More needs to be done regardless of improvement in economy, says Prof Bokpin

A lecturer at the University of Ghana Business School, Prof. Godfred Bokpin, has acknowledged that some gains have been made with the post-COVID-19 period.

However, a lot of work needs to be done to get the economy back to where it was before the deadly COVID-19 struck.

He made this known while speaking on Acra-based TV3 while responding to the President’s claims of the economy recovering.

Prof Bokpin said ” interest rate necessary hasn’t come down, we have seen some recovery but we cannot say the economy has received to pre-covid level. We are not there yet, there is still a lot we have to do. Even if you look at the interest rate pre-pandemic and after-pandemic, they don’t align.

“We have turned one corner but there are several corners to be turned. It is going to take us a little while to do that …we are going through an expensive economic recovery.”

It will be recalled that President Akufo-Addo while commissioning the Bank Square indicated that Ghana’s economy is recovering.

He urged everyone to provide the government with the needed support to ensure that the country’s economy sees some major improvement.

“Recent data from the Bank of Ghana shows that Ghana’s economy is firmly on the path of recovery. Provisional GDP growth of 6.9% in the second quarter of 2024, with a robust non-oil growth of 7.0%, highlights the strength of our agriculture, industry, and services sectors.

“Inflation has been sharply reduced from 54.1% in 2022 to 22.1% as of October 2024, bringing relief to households and businesses alike. These achievements are further bolstered by a trade surplus of $2.78 billion and international reserves of $7.5 billion, which provide a strong buffer against external shocks,” he said.

He added “This milestone is a testament to the Bank of Ghana’s commitment to sound monetary policies under the leadership of Governor Ernest Addison and his dedicated team. I applaud their efforts, as well as the creativity and expertise of the architects, engineers, and contractors—especially GoldKey Properties, a wholly Ghanaian entity—that brought this vision to life. Together, we are building a foundation for a resilient economy, inclusive growth, and a brighter future for all Ghanaians.

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