They, in their attempts to quote Vice President Bawumia when he spoke about the foundations of the economy being weak, throw this about to remind the NPP of what we said in opposition.
Their contention is that Ghana’s economy is nothing to write home about as the cedi has taken a beating from other international currencies with high fuel prices and general economic hardships.
It is an undeniable fact that things have taken a downhill movement as a result of the crises experienced from COVID-19 and Russia’s invasion of Ukraine.
What has eluded them, however, is the fact that the economy is not reeling from these external shocks as a result of any weak fundamentals. The fundamentals are not that weak.
Are we to believe that Denmark suffering from its year-on-year highest inflation for 37 years is as a result of weak fundamentals?
The US is experiencing its highest inflation in 40 years, and that, per their logic, means that the fundamentals of their economy are weak!
Other countries like the UK (30 years), Singapore (9 years) and the other big giants are facing inflation challenges. Are we to attribute their woes to weak fundamentals?
Many economies are facing recessions as a result of the effects of COVID-19 and the raging conflict between Russia and Ukraine. These are global economic leaders which are suffocating from the shocks of these crises.
Ghana is not an oasis islanded from the deadly effects of these two major incidents. We are part of the global system and for that matter, we are also vulnerable to such happenings.
The issues are not really about the weak fundamentals of the economy. The simple truth is that these crises are too powerful for the global economy to overcome as quickly as possible.
The Akufo-Addo administration is doing all it can to canoe Ghana’s ship from these troubled waters to a safe destination.
