $7.5 billion, offering a buffer against external economic pressures.
Akufo-Addo attributed these successes to the Bank of Ghana’s prudent monetary policies under Governor Ernest Addison’s leadership, praising the team for their contributions to a more resilient financial system. He encouraged continued collective effort towards building a stable and prosperous economy, underscoring the symbolic significance of the newly commissioned Bank Square as a foundation for future economic achievements.
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Outlook on Ghana’s Economic Path
While the President emphasized recent gains and a promising outlook, Bokpin’s analysis suggests that a full economic recovery remains a longer-term goal. The disparity between pre and post-pandemic interest and exchange rates indicates that Ghana’s economic journey will continue to face hurdles, demanding sustained policy efforts and private sector engagement to achieve comprehensive growth.
