By Dr. Sam Ankrah
Economic issues require genuine and comprehensive solutions. They cannot be addressed through a singular or cosmetic approach.
Yes, the cedi has been steadied, inflation has declined, and interest rates have reduced. But at what cost have these measures been achieved?
Were these gains driven by improvements in the real fundamentals of the economy, or were they merely approached from one side of the equation?
Are we manufacturing enough locally to reduce excessive imports? Are we cultivating onions, tomatoes, producing furniture, and investing in industries that naturally reduce the demand for foreign currency while helping to stabilise the exchange rate?
Are more people employed and earning enough to increase savings and influence lending rates positively, or is there another explanation behind the figures being celebrated?
Have prices in the markets reduced because production costs have genuinely declined, or is inflation slowing simply because consumers no longer have the purchasing power to spend?
Have fiscal measures been implemented to reshape consumption patterns and economic behaviour among the population?
Have we moved away from importing suits in favour of supporting local industries and proudly wearing batakari?
These are the realities confronting the ordinary Ghanaian. Anyone can address economic challenges from a narrow perspective or rely on statistics that create temporary satisfaction. Genuine economic growth must be felt in the daily lives of people and reflected beyond spreadsheets and headlines.
I understand that meaningful transformation takes time. The question, however, is: when will that transformation truly begin to reflect in the lives of citizens?
How long will it take for the reduction in inflation from 52% to 3.4% to produce tangible relief for consumers? Was the crisis resolved merely by strengthening the cedi to service external debts?
This critique is not rooted in politics. It is an attempt to ground Ghana’s current economic narrative in reality by distinguishing between cosmetic macroeconomic stabilisation and structural, human-centred economic transformation.
The central argument remains clear: Ghana may have achieved stability on paper, but it has not yet achieved transformation in practice. The Mahama administration inherited a crisis, managed its optics, and presented that management as recovery, while many of the structural conditions that created the crisis remain largely unresolved.
— Dr. Sam Ankrah
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