Prof. Asuming Disputes Government’s Economic Recovery Claims

Economist and University of Ghana lecturer Prof. Patrick Asuming has disputed the government’s assertions of a robust economic recovery, claiming that on-the-ground realities suggest otherwise.

Following Finance Minister Dr. Mohammed Adam Amin’s declaration during the 2024 Mid-Year Budget Review on July 23 that the economy is rebounding more strongly than anticipated, Prof. Asuming argued that the economy is stalling rather than recovering.

In an interview on Channel One TV’s “The Big Issue” with Selorm Adonoo, Prof. Asuming emphasized that the Finance Minister’s optimistic outlook contradicts the hardships faced by many Ghanaians.

“We don’t measure economic progress solely by GDP growth without considering where the growth originates and how it benefits Ghanaians,” Prof. Asuming remarked. “If you ask Ghanaians on the streets, their experiences starkly contrast with the Finance Minister’s claims of a strong recovery. Such statements are significantly overstated.”

He further critiqued the emphasis on exchange rate improvements, noting, “Simply quoting that the exchange rate is lower doesn’t provide the full picture. The stabilization we observed is now stalling.”

Source: Norvanreports