Former General Secretary of the New Patriotic Party, John Boadu, has cautioned that despite improvements in some economic indicators, Ghana’s economy is not translating those gains into productivity and employment.
According to him, while macroeconomic signals such as currency stability appear positive, they are not yielding the expected benefits in terms of job creation and industrial growth.
“In terms of economic indicators, so far many of them are pointing in the right direction except that it is not connecting to productivity that will create employment for our people,” he said in an intervie with TV3, Friday, ahead of the presentation of the State of the Nation Address by the President.
Mr. Boadu explained that the strengthening of the Ghana cedi, although often seen as a positive development, is having unintended consequences for export-oriented sectors. He noted that a stronger local currency makes Ghana’s exports less competitive on the international market, affecting key agricultural commodities.
“You will clearly see that as a result of the strengthened cedi, it is having effect on our local production for export. That is why you are seeing challenges with the cocoa sector, cashew farmers and maize farmers,” he stated.
He warned that the current trend could weaken domestic production and reduce opportunities for employment if not addressed with deliberate policy interventions.
Mr. Boadu further called for a strategic reassessment of Ghana’s economic direction, urging policymakers to prioritise productivity and local industry rather than relying heavily on imports.
“There is the need to re-calibrate what we want as a people. Whether we want to just be an import-led economy, obviously it will hurt employment, productivity and all that,” he said.
