Financial expert Joe Jackson has harshly criticized the current state of Ghana’s economy, declaring that anyone claiming the nation is experiencing a “working economy” is not being truthful.
In a candid assessment, Jackson pointed to the country’s crippling debt, the depreciation of the cedi, and a stubbornly high unemployment rate as clear signs that the economy is far from robust.
“The economy became bankrupt in 2022 due to our growing indebtedness and the rapid depreciation of the cedi,” Jackson stated.
“Our unemployment rate is still above 14%, and we’re nowhere near creating the necessary jobs or opportunities to lift our people out of poverty.”
Jackson also highlighted the sharp decline in Ghana’s cocoa production, a key export that has traditionally driven the country’s foreign exchange earnings.
He revealed that cocoa production has fallen by 30% over the past three years, and recent reports from the Cocoa Board suggest that this year’s harvest is expected to be even lower than initially anticipated.
“If we’re truly supporting the value of the cedi, how can we claim that this economy is thriving?” Jackson asked.
“Our cocoa sector is struggling, food prices are soaring, and illegal mining, or Galamsey, is destroying our environment.
How can we describe this as a robust economy?”
Food inflation, particularly in the northern regions of the country, has also reached alarming levels.
Jackson noted that the price of staple foods, such as beans, has skyrocketed, with prices jumping from 20 cedis to over 100 cedis in just a few years.
This sharp increase has left many families in the north grappling with hunger and hardship.
“This is our food basket area, and people are hungry,” Jackson said, emphasizing that the northern parts of the country were suffering from food inflation at higher rates than anywhere else in Ghana.
“The rising cost of living is directly affecting people’s ability to survive.”
The consequences of these economic hardships were evident in the recent elections, where the ruling MPP party lost heavily in the northern regions.
Jackson pointed to the government’s inability to address the growing economic crisis as a key factor in the poor electoral performance.
“People are frustrated and angry,” Jackson said.
“The government statistician has even said that food inflation in the north is rising faster than anywhere else. So, it’s no surprise that the MPP lost dramatically in these areas.”
Joe Jackson warned that the country is heading into even tougher times if urgent measures are not taken to address the systemic economic issues at hand.
“We are in tough times,” Jackson concluded. “Anyone who thinks otherwise is living in an alternate reality.
The people are hurting, and it’s time for real solutions, not more empty promises.”
Anybody who says we have been left with a working economy is not being truthful. This economy became bankrupt in 2022 due to our indebtedness and cedi depreciation. Our unemployment rate is still above 14% – Joe Jackson#TheKeyPoints #3NewsGH
pic.twitter.com/GLRjoxprLV— #TV3GH (@tv3_ghana) January 11, 2025
