By Francis Ntow, GNA
Accra, Feb 28, GNA – The Minority in Parliament has encouraged the government to take actions that will translate the recent macroeconomic stability into growth and provide decent jobs, particularly for the youth.
The President, during the State of the Nation Address (SONA) on Friday, stated that Ghana had witnessed an economic turnaround, marked by a reduction in public debt from 61.8 per cent to 45.3 per cent of Gross Domestic Product (GDP) and a triple credit rating upgrade.
He also cited a drop in inflation from 54.1 per cent in 2022 to 23.5 per cent in 2024, and a further decline to 3.8 per cent by January 2026, and a strengthened Cedi, reserves of US$13.8 billion, and the economy surpassing the US$100bn mark to place Ghana among Africa’s top 10 economies.
During separate media engagements after the SONA, the Minority admitted the macroeconomic gains, but noted its lack of impact on Ghanaians, citing several challenges, including intermittent power outages, coupled with hikes in tariffs and depleting prepaid electricity credit, as well as illegal mining (galamsey).
It also complained about the 28.6 per cent slash in farmgate price of cocoa from GHS3,625 to GHS2,587 per 64-kilogramme bag, and youth unemployment, as challenges still confronting the country, urging the government to act to give Ghanaians relief.
Mr Alexander Afenyo-Markin, the Minority Leader, described the President’s message on the State of the Nation as “slogans” that had not provided solutions to address the basic daily needs of the Ghanaian.
“What the President failed to tell the people of Ghana is that one year in government, he’s still acting with slogans, no action, can’t afford electricity,” the Minority Leader and Member of Parliament for Effutu said.
“Thousands of Ghanaian youths were dismissed through a letter by the Chief of Staff… Ghanaians continue to suffer under this administration, and we expect concrete action to be taken,” Mr Afenyo-Markin said.
Dr Mohammed Amin Adam, former Finance Minister and Karaga MP, said the macroeconomic indicators of the country were good, adding: “If you have economic stability, it’s good but economic stability is not an end. It’s a means to an end; it’s supposed to generate growth.”
“What are we seeing in terms of economic growth? he asked, noting that in 2024, the economy grew by 5.7 per cent, but recorded a growth of four per cent in 2025, with a projection of four per cent growth in 2026.
“So, what’s the use of that stability if it cannot generate growth? If you look at electricity, which is a very important input in generating growth and creating jobs, Ghanaians cannot afford it,” he stated.
Madam Patricia Appiagyei, the Deputy Minority Leader, also acknowledged the improvements in macroeconomic indicators, including exchange rates, but said: “The country is still under pressure – people don’t have money to buy what they need, some can’t even afford to look after their children in school.”
Mr Patrick Yaw Boamah, Okaikwei Central MP, said: “Inflation figures are down, interest rates are going up,” but asked, “is it pushing the private sector to go borrow to create the opportunities needed?”
“You can drive inflation down, [and] interest rate to 18 to 20 per cent but what’s the response from the private sector with some of these economic indicators,” the MP quizzed.
The Minority urged the government to focus on implementing programmes and policies, including the 24-hour economy and Big Push initiatives, in a manner that provided jobs for the youth and lessened the economic burden on Ghanaians.
GNA
Edited by Agnes Boye-Doe