Gov’t insists Ghana’s economic recovery is real amid growth claims
The government is defending the credibility of its ongoing economic recovery, insisting that the current administration has delivered a rapid turnaround in key macroeconomic indicators within a relatively short period.
Officials say recent trends—including easing inflation, a stabilising exchange rate, and an improved external position—show that policy interventions are beginning to yield results.
Inflation, which peaked during the 2022 economic crisis, has declined significantly. The Bank of Ghana has also started easing its tight monetary policy stance, with the policy rate currently at 14 percent.
Speaking on the Channel One TV Quarterly Economic Outlook, Technical Advisor at the Ministry of Finance, Theo Acheampong, said the pace of Ghana’s recovery distinguishes it from typical economic cycles.
“Typically you don’t see these good economic numbers within one economic cycle,” he noted.
He explained that within about a year and a half, the government has been able to reverse key macroeconomic imbalances, particularly in the external sector.
“We have done this in a year and a half such that for the first time you look at your current account surpluses and it has gone up six times what the baseline was,” he said.
Dr. Acheampong also pointed to improvements in currency performance, saying the economy has moved away from prolonged depreciation of the cedi.
“The exchange numbers used to show negative and for the first time we are seeing an appreciation of the cedi,” he added.
He maintained that the gains reflect real structural adjustments rather than temporary measures.
“The numbers behind growth are real,” he stressed.
Despite global challenges, including geopolitical tensions in the Middle East that often affect fuel markets, he said domestic conditions have remained relatively stable.
“Even with all the pressures from the Middle East, we still don’t see people queuing up at the pumps looking for petrol,” he noted.
The government says the developments signal growing macroeconomic stability, with attention now shifting to sustaining and consolidating the gains achieved.
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