Former National Chairman of the New Patriotic Party (NPP), Freddie Blay, has asserted that Ghanaians will eventually recognise that the country’s economy was well managed under the previous NPP administration.
Mr Blay attributed the economic challenges experienced during the NPP era to global shocks, particularly the COVID-19 pandemic, but insisted that the government handled the situation prudently.
He noted that key economic indicators had already begun to show signs of recovery before the change in government.
“Ghana’s economy was in recovery, with GDP returning to 6.7%. We could have been at 8% or more by now, but they pegged it at 4.8% recovery. In terms of economic management and building long-lasting stability, without resorting to populism, I am saying the NPP did very well. Ghanaians will sooner or later realise that the economy was in very capable hands,” he said in a Citi FM interview.
Mr Blay criticised the current National Democratic Congress (NDC) government for injecting large amounts of foreign currency into the economy as a short-term measure to stabilise the cedi, describing the approach as unsustainable.
He further cautioned that the economy could face serious setbacks if global gold prices decline, arguing that Ghana lacks sufficient productivity and job creation to absorb such shocks.
“Without robust productivity and jobs, any decline in global commodity prices could put the economy under significant strain,” he warned.
