Ghana now has two economies; paper and pocket economies - Bawumia

The New Patriotic Party (NPP) presidential candidate, Dr Mahamudu Bawumia, has criticised the National Democratic Congress (NDC) government’s economic management, describing Ghana’s current economic situation as a tale of two economies: a “paper economy” and a “pocket economy”.

Speaking at the NPP’s National Thanksgiving Service at the Church of Pentecost in Sunyani, Dr Bawumia said that despite the government’s claims of declining inflation and a stronger cedi, many Ghanaians continued to struggle with the high cost of living.

“As you can all attest, things are not going on well. Things are really hard for the people. And when you ask them what they have done, they will tell you that inflation is down and dollar is down,” he said.

He argued that improvements in economic indicators must translate into tangible benefits for citizens, particularly by reducing the cost of living.

“The reason we all want inflation and dollar to go down is because we want it to have a positive impact and make life and cost of living easier. But if inflation and dollar go down and the people are suffering, is that how we want it?” he asked.

“You cannot have a stable economy with people suffering. The stability should be a way of improving the lives of the people. So what is the use of the stability they are talking about when the people are suffering?” he added.

Farmers, teachers and traders deceived — Bawumia

Dr Bawumia questioned who had benefited from the economic improvements being touted by the government, alleging that farmers, teachers, health workers and traders had been let down by unfulfilled promises.

“Have cocoa farmers benefited? They told them they will pay them 6,000 cedis per bag. Has that happened? Have cashew farmers benefited? They told cashew farmers to look for land and expand their farms because they will pay them more, but that has not happened,” he said.

He also accused the government of failing farmers producing soybeans, rice and maize, as well as teachers, nurses and doctors.

“Traders are also complaining because people are not buying their goods,” he added.

The former Vice President further argued that increases in electricity and water bills, fuel prices and transport fares had compounded the financial difficulties facing households.

Bawumia accuses government of failing on education promises

Turning to education, Dr Bawumia accused the NDC government of failing to fulfil several commitments, including ending the double-track system under the Free Senior High School (Free SHS) programme.

He also alleged that the government had failed to abolish the teacher licensure examination and implement automatic postings for teachers, as promised.

The NPP presidential candidate maintained that these unmet commitments raised questions about the government's delivery on its campaign promises.

Galamsey, 24-hour economy come under attack

Dr Bawumia also criticised the government’s handling of illegal small-scale mining, popularly known as galamsey, claiming that the menace had worsened rather than declined.

“Galamsey is even worse. Maybe when they mentioned 1:3:3 they meant galamsey because galamsey has now more than tripled. Dr Sam Jonah said our river bodies now look like chocolate milk. They said they would end galamsey within one month, but they have failed,” he said.

He also questioned the implementation of the government's flagship 24-hour economy policy, arguing that Ghanaians were yet to see the promised benefits.

“They promised Ghanaians a new economy called 24-hour economy. We have been waiting for nearly two years to see it, but it has not happened. Clearly, they did not even understand what they were talking about. It was campaign propaganda to deceive Ghanaians,” he alleged.

Dr Bawumia further challenged the government to account for the jobs it promised under its 1:3:3 initiative.

“They said 1:3:3 — one job for three people — and the question Ghanaians are asking is, where are the jobs?” he asked.

He also accused the government of failing to complete the Agenda 111 hospital projects as promised.

‘Paper economy’ versus ‘pocket economy’

Summing up his criticism, Dr Bawumia said the government's emphasis on improving economic indicators did not adequately reflect the financial realities confronting ordinary Ghanaians.

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“One is a paper economy — they say inflation is down and exchange rate is down. The second economy is the pocket economy — the high cost of living and your sufferings. That is more important to the people of Ghana,” he said.

“The stability of the economy is meaningless if it cannot be linked to the liberation of the suffering of our people,” he added.

NPP to present ‘costed and practical ideas’ for 2028

Looking ahead to the 2028 general election, Dr Bawumia said the NPP intended to focus on practical and achievable policies rather than make promises it could not fulfil.

He said the party would present proposals backed by detailed costing and practical implementation plans.

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