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Ghana’s macroeconomic indicators are not pointing to the right direction – Prof Bokpin

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A professor of Finance at the University of Ghana Business School, Godfred Bokpin has contradicted President Akufo-Addo’s claim that Ghana’s macroeconomic indicators are heading in the right direction.

The President, while delivering this year’s State of the Nation Address said the macro-economy was much stronger at the end of 2023 than the previous year as indicators were showing positive signs.

However, reacting to this on JoyNews’ PM Express, Prof Bokpin was skeptical about the country’s economic growth.

He pointed out that since the inception of the Fourth Republic, Ghana has seemingly been “laying a foundation” without clear progress towards sustainable development.

“I don’t know what kind of building we want to put up on that foundation that it has taken us 32 years, and we are still laying a foundation, restoring, and rebuilding,” he remarked.

The Professor highlighted the recurring theme of rebuilding and restoring that emerges every four years during political cycles.

He questioned the tangible impact of these efforts on the lives of Ghanaians, urging a focus on measuring the improvement in the standard of living and the number of people lifted out of poverty in recent years.

Prof Bokpin drew attention to a significant shift in economic dynamics, particularly the events from the third quarter of 2021 till date, which led to the implementation of the Domestic Debt Exchange Proggrame (DDEP).

He emphasised the unprecedented nature of these developments in Ghana’s history and stressed the need to carefully evaluate the impact of the DDEP alongside the burden of numerous taxes borne by Ghanaians.

He also observed that there was a growing desire among professionals to leave the country.

“Since I started monitoring data and interacting with people in this country, I have never seen in my life a time where so many people want to leave this country.”

This trend, according to Bokpin, raises questions about the perceived progress and quality of life in Ghana.

While acknowledging the number of projects and physical developments in successive State of the Nation’s Addresses, Bokpin underscored a disconnect in understanding how these projects collectively improve the lives of citizens.

“At the center of it all, whether we like it or not, all of it is for human beings,” he stated.

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