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A respected economist and professor at the University of Ghana, Prof. Charles Godfred Ackah, has delivered a sobering critique of the government’s 2025 Mid-Year Budget Review, cautioning that while the numbers may suggest progress, they conceal deeper vulnerabilities in Ghana’s economy.
Speaking on PM Express Business Edition on JoyNews, Prof. Ackah acknowledged improvements in fiscal indicators such as inflation, primary surplus, and exchange rate stability, describing them as “good performance” by orthodox economic standards.
“If it’s just to appear to be achieving some good statistics, then I think we should give congratulations to the managers of the economy,” he remarked.
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However, he was quick to underline that the data glosses over the real struggles faced by ordinary Ghanaians.
“The bottom line is not the numbers. The real question is—are we building a resilient, inclusive, job-creating economy? And by that measure, this budget offers no real excitement,” he warned.
According to Prof. Ackah, much of the so-called economic gains stem not from strategic internal policy, but from favourable global trends—such as booming gold exports, rising cocoa prices, and relatively stable oil markets.
“These are external tailwinds, not the result of smart, innovative governance,” he said. “If these windfalls disappear—as we’ve seen before—then we’re back to square one.”
He referenced the Mahama-era budgets between 2013 and 2015 as cautionary examples, where temporary gains eventually collapsed under economic pressure due to a lack of structural transformation.
Prof. Ackah emphasised that Ghana must prioritise building an economy that can withstand external shocks. Without such resilience, he warned, the country remains dangerously exposed to global fluctuations.
In conclusion, while the 2025 Mid-Year Budget may offer statistical satisfaction, it fails to lay out a clear, visionary path for job creation, poverty reduction, and long-term economic stability.
“What is our vision as a nation?” he asked. “The budget doesn’t answer that question.”
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