Prof. Bokpin Responds to Claims of Economic Recovery, Stresses More Work Needed

Prof. Godfred Bokpin, a lecturer at the University of Ghana Business School, has acknowledged some recovery in the post-COVID-19 period but emphasized that the Ghanaian economy has not yet returned to pre-pandemic levels.

Speaking on Accra-based TV3, Prof. Bokpin responded to President Akufo-Addo’s recent statements about the country’s economic recovery, noting that while some progress has been made, much work remains to restore the economy fully.

“Interest rates have not come down as necessary. We have seen some recovery, but we cannot say the economy has returned to pre-COVID levels. We are not there yet, and there is still a lot to do,” he stated. He pointed out that even when comparing interest rates before and after the pandemic, the figures do not align.

“We’ve turned one corner, but there are several corners to be turned. It’s going to take us a while to fully recover… we are going through an expensive economic recovery,” he added.

This statement comes after President Akufo-Addo’s remarks during the commissioning of the Bank Square, where he expressed optimism about the country’s economic rebound. According to the President, recent data from the Bank of Ghana show that Ghana’s economy is on a recovery path. He highlighted provisional GDP growth of 6.9% in the second quarter of 2024, with non-oil growth at 7%, demonstrating strength in the agriculture, industry, and services sectors.

Additionally, the President pointed out the sharp reduction in inflation from 54.1% in 2022 to 22.1% as of October 2024, which he said has brought relief to households and businesses. The country also reported a trade surplus of $2.78 billion and international reserves of $7.5 billion, which provide a strong buffer against external shocks.

Despite these positive indicators, Prof. Bokpin cautioned that more effort is needed to ensure sustainable economic recovery. He urged that the focus should remain on addressing the underlying challenges that still affect the economy, stressing that while progress has been made, Ghana is not yet out of the woods.