When the Minority Leader, Alexander Afenyo-Markin, says “we do not eat macroeconomics,” the remark may generate applause. But it does not withstand serious economic scrutiny.
Ghanaians may not literally consume macroeconomic theory, but every meal on the table is shaped by it.
The price of kenkey, rice, cooking oil and transport to the market are all influenced by inflation, exchange rates, interest rates and fiscal discipline. In that sense, macroeconomics is not distant theory.
It is the invisible foundation beneath every household budget and every plate of food.
They feel inflation.
They feel currency depreciation.
They feel high interest rates.
They feel debt crises.
And it was precisely these failures that defined the debilitating and painful 2022–2023 home-grown crisis that Ghanaians experienced daily under the administration he vigorously defended.
Let us not sanitise history. In 2022 and 2023, Ghanaians woke up to daily increases in the prices of food, fuel, transport, cement, medicine and basic household goods. Traders repriced goods almost weekly. Families could not plan. Businesses could not forecast. That instability was not theoretical. It was lived reality.
Inflation hit 54% in 2022. That was not an academic statistic. It meant food prices doubling within months, rent and utility costs surging, and salaries losing purchasing power almost immediately. Inflation at 54% is not abstract. It is a direct erosion of livelihoods.
Today, inflation has declined sharply from 23.8% in 2024 to 5.4%, and further down to 3.8% by January 2026.
What does 3.8% inflation mean? It means price stability. It means households can plan. It means traders can restock with confidence. It means wages retain value. That is not theory. That is stability at the market and the pharmacy.
At the end of 2024, the 91-day Treasury bill rate stood at 27.7%. It has now fallen to 6.4%. When government borrows at nearly 30%, it absorbs most of the available liquidity in the banking system.
Banks prefer to lend to government at high, risk-free returns rather than lend to businesses. As a result, private companies struggle to access credit to expand, hire workers or invest in equipment. Lending rates surge. Businesses contract. Jobs are threatened. Billions of cedis are diverted into interest payments instead of development.
Lower Treasury rates mean government is no longer competing aggressively with businesses for funds. It reduces borrowing costs, improves fiscal credibility and creates room for private sector lending. That supports business expansion, job creation and income growth. That affects real people and real jobs.
Public debt has declined from 61.8% of GDP in 2024 to 45.3%. The Domestic Debt Exchange Programme was not theoretical. It strained financial institutions, unsettled investors, forced our pensioners to protest at the ministry of finance and created widespread uncertainty. The damage was profound.
Reducing the debt burden now means lower future interest payments, improved sovereign risk perception and a reduced likelihood of another painful restructuring. Macroeconomic discipline is what prevents crisis recurrence.
In 2022–2023, currency instability intensified inflation and hardship. Today, the cedi has appreciated significantly against major trading currencies. A stronger currency lowers import costs for fuel and medicine, reduces production costs, stabilises transport fares and improves business confidence. Currency stability is cost-of-living stability.
Gross international reserves have risen from US$8.9 billion to US$13.8 billion, equivalent to 5.7 months of import cover. Reserves are economic insurance. When they are weak, currencies collapse and crises deepen. When they are strong, shocks can be absorbed.
The strategy to build reserves to 15 months of import cover is deliberate self-insurance against future instability.
A US$9.1 billion current account surplus reflects stronger external earnings and improved balance of payments fundamentals. A country that earns more foreign exchange than it spends strengthens its currency and stabilises its economy. That strengthens purchasing power.
To reduce all of this progress to the slogan “we do not eat macroeconomics” trivialises structural reforms that restore stability. It ignores the fact that macroeconomic collapse translates directly into hardship, and macroeconomic stability translates directly into relief.
Ghanaians remember 2022 and 2023. They remember daily price hikes. They remember uncertainty. They remember fear.
Macroeconomics may not be eaten like GOBE, but when it fails, households cannot afford to eat in reality. And when it is stabilised, families regain the dignity of planning, producing and eating in peace.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Source: www.myjoyonline.com