Member of Parliament for Yapei-Kusawgu Constituency, John Jinapor, has expressed deep concerns over Ghana’s economic outlook, arguing that claims of significant progress are unfounded.
Jinapor highlighted alarming trends in key economic indicators, including exchange rates, public debt, borrowing levels, and private sector credit, which he believes paint a grim picture of the nation’s economic health.
In an interview with Alfred Ocansey on The Key Points on October 26, Jinapor emphasized his skepticism about the current trajectory, noting, “If you take the exchange rates, the debt, the borrowing, credit to the private sector, and even the state of the Bank of Ghana itself, we are headed for a serious challenge going into 2025.”
His comments come amid rising public debate on the government’s handling of Ghana’s fiscal policy and its impact on economic stability.
Jinapor expressed particular concern about Ghana’s spiraling debt levels and the depreciating value of the cedi, which he argued have severely impacted the nation’s economic resilience.
“We cannot ignore the trends; the numbers are clear indicators that we are not making the progress some might claim,” he stated.
He pointed out that inflation, coupled with high borrowing costs, has made it increasingly difficult for private sector businesses to access credit, further stifling economic growth and limiting job creation.
The Bank of Ghana, which Jinapor claims is also under strain, has faced criticism over its handling of monetary policy, with detractors arguing that it has failed to adequately address the inflationary pressures and exchange rate volatility affecting the country.
According to Jinapor, the cumulative effect of these issues, signals significant challenges for Ghana’s economic stability in the years ahead.
Jinapor’s assessment underscores growing concerns over the direction of the country’s fiscal policy and its potential impact on future growth and economic security.
As Ghana looks toward 2025, Jinapor warns that without substantial policy interventions, the economy may continue to face a series of financial challenges that could complicate efforts to achieve long-term stability and prosperity.
