 Select Committee on Communications, Nana Akomea, has argued that macroeconomic gains touted by government hold little significance for ordinary Ghanaians if they do not translate into tangible improvements in living conditions.){kind=link}
The Chairman of the New Patriotic Party (NPP) Select Committee on Communications, Nana Akomea, has argued that macroeconomic gains touted by government hold little significance for ordinary Ghanaians if they do not translate into tangible improvements in living conditions.
Speaking in an interview, Mr Akomea challenged the government’s economic narrative, insisting that citizens measure economic performance by their ability to afford basic necessities rather than by headline indicators.
His remarks come amid government claims of improved macroeconomic performance, including a drop in inflation to 3.4 percent, a stronger cedi trading at about GH¢11.30 to the dollar, and Ghana’s GDP rising to an estimated $118 billion.
“Nobody, no electorate eats stability. No electorate eats inflation. It is good to achieve stability in the macro economy. It is good to achieve low inflation figures. It is not the same as the cost of living,” he stated.
Mr Akomea acknowledged that exchange rate stability is a positive development but argued that its benefits are often undermined by rising costs elsewhere in the economy, particularly at the country’s ports where most imported goods are processed.
According to him, Ghana’s import-dependent structure means that increases in port charges and related duties directly affect consumer prices.
“So when you have achieved stability in the dollar, but port charges have gone up by 100%, it is that 100% that translates into your pocket and my pocket. Not the stability of the dollar. The importer will pass that cost on to consumers,” he explained.
While some have justified increased duties as necessary for revenue mobilisation, Mr Akomea maintained that the average Ghanaian is more concerned about how such policies impact their daily expenses.
“When prices go up 50%, it comes to my pocket. Whether it is the right duty or not, it is hitting my pocket directly. That is what I feel, and that is what informs my decision,” he added.
He emphasised that voters are ultimately influenced by the real-life impact of economic policies, noting that rising utility costs and general price increases outweigh any perceived gains in macroeconomic stability.
“What influences the ordinary person is the impact. Once electricity goes up, once prices go up, that is what matters. It is the effect on our lives, not the mere fact that the dollar is stable,” he said.