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…
Dr. Mahamudu Bawumia and Hon. Kojo Oppong Nkrumah have expressed concerns about Ghana's economy, but the government remains optimistic about its recovery. They have unveiled a new economic policy worth US$10 billion over five years, aiming to create jobs and stimulate growth. The government is confident in its ability to address the cost-of-living crisis, with key macroeconomic indicators showing improvement.
Inflation has dropped from 23.8% to 5.2%, debt-to-GDP has decreased from 61.8% to 44.7%, and growth has reached 6%. Poverty has also improved by 3 percentage points (21.9%), and the bank lending rate has been halved to 15.6%. However, the government must ensure that these policies translate into tangible job creation, particularly for the youth, who are currently facing unemployment rates of 32.4%.
The government's $10 billion investment over five years is intended to create 24-hour jobs and drive economic growth in key sectors. Nonetheless, the effectiveness of these policies in addressing unemployment remains a critical question, given the significant budget allocation and investment in flagship jobs and social schemes.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Stable on paper. What about your pocket? myjoyonline.com
