Accra: The Minority in Parliament has urged the government to convert recent macroeconomic stability into tangible growth and job opportunities, especially for the youth. This call comes in response to the President's State of the Nation Address (SONA), which highlighted significant economic improvements, including a reduction in public debt and a triple credit rating upgrade.
According to Ghana News Agency, the President noted a reduction in public debt from 61.8% to 45.3% of GDP and a decrease in inflation from 54.1% in 2022 to 23.5% in 2024, with a projected further decline to 3.8% by January 2026. He also mentioned a strengthened Cedi, reserves of US$13.8 billion, and Ghana's economy exceeding the US$100 billion mark, placing the country among Africa's top 10 economies.
During separate media engagements following the SONA, the Minority acknowledged these macroeconomic achievements but pointed out that their benefits have not yet reached Ghanaians. They cited ongoing challenges such as intermittent power outages, tariff hikes, depleting prepaid electricity credit, illegal mining, a reduction in farmgate cocoa prices, and persistent youth unemployment.
Mr. Alexander Afenyo-Markin, the Minority Leader, criticized the President's message as mere slogans without practical solutions for the daily struggles of Ghanaians. He emphasized that despite economic indicators, many Ghanaians still face hardships, including high electricity costs and job losses.
Dr. Mohammed Amin Adam, former Finance Minister and Karaga MP, argued that while economic stability is essential, it should lead to growth. He pointed to the country's economic growth figures, which showed a decrease from 5.7% in 2024 to 4% in subsequent years, questioning the impact of stability on growth.
Madam Patricia Appiagyei, Deputy Minority Leader, acknowledged improvements in macroeconomic indicators but stated that people still face financial pressures, with many unable to afford basic needs and education for their children.
Mr. Patrick Yaw Boamah, Okaikwei Central MP, highlighted the discrepancy between reduced inflation figures and rising interest rates, questioning whether these indicators are encouraging private sector growth and job creation.
The Minority called on the government to implement initiatives like the 24-hour economy and Big Push to create jobs for the youth and alleviate economic hardships for Ghanaians.