Government is defending the credibility of its economic recovery, insisting the current administration has engineered a rapid turnaround in key macroeconomic indicators within a relatively short period.
Officials point to easing inflation, a stabilising exchange rate, and a stronger external position as evidence that recent policy measures are beginning to deliver results.
Inflation has slowed sharply from the 2022 crisis-era highs, while the Bank of Ghana has also begun easing a tight monetary policy stance, with the rate currently at 14 percent.
Speaking on the Channel One TV Quarterly Economic Outlook, Technical Advisor at the Ministry of Finance, Theo Acheampong, argued that the speed of the recovery sets the current government apart.
“Typically you don’t see these good economic numbers within one economic cycle,” he said.
He maintained that within just a year and a half, the government has reversed key imbalances, particularly in the external sector.
“We have done this in a year and a half such that for the first time you look at your current account surpluses and it has gone up six times what the baseline was.”
Dr. Acheampong also highlighted a shift in currency performance, noting a departure from persistent depreciation trends.
“The exchange numbers used to show negative and for the first time we are seeing an appreciation of the cedi.”
He insisted the gains are grounded in real economic adjustments rather than short-term fixes.
“The numbers behind growth are real,” he stressed.
Despite global pressures, including tensions in the Middle East that often impact fuel supply, he said domestic conditions remain stable.
“Even with all the pressures from the Middle East, we still don’t see people queuing up at the pumps looking for petrol,” he added.
The government’s position signals confidence that recent reforms are translating into durable macroeconomic stability, with focus now shifting to sustaining the gains.
