Ghana's economy doing well; Bawumia's 'pocket economy’ theory will not fly – Apanga

A Deputy Chief Executive Officer of the Gaming Commission of Ghana, Lamtiig Apanga, has defended the government’s economic performance.

His defence comes after the New Patriotic Party (NPP) flagbearer Dr Bawumia’s criticism of the government’s economic assessment during the NPP’s National Thanksgiving Service in Sunyani on Sunday, October 18.

Dr Bawumia described Ghana’s situation as a “tale of two economies”, distinguishing between the improving economic indicators reported by the government and the financial pressures he said ordinary Ghanaians continued to experience.

He argued that declining inflation and relative stability of the cedi had not translated into lower prices for goods and services or eased the cost of living.

However, reacting to this on Accra-based Channel One TV’s Breakfast Daily on Tuesday, October 20, Mr Apanga said Dr Bawumia’s distinction between a “paper economy” and a “pocket economy” was based on what he described as flawed reasoning.

“When we say inflation has been brought to its lowest point, it does not mean that price of food and other commodities have been reduced. It means that there is some level of stability at the rate at which they are increasing,” he said.

He argued that the relative stability of the cedi and other economic indicators reflects improvements in the economy under the current administration.

He acknowledged, however, that some items had become more expensive, particularly because of increases in fuel prices.

The Gaming Commission official also accused Dr Bawumia of inconsistency in his assessment of the economy, arguing that the former Vice-President had previously relied on economic indicators to defend the performance of the Akufo-Addo administration.

“If today Bawumia wants to engage in a conversation of the economy and wants to start propounding his own theory of pocket economy and paper economy, those theories are not known anywhere; they will not fly,” he stressed.