Stable on paper. What about your pocket?
Dr Mahamudu Bawumia and Hon.Kojo Oppong Nkrumah have raised critical questions about Ghana’s economy. However, the Government is confident in its recovery from the cost-of-living crisis whilst forging a new economic policy initiative worth US$10bn over five years (about GH¢23bn a year). Ghanaians must understand the context when looking at the macroeconomic indicators. Be well informed about the…
Ghana's economy has been facing a cost-of-living crisis, but the government remains confident in its recovery. They have an ambitious plan worth US$10bn over five years, aimed at creating jobs, boosting growth, and reducing unemployment. The government believes this "New Economy" initiative will address the main issue that led them to power: providing 3-shift jobs to create employment and spur economic growth.
While Ghana's macroeconomic indicators are stable, there are concerns about their impact on the ground. Inflation has dropped from 23.8% to 5.2%, debt-to-GDP has decreased from 61.8% to 44.7%, and growth has risen to 6%. Poverty levels have also improved by 3 percentage points, and the bank lending rate has been halved. However, the high inflation rate, particularly in housing, water, and energy costs, is still a significant burden on ordinary Ghanaians.
Despite the positive economic indicators, job creation has not kept pace with the government's promises. Youth unemployment currently stands at 32.4%, with one in three young job seekers remaining unemployed. The government has allocated GH¢650bn over two years and invested GH¢1.6bn in flagship jobs and social schemes in 2026, but the question arises: are these investments yielding the desired outcomes?
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Stable on paper. What about your pocket? myjoyonline.com
