Professor of Finance and Economics at the University of Ghana, Prof. Godfred Bokpin, has said that although Ghana’s economy is showing signs of recovery under President John Dramani Mahama, the gains have not yet translated into meaningful poverty reduction.
Speaking on Joy FM’s Midday News on Wednesday, January 7, during a review of President Mahama’s first year in office, Prof. Bokpin described the administration’s economic performance as commendable, noting that key indicators suggest the economy is moving in the right direction.
He attributed the improvement to enhanced fiscal discipline, prudent use of public funds, expenditure rationalisation, strengthened commitment controls at the Ministry of Finance, effective coordination between fiscal and monetary policy, and support from favourable global commodity price trends.
However, he stressed that the critical challenge going forward is sustaining the gains and ensuring that the recovery is inclusive.
“What people care about now is sustaining those gains. We need to look at the quality of the turnaround—whether it is inclusive and whether the growth is job-rich,” he said.
According to Prof. Bokpin, despite economic growth in 2024 exceeding projections under the IMF programme, the improvement did not translate into better employment outcomes.
He noted that unemployment remained a major concern during the 2024 election period, describing the situation as one of “jobless growth”.
Poverty was very high. More than 25 per cent of Ghanaians as at 2024 were poor, with close to 13.5 per cent of the youth—largely within the employable age bracket—unemployed, regardless of their level of education,” he said.
He added that overall unemployment exceeded 14 per cent, with particularly high rates among women, while about 13.2 per cent of the population was food insecure.
“So overall, while we have seen the economy heading in the right direction, we are not seeing this translating into greater poverty reduction,” Prof. Bokpin noted.
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