We haven't turned any corner - Economist rebuts Akufo-Addo's economic assertions

The clash of perspectives emerged in response to President Akufo-Addo's Christmas Message, where he expressed optimism about overcoming economic challenges posed by the COVID-19 pandemic and the Russia-Ukraine war.

Prof Gatsi, in an interview with Accra- based, Joy FM, scrutinized the economic indicators presented by the President. He argued that genuine economic turnaround requires alignment across multiple indicators, pointing out that even in sectors showing growth, the progress appears unsteady, especially within the industrial sector.

The Dean emphasized the struggles faced by manufacturing and industry, citing issues such as multiple taxation, a challenging operational environment, and limited access to credit at high costs. He underscored the absence of clear signs of improvement in these crucial areas, including unresolved debts and a lack of efforts to reverse the situation.

“Manufacturing and industry, in general, have been struggling with multiple taxations, difficult environment to operate, very difficult to access credit which is at huge costs translating to higher prices. We have not settled our debts, we have not been able to demonstrate any effort to turn the situation around… there are no signs that these things are improving,” he stressed.

While acknowledging the reduction in inflation mentioned by the President, Prof Gatsi cautioned against deeming it sufficient evidence for an economic turnaround. He called for collaborative efforts between the government and stakeholders to achieve economic recovery, urging the President and his team to coordinate effectively for tangible results.

The President had highlighted achievements, including a stabilized exchange rate, controlled inflation, and a rebounding economy attracting both domestic and foreign investments.

“Fellow Ghanaians, I'm particularly glad that our nation has turned the corner. Following three difficult years we, and indeed the world have faced. Inflation is being reined in. We're experiencing a relatively stable exchange rate and growth in our economy is rebounding. We continue to attract investments, domestic and foreign, reinforcing our position as the gateway to Africa. And we remain a beacon of democracy, peace and stability in Africa.” President Akufo- Addo said.