Ghana’s Economy: Allotey Jacobs Acknowledges Distress But Highlights Resilience

Former Regional Chairman of the National Democratic Congress (NDC), Bernard Allotey Jacobs, has commented on the recent report by the Economist Intelligence Unit (EIU) that described Ghana’s economy as being in a state of distress.

During a panel discussion on Peace FM’s Kokrokoo on May 3, 2023, Alottey Jacobs acknowledged that while the economy was not in the best condition, Ghanaians are still able to eat three times daily and workers are consistently receiving their salaries, unlike in neighboring country Nigeria.

While he agreed with the EIU that the economy is not the best, he maintained that nobody in the country can dispute the fact that despite the economic woes, no one goes to bed on an empty stomach. “The miracle in our worst economy is about workers always receiving their salary as compared to Nigeria, the miracle in this worst economy is that everybody eats three times a day,” he said.

Allotey Jacobs cautioned the government that more needed to be done to address the underlying issues that are causing economic distress in the country. He emphasized that the government should not rest on its laurels and should focus on addressing the economic challenges facing the country.

Despite the difficult economic situation, Ghana has remained a beacon of hope in West Africa. With a stable political environment and a relatively low rate of inflation, Ghana has been able to weather the storm and maintain social stability. However, there is still much work to be done to address the underlying issues causing economic distress in the country.

For the most part, Ghanaians have continued to persevere through tough times, and as a country, Ghana has continued to make progress towards achieving its development goals. With a concerted effort from all stakeholders, the country can continue to make strides towards economic stability and prosperity for all.