National Chairman of the National Democratic Congress (NDC), Johnson Asiedu Nketia, has attributed Ghana’s relative economic stability to what he describes as prudent policies implemented by the government, saying the measures have helped shield citizens from severe hardship despite global economic pressures.
He noted that interventions introduced within the government’s first year have stabilised the economy and reduced the impact of external shocks, particularly those linked to rising geopolitical tensions.
Mr Asiedu Nketia made the remarks during the NDC’s thank-you tour of the Upper East Region.
He, however, cautioned that ongoing tensions in the Middle East could pose risks to Ghana’s economy if they persist, especially through potential increases in global oil prices.
Expressing optimism about the country’s economic direction, he said policies under President John Dramani Mahama have helped stabilise the local currency and cushion the effects of external shocks.
“If this war continues for a long time, it could erode the gains we have made. But because of the prudent measures implemented within this first year, we are able to manage the situation,” he stated.
He explained that although international crude oil prices have risen significantly, the relative stability of the Ghana cedi against the US dollar has prevented a sharp increase in domestic fuel prices.
According to him, if the cedi had remained weak—around GH¢17 to the dollar, as he claimed under the previous administration—fuel prices would have been significantly higher.
“If the dollar were still around GH¢17 and you multiply it by the current international oil price of about $100, the situation would have been unbearable. Fuel prices would have been extremely high,” he said.
Mr Asiedu Nketia added that exchange rate stability has helped moderate the impact of global price increases, making fuel costs more manageable for consumers.
He further disclosed that the government has suspended a planned GH¢1 fuel levy intended to address energy sector debts due to prevailing global economic conditions.
While acknowledging that the suspension could lead to further accumulation of debt, he said the decision was necessary to ease the financial burden on citizens.
“We had to suspend the levy because of the high prices. That means the debt will continue to accumulate, but we cannot allow the burden on the people to worsen,” he explained.
He called on Ghanaians to remain hopeful and prayerful, urging a peaceful resolution to global conflicts to help stabilise economies worldwide and sustain Ghana’s recovery efforts.
Mr Asiedu Nketia emphasised that continued prudent economic management will be critical to preserving current gains and ensuring long-term stability.
Source:
oyerepafmonline.com