Convention People’s Party member Kwame Jantuah acknowledged signs of economic stabilization in Ghana while warning deep-seated challenges require urgent government action.
Speaking on Asaase Radio’s The Forum following Saturday’s mid-year budget review, Jantuah cited declining inflation, a relatively stable cedi, and easing food prices as positive indicators. He suggested these trends demonstrate some effective policy implementation under the current administration.
Jantuah stated the economy appears workable based on observed progress. He credited the government with doing well in certain areas. This cautious optimism reflects the Finance Minister’s presentation of economic gains under ongoing International Monetary Fund oversight.
Significant hurdles within the private sector remain, however. Jantuah specifically highlighted persistently high interest rates and burdensome production costs. He questioned whether businesses can yet compete effectively under these conditions. These factors continue to impede robust private sector growth.
The analyst raised strong concerns about capital flight driven by Ghana’s reliance on importing refined fuels and poultry while exporting raw gold and cocoa. Jantuah argued this lack of domestic value addition represents a critical drain on national resources. Processing these commodities locally would capture significantly more value, he stressed.
Regarding the IMF programme, Jantuah described progress as encouraging but emphasized sustainability post-programme as the true test. Maintaining fiscal discipline without the Fund’s direct oversight will be crucial for long-term recovery. The mid-year review occurred within this framework of external monitoring.
On illegal mining, Jantuah delivered a sharp critique, questioning the government’s commitment. He asserted enforcement must target the financiers, not just low-level operators, linking the practice to political funding. Naming and shaming these backers is essential, he stated. Jantuah urged President Mahama to ensure his appointees fully align with his stated vision for tackling such issues.