Accra: Mr Johnson Asiedu Nketiah, the National Chairman of the National Democratic Congress (NDC), has stated that the government's prudent economic management has shielded Ghanaians from severe economic hardship amid rising global pressures. He noted that measures taken within the government's first year in office have stabilized the economy and softened the impact of external shocks, particularly those linked to heightened global tensions.
According to Ghana News Agency, Mr Asiedu Nketiah made these remarks during the party's thank-you tour of the Upper East Region. He cautioned that ongoing tensions in the Middle East could negatively impact Ghana's economy if prolonged, particularly through rising global oil prices. However, he expressed optimism that sound economic policies implemented by President John Dramani Mahama had helped stabilize the local currency and cushion the effects of external shocks.
Mr Asiedu Nketiah explained that although crude oil prices on the international market had increased significantly, the relative stability of the Ghana Cedi against the US dollar had prevented a sharp rise in domestic fuel prices. He highlighted that had the cedi remained weak, around GHS17 to the dollar as the previous administration left it, Ghanaians would have been paying much higher prices for fuel at the pumps.
He further added that the government's ability to stabilize the exchange rate had helped moderate the impact of global price hikes, making fuel costs more manageable for citizens. Mr Asiedu Nketiah also revealed that the government had been compelled to suspend a planned GHS1 levy on fuel, which was intended to help clear debts in the energy sector, due to the current global economic pressures.
The NDC Chairman warned that the suspension of the levy could lead to a continued build-up of energy sector debts but stressed that the decision was necessary to ease the burden on Ghanaians. He called on citizens to remain hopeful and prayerful, urging for a resolution to global conflicts to help stabilize economies worldwide and sustain Ghana's recovery efforts.
Mr Asiedu Nketiah emphasized that continued prudent management of the economy would be key to protecting the gains made so far and ensuring long-term stability.