Johnson Asiedu Nketia, National Chairman of the National Democratic Congress (NDC), says prudent economic management by the government has helped shield Ghanaians from severe hardship despite rising global pressures.
He said measures introduced within the government’s first year in office had stabilised the economy and reduced the impact of external shocks, particularly those linked to heightened global tensions.
Mr Nketia made the remarks during the party’s thank-you tour of the Upper East Region.
He, however, warned that ongoing tensions in the Middle East could negatively affect Ghana’s economy if they persist, especially through rising global oil prices.
Mr Asiedu Nketia expressed optimism that sound economic policies implemented by President John Dramani Mahama had helped stabilise the local currency and cushion the effects of external shocks.
“If this war does not stop and prolongs, we may get to a point where our gains will be eroded, but because of the prudent measures taken within this first year, we are able to manage the situation,” he said.
He explained that although crude oil prices on the international market had increased significantly, the relative stability of the Ghana cedi against the US dollar had prevented a sharp rise in domestic fuel prices.
According to him, if the cedi had remained weak at around GH¢17 to the dollar, as he claimed the previous administration left it, Ghanaians would have been paying far more for fuel.
“If the dollar were still around GH¢17 and you multiply it by the current international oil price of about $100, we would not be able to breathe. Fuel prices would have been extremely high,” he stated.
He added that the government’s success in stabilising the exchange rate had helped moderate the effect of global price hikes, making fuel costs more manageable for citizens.
Mr Asiedu Nketia further revealed that the government had been compelled to suspend a planned GH¢1 fuel levy intended to help clear energy-sector debts because of current global economic pressures.
He warned that suspending the levy could lead to continued accumulation of energy-sector debts, but stressed that the decision was necessary to ease the burden on Ghanaians.
“We had to suspend the levy because of the high prices. That means the debt will continue to accumulate, but we cannot allow the burden on the people to worsen,” he explained.
The NDC Chairman called on Ghanaians to remain hopeful and prayerful, urging a resolution to global conflicts to help stabilise economies worldwide and sustain Ghana’s recovery efforts.
He emphasised that continued prudent management of the economy would be key to protecting the gains made so far and ensuring long-term stability.
