Economist and University of Ghana lecturer Prof. Patrick Asuming has challenged the government’s assertions of a robust economic recovery, arguing that the actual situation contradicts these claims.

Prof. Asuming contended that the economy is not improving but instead stagnating, contrary to the government's positive reports.

This critique follows Finance Minister Dr. Mohammed Amin Adam’s statement during the 2024 Mid-Year Budget Review on July 23, where he claimed that the economy is rebounding more strongly than expected.

In an interview with Selorm Adonoo on The Big Issue on Channel One TV, Prof. Asuming noted that the Minister's remarks do not align with the ongoing struggles faced by Ghanaians.

He highlighted issues such as the fluctuating exchange rate, frequent power outages known as 'Dumsor,' and high unemployment as evidence that challenges persist and the true economic conditions are being misrepresented.

“From my point of view, recovering and strongly are not descriptions I will give to the economy as you know today.

I think the Finance Minister is right to say the growth rate of last year [2023], is higher than the revised targets from the Mid-Year Budget. But we have to understand that even the higher-than-expected growth rate was still lower than the 2022 growth rate.

He emphasised, “And we all see 2022 as a really bad year for the Ghanaian economy and yet, the growth rate of last year [2023] that we say is higher than expected is still lower. Yes, of course, we set a lower target and we beat it, it doesn’t in any way tell us that the economy is on a strong footing.

“We don’t measure the progress of the economy by the GDP growth without paying attention to where the growth rate is coming from. And the extent to which Ghanaians are benefitting.

I think if you go on the streets and ask many Ghanaians, what they will tell you is completely at variance with what the finance minister said that the economy is recovering strongly… The statement that the economy is recovering strongly is a lot of overstatement.

“Simply quoting that the exchange rate is lower than it used to be doesn’t really tell the full picture.

The stabilisation we saw is kind of stalling.”