Dr Samson Anomah, an economist and senior lecturer at the Kwame Nkrumah University of Science and Technology’s Department of Accounting and Information Systems, has stated that Ghanaians cannot accept the current assessment of the economy and the management efforts deployed by the ruling government.
He indicated that the country has not witnessed any major threat to economic stability, meaning citizens can only hope for the best. He added that, with the exception of rising global fuel prices, the country appears to be faring relatively well on the surface.
However, the lecturer noted that whilst the government claims to be building on the gains made by its predecessor, its steps in managing the economy are equivalent to “robbing Peter to pay Paul”.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM ahead of the mid-year budget presentation scheduled for Thursday, July 23, 2026, he explained that there has been no substantial economic expansion, but rather a significant drop in business growth, trading, and monetary activity.
“We are not seeing any growth. Businesses are struggling because Ghanaians don’t have the money to purchase. That has also affected investments because there is no motivation to invest. That is also affecting jobs. If there is no market, then there would be no motivation to invest. They are only making noise about these economic figures, but the reality is that they are spending,” Dr Anomah stated.
“We admit that there has been some reduction in prices, but the income level of the people is so terrible that they cannot make any purchases, and so it makes the reduction in inflation useless. Cost of transportation has also increased. That is why people are complaining that these gains don’t reflect in their pockets. In reality, the prices of other commodities and utilities have increased,” he added.
He highlighted that electricity and water tariffs have shot up astronomically while salaries for Ghanaian workers have only increased by 19 per cent, leaving workers unable to keep pace with utility price hikes.
He also pointed out that cocoa farmers are struggling because, despite earlier promises of paying over GH₵6,000 per bag, the rate was subsequently slashed.
These issues, coupled with wider structural challenges, render the economic gains championed by the government a fallacy, as ground realities contradict the prosperous image being painted.
Reflecting on recent years, he asserted that although 2022 brought severe economic crises, 2024 saw positive gains with dropping commodity prices, and it is on those specific historical gains that the current government continues to anchor its management narrative.
Looking ahead to the mid-year budget review, the economist advised the public to manage expectations, predicting that no major policy shifts or breakthroughs will be unveiled.
“I don’t expect anything major to come out of the midyear budget. Already, the government has not spent a lot this year and so I don’t think they would present any request for increase in revenue because if that happens, Ghanaians will struggle the more. Ghanaians are suffering. Rent, utility and other cost are rising astronomically.
Anyone who would say that things have improved are those in government. But the Ghanaians are struggling to survive. What the NDC promised to do through their budget statement has not materialized,” he concluded.
By: Rainbowradioonline.com/Ghana
