United Party founder and leader Alan Kyerematen has argued that Ghana’s recent macroeconomic improvements do not yet amount to lasting economic stability, stressing that a longer period of consistent growth is required before such claims can be justified. Speaking on Monday, September 21, Mr. Kyerematen acknowledged the positive trend in key economic indicators but warned against what he described as the tendency of governments to prematurely celebrate economic achievements. According to him, both the National Democratic Congress (NDC) and the New Patriotic Party (NPP) have often highlighted short-term economic gains without adequately assessing their long-term sustainability.
“I think part of the challenge for governments, whether NDC or NPP, is that they are often too quick to praise themselves for their achievements. But you cannot describe just two years of macroeconomic performance as stability. True stability requires a longer period of sustained growth,” he said during an interview on Channel One TV.
Ghana needs sustained growth
Mr Kyerematen acknowledged that Ghana’s current economic growth rate was positive but argued that the country needed a more prolonged period of strong expansion to establish lasting macroeconomic stability. He said achieving annual growth of between 8% and 10% over a decade would provide a more meaningful basis for assessing the economy’s performance. “So 6%, it’s good, but I’m saying that it’s a trend, but you cannot… So we need 10 years of at least 8% to 10% growth,” he said.
Stabilisation and growth must go together
The United Party leader also argued that economic stabilisation and growth should not be treated as competing priorities. He said government must pursue both simultaneously to achieve sustainable economic progress. “They are two sides of the same coin,” he added.
