Professor Godfred Bokpin, a Finance and Economics expert at the University of Ghana Business School (UGBS), has strongly criticized the New Patriotic Party (NPP) for its poor management of the Ghanaian economy.
Prof. Bokpin argued that despite the party’s reputation for being founded on intellectual expertise, it has failed to translate this into meaningful economic development.
He dismissed the government’s claims of economic recovery, highlighting that an inflation rate of 22% remains far from acceptable by global standards.
He further condemned the government’s handling of the economy, citing persistent high inflation and the depreciation of the cedi.
“With the recovery, the government is celebrating, when you look at the measures the IMF [International Monetary Fund] program is implementing together with the government’s measures, we’re actually compromising our medium to long-term survivability for short-term praise.
“We treasure short-term praise and therefore we’re undermining the long-term growth potential for short-term praise. By far, this is the most expensive and pricy economic recovery in our history since independence”.
Professor Godfred Bokpin
Professor Bokpin further expressed concern that, from October of last year to October of this year, the average price increase has reached 22.1%.
He emphasized that the government cannot consider this as a significant achievement.
According to him, only those with a limited understanding would celebrate such a rate as outstanding, clarifying that, by global standards, an inflation rate of 22.1% remains alarmingly high.
Prof. Bokpin stressed that such levels of inflation reflect poorly on the government’s economic management and are far from what would be considered an acceptable or successful performance internationally. “What can you do in an economy with an inflation of 22% when the Cedi has lost more than 25% of its assigned value from the beginning of the year?”
The economic expert also expressed concern that it could take up to fifteen years to restore the Ghanaian economy, and only if sound, consistent policies are implemented in the country’s governance.
He stressed the need for the next government to provide credible leadership and establish a strong foundation for a comprehensive economic recovery.
Ghana’s Next Leader to Face Major Economic Challenges
Furthermore, Prof. Godfred Bokpin further stated that whoever wins the December 7th presidential election will face significant challenges due to the lack of fiscal space in the country.
He emphasized that there is no institution in Ghana that offers hope of effective management, which could serve as a starting point for recovery.
Bokpin lamented that neither the central bank, with its weakened balance sheet, nor entities like the Electricity Company of Ghana (ECG) show any indication of a quick economic recovery.
“But what will be needful, would be the next government putting a credible leadership on the table that will generate hope and confidence and say that, we have seen the deficiencies, we are building forward better, this is our promise and this is the leadership on the table.
“I am not expecting any serious party that will win this year’s election to assemble a government size of more than 40 ministers. Then you’re not serious and you’re not sympathizing with the people because the point is that we don’t have the fiscal space, so we have to adopt a lean low-cost efficient approach to delivering public service”.
Professor Godfred Bokpin
However, he acknowledged that Ghana’s four-year electoral term does not provide sufficient time to implement measures that would yield medium- to long-term results.
Bokpin also highlighted that, for many Ghanaians in positions of power, the primary focus tends to be on protecting their interests, as well as those of their families and, perhaps, their friends, for the foreseeable future. “It’s not about how they can leave a legacy for people to be happy”.
He expressed concern over the country’s ongoing environmental issues, remarking, “Look at what we are doing to our water bodies.”
Bokpin also questioned whether Ghanaians expect the World Bank and the IMF to educate them on the importance of proper environmental management.
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