The economic recovery we’re celebrating has left many Ghanaians behind – Prof Bokpin

On August 1, 2024, 7:35 AM

A finance and economics expert at the University of Ghana, Professor Godfred Bokpin, has questioned the government over the real magnitude and impact of the supposed economic recovery.

According to him, the current economy has disproportionately affected the middle class, significantly reducing their purchasing power.

He further highlighted the widening economic disparity accompanying the country’s growth.

“The development we’ve seen from 2021 has actually impacted the middle class more and has dwarfed our purchasing power. If you measure 2017 purchasing power to this year there’s been an enormous difference. So a lot of upper and lower middle class are sliding down,” he said.

His statement comes after the government’s repeated claims of economic recovery.

Speaking in an interview, Prof Bokpin noted that despite the optimistic reports of economic growth and recovery, the reality for many Ghanaians is starkly different.

He emphasised that the recovery has been costly and uneven, leaving millions of citizens behind.

“So even now that we are talking about economic growth and recovery, you can see it is costly. It is a recovery that has left millions of Ghanaians behind,” he noted.

Prof Bokpin further referred to the 2022 World Bank Report, which revealed that inflation had driven over 850,000 Ghanaians into extreme poverty.

“So the question is this [economic] recovery we are celebrating, has it lifted those people out of extreme poverty?” he quizzed.