The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has rebuffed President Nana Addo Dankwa Akufo-Addo’s assertion that Ghana’s economy has turned the corner towards recovery.

According to the economist, while the government points to indicators such as the fall in inflation as signs for the recovery, the mood during the ongoing Christmas festivities speaks of a different economic reality.

“This is an Xmas to forget. Dry, dull and boring. Millions of Ghanaians can't afford even one decent meal as a chicken costs 100gh. Yet we are told inflation is low and the economy has turned the corner. Really? May be it's turned the corner for a few but not the majority,” he wrote in an X post on social media.

The post by Dr Kwakye comes on the back of claims made by President Nana Addo Dankwa Akufo-Addo in his 2023 Christmas message.

According to him, the recent decline in inflation, a relatively stable exchange rate and overall growth in the Ghanaian economy signals a rebound.

President Akufo-Addo said “We continue to attract investments in our economy both domestic and foreign which reinforces our position as the gateway to Africa and remain a beacon of democracy, peace and stability in Africa.



“…The country is not yet completely out of the woods but there is a growing sense of confidence that with hard work and determination, Ghana will make it and collectively, we will secure our futures,” he added.

This is an Xmas to forget. Dry, dull and boring. Millions of Ghanaians can't afford even one decent meal as a chicken costs 200gh. Yet we are told inflation is low and the economy has turned the corner. Really? May be it's turned the corner for a few but not the majority.

— J. K. Kwakye (@JohnKwabenaKwa1) December 25, 2023