Ghana’s economic progress under President John Dramani Mahama is overstated and precarious, the Minority Leader of Parliament said on Sunday, one year after Mahama returned to power.
Alexander Afenyo-Markin raised concerns over the apparent stability of the Ghanaian cedi, warning that the apparent gains are “artificial respiration” rather than the result of genuine economic growth.
In a social media post, he explained that the Bank of Ghana’s injection of foreign reserves into the forex market is temporarily propping up the currency, while underlying productive capacity remains weak.
“Yes, the Cedi has stabilised somewhat and the government trumpets this as evidence of economic competence. But let us not deceive ourselves about the source,” Afenyo-Markin said.
“When you depend on imports for essential commodities yet produce little, when you prop up your currency through forex injections rather than through real production and exports, you are building a house on sand. The bubble will burst. It is not a matter of if, but when,” he added.
No record
The Minority Leader also questioned the government’s record on industrialisation and job creation, especially for young Ghanaians who voted for change in December 2024.
“Beyond the rhetoric and the public relations gimmicks, what real achievements can this government point to? What industries have been built? What jobs have been created for the young people who believed the promises?” he asked.
Source: asaaseradio.com
