Ghana’s economy is strong; NPP deserves another term in office – UPSA Professor

A professor of Accounting and Finance at the University of Professional Studies, Accra (UPSA), has emphasised the need for the NPP to continue being in office following the stronger economic growth chalked recently.

Contributing to a panel discussion on Asaase Radio’s Forum show aired on Saturday, 21 September 2024, Professor Isaac Boadi said the economy has bounced back and this is a result of the prudent manner the government has managed things.

“The economy faced challenges for obvious reasons, but now we can see that things have improved. The government has been prudent in its management of the economy. They deserve commendations for how they have weathered the storm that swept across the country through no fault of theirs” he stated.

“In that regard, I am of the view that there is no justification for the NPP to be voted out in December. It is safer to state that the NPP deserves another term of office” he further stated.

According to him, the 6.9% growth rate reported a few days ago is the best news that could happen to any economy that suffered great losses in the face of COVID-19 and the war in Europe.

“Before Covid-19, Ghana’s economy was one of the fastest growing economies in the World. We were growing at an average 7%. Inflation was single digit inflation. Fiscal targets were contained because we met our fiscal targets.

The cedi was relatively very stable. But following Covid and compounded issues from the Russian Ukraine war, not only Ghana was affected but the whole world was affected. The country had to borrow money to save lives and that explains why we had to go IMF for support.

The government had to develop a programme called the post Covid-19 programme for growth. The results are looking good after the implementation of IMF programmes in addition to our own programmes and policies. The economy has rebounded. The recovery indeed started from the 3rd quarter of 2023”.

The Dean noted that, Bloomberg had reported in their report last week that Ghana’s GDP growth was a surprise one and that beats estimates. Bloomberg reference this to statement was a report by African Development Bank.

In that report, African Development Bank indicates that Africa dominates list of the world’s 20 fastest-growing economies in 2024. Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively.

This is higher than projected global averages of 2.9% and 3.2%, the report said. The continent is set to remain the second-fastest-growing region after Asia.

The report further stated that “West Africa: Growth is projected to pick up to 4 and 4.4% in 2024 and 2025 respectively. Strong growth in most countries in the region is projected to offset slowdowns in Nigeria and Ghana’. The fast turnaround of the economy remains a puzzle to Bloomberg.

The Dean of Accounting and Finance at UPSA further held that the trajectory of growth could be affected should the NPP lose the 2024 elections. “If we make the mistake of voting the NPP out, the growth we are seeing will retrogress,” Professor Isaac Boadi stated.

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