A leading economist at the University of Ghana, Professor Godfred Bokpin, has warned that Ghana’s economy may take several more years to fully recover from the impacts of the COVID-19 pandemic.
Despite signs of recovery, Bokpin stressed that the economy has not yet returned to pre-pandemic levels.
In an interview on TV3’s Key Points on November 23, 2024, Prof. Bokpin stated that while there has been some progress, significant challenges remain. He pointed out that the current exchange rate does not match the levels seen before the pandemic, and the private sector is still struggling to regain its footing. “Interest rates have not yet come down as needed. We’ve seen some recovery, but we cannot say the economy has returned to its pre-COVID state. We are not there yet,” he remarked. He further added that while Ghana has made some strides, “there are still several corners to be turned” in the recovery process, which he described as costly and prolonged.
Bokpin’s comments contrast with recent optimistic statements by President Nana Akufo-Addo, who has publicly declared that Ghana’s economy is on the path to recovery. At a ceremony on November 20, 2024, the President highlighted the country’s improved economic indicators, including a provisional GDP growth of 6.9% in the second quarter of 2024, a significant reduction in inflation from 54.1% in 2022 to 22.1% in October 2024, and a trade surplus of $2.78 billion.
“These achievements are evidence of our commitment to strong, sound economic management,” President Akufo-Addo said, further praising the Bank of Ghana’s role in stabilizing the economy. He also emphasized the importance of unity in continuing the progress, encouraging Ghanaians to collaborate toward building a stable, inclusive, and prosperous economy. However, Professor Bokpin’s cautionary note suggests that while the economy is showing signs of recovery, the challenges are far from over, and further structural adjustments and reforms will be necessary to achieve sustained growth.
