Setting the Record Straight: A Response to Dennis Miracle on the Aboagye on Ghana's Economy Under Mahamudu the Nana Addo Dankwa Akufo-Addo - Bawumia Era.

Recent claims suggesting that Ghanaians are worse off today than during the Akufo-Addo–Bawumia administration deserve a careful and fact-based response. While political debate is a healthy part of democracy, such assertions must be grounded in economic realities rather than selective interpretation or partisan rhetoric. It is important to remind stakeholders, including Dennis Miracle Aboagye and members of the New Patriotic Party, of the conditions that defined Ghana’s economy during that period.

Between 2022 and 2023, Ghana experienced one of its most severe economic crises in decades. Inflation surged to over 50 percent, a level that significantly eroded the purchasing power of ordinary citizens. Prices of essential goods such as food, fuel, transport, and rent increased rapidly and unpredictably. For many households, wages could not keep pace with the rising cost of living, resulting in widespread financial strain. What this meant in practical terms was that the average Ghanaian had to spend much more to afford the same basket of goods compared to previous years.

At the same time, borrowing costs reached extremely high levels. Interest rates rose above 27 percent, making credit expensive and difficult to access. This situation placed immense pressure on businesses, especially small and medium-sized enterprises, which form the backbone of Ghana’s economy. Many businesses struggled to expand operations, while others scaled down or shut down entirely due to unsustainable financing conditions. The ripple effects included reduced job creation and slower economic activity.

Economic growth also slowed significantly during this period. By 2023, GDP growth had declined to around 3 percent, reflecting reduced productivity and weakened economic momentum. This slowdown limited opportunities for employment and income generation, further compounding the difficulties faced by households.

The fiscal position of the country was equally strained. Public debt reached unsustainable levels, prompting Ghana to undergo a major debt restructuring programme. The domestic debt exchange exercise affected investors, pensioners, and financial institutions, and contributed to a decline in confidence in the financial system. Government borrowing became constrained, and fiscal space narrowed considerably.

In addition, the Ghana cedi depreciated sharply against major international currencies during this period. This depreciation increased the cost of imports, which in turn contributed to higher prices of goods and services across the economy. Businesses that relied on imported inputs were particularly affected, as rising costs were often passed on to consumers.

These economic realities are well documented and were experienced by millions of Ghanaians across the country. They form an important reference point when evaluating claims about whether citizens are better or worse off today. Any credible comparison must take into account the depth of the challenges that defined that period.

It is therefore necessary for Dennis Aboagye and others within the New Patriotic Party to engage in discussions that reflect the full context of Ghana’s recent economic history. Public discourse benefits from honesty, consistency, and reliance on verifiable data rather than selective narratives.

While no one can deny that economic challenges persist today, the conditions that characterized the peak of the crisis were significantly more severe in terms of inflation, debt stress, currency instability, and cost of living pressures. Any attempt to argue that the situation was comparatively better during that period must contend with these widely acknowledged economic indicators.

Ultimately, a fair assessment of Ghana’s economic trajectory requires acknowledging both the difficulties of the past and the progress being made in the present. Only through such balanced analysis can meaningful and constructive dialogue be achieved for the benefit of the country.

Prince Charles Quao - Cardinal, Pokuase.

Charles Cardinal, Pokuase.

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