National Chairman of the National Democratic Congress (NDC), Johnson Asiedu Nketia, says the government has laid the foundation for economic growth and job creation by stabilising key areas of the economy.
He said the progress made so far under the NDC administration gives him confidence that the party can maintain its political momentum and retain power.
Speaking on JoyNews’ PM Express, Mr Asiedu Nketia said he is satisfied with the government’s performance since assuming office.
“I’m happy about what we have been able to achieve so far. I’m praying that we should be able to maintain the pace or even improve from what we have done, and it will not be difficult for us to retain the seat,” he said.
According to him, the biggest achievement so far has been the improvement in the economic fundamentals, which he described as the foundation for any meaningful development.
“The fundamentals in the economy, because the stabilisation in the economy is the key prerequisite for you to achieve anything,” he said.
He argued that without a stable economy, efforts to create jobs and expand businesses would be difficult.
“If the economy is not stabilised the way we have tried to do, you can’t do anything.”
Mr Asiedu Nketia said the government has made progress in controlling the depreciation of the cedi, reducing inflation, and improving other key economic indicators.
“So we’ve gotten control over the depreciation of the cedi, we’ve gotten control over the inflation rate, and then these two key parameters, and then our debt-to-GDP ratios, our recurrent expenditure versus total expenditure, and all the key indicators are pointing to the right direction.”
He explained that economic stability is critical because businesses require access to affordable capital to expand and create employment opportunities.
He said lower inflation allows for lower interest rates, which makes it easier for businesses to borrow, invest, and grow.
“Once you have a low inflation rate, you are able to fix a lower bank rate and lending rate and all that, and then you can take money and invest, and then make profit.”
He added that profitable businesses are better positioned to expand their operations and employ more people.
“And the more businesses make profit, the more they are able to expand and create jobs, and so on.”
The NDC Chairman said the government’s focus on economic fundamentals is the first step towards achieving broader economic growth.
“That is the beginning point. That’s why we are focusing on tackling the fundamentals.”
Beyond economic stability, Mr Asiedu Nketia said the government is also working to create an environment that supports investment by developing infrastructure.
He pointed to road construction and other infrastructure projects as part of efforts to build the conditions needed for economic activity.
“That includes provision of the right infrastructure. That is why we are focusing so much on the road construction and other infrastructure projects that will create an environment.”
Also read:
