Can Ghana’s Economy Withstand Global Turbulence – Dennis Miracles Aboagye Questions Government Strategy

Dennis Miracles Aboagye, Director of Communications for the Bawumia Campaign, has raised concerns about Ghana’s economic resilience amid rising global uncertainty, questioning whether current policies can genuinely shield citizens from external shocks.

Speaking via Zoom on Kessben TV’s Digest, Aboagye argued that recent efforts to stabilize inflation may be coming at a significant cost to employment and overall economic activity.

According to him, restricting liquidity within the system may contribute to a decline in inflation, but it simultaneously limits spending power among citizens. “If you hold money from the system, inflation would definitely drop, but unemployment will rise because people are not getting money to spend,” he stated.

He further alleged that the government’s primary focus appears to be reducing inflation figures rather than promoting meaningful economic growth. This approach, he suggested, risks weakening broader economic participation and livelihoods.

Aboagye also criticized the Bank of Ghana’s interventions in stabilizing the cedi, claiming that substantial resources have been spent to manage the currency against the US dollar without corresponding improvements in real economic indicators.

“The macroeconomic indicators on paper will not move,” he noted, adding that this reinforces skepticism about official assurances that Ghana will be insulated from global shocks, including tensions such as the US–Israel–Iran conflict.

Touching on fuel pricing, Aboagye accused the government of prematurely taking credit for recent reductions, arguing that shifts in global market prices have since challenged those claims.

He further raised concerns about the government’s gold purchasing strategy, alleging that sourcing gold from illegal small-scale miners (galamsey operators) to support the economy could artificially improve key indicators while negatively impacting the broader population.

“So long as the government keeps buying gold from galamsey people to support the economy, their indicators will look good at the expense of the mass population,” he said.

Miracle Aboagye ironically agreed with FITCH solutions’ recent release on the strength of Ghana’s economy as against world market price of fuel as a result of US – Israel – Iran air-strikes and noted that as long as they are only focusing on the macro economics but not the micro economics they can applaud themselves.

Aboagye concluded by asserting that the government is creating an “illusion” of economic stability, warning that such measures may not translate into tangible improvements in the daily lives of Ghanaians.

The government is yet to respond to these claims.