Joe Jackson once said, "Ghana's economy cannot be described as robust."

The Chief Executive Officer of Dalex Finance, Joe Jackson, has criticized the description of Ghana’s economy as robust.

Given the erratic economic statistics throughout time, he argued, this cannot be the case. On Saturday, January 11, 2024, Mr. Jackson discussed the nation's economic performance with Alfred Ocansey on TV3's the Keypoints.

He pointed out that although reserves have been mentioned as an indication of economic stability, a more thorough examination of other factors reveals a different picture.

He pointed out that reserves have been precariously low at certain points.

"The reserves were only 0.8% of the monthly total at the start of the year, which was hardly enough to keep the value of the cedi stable. The issue is still far from resolved, he said, despite the government's attempts to support the currency at the end of the year.

In response to remarks made by former President Nana Akufo-Addo, Mr. Jackson pointed out that assertions that $8 billion will be left in reserves by the end of 2024 did not adequately reflect the overall state of the economy.

Jackson said, "He proudly talked about reserves, but ignored other important indicators like inflation." He highlighted how deceptive isolated numbers may be by using inflation as an example.

"Details reveal that the 7.9% inflation rate in December 2016 is not the whole picture. A year with 50% inflation does not necessarily translate into lower costs in years when inflation declines. For example, an item that costs GHS 100 in 2022 and has 50% inflation would cost GHS 150. The price increases to GHS 195 even if inflation falls to 30% the next year. He clarified that a decrease in inflation does not imply a reversal of prices.

Joe Jackson has attacked political narratives for fabricating a sense of progress by presenting just certain economic data. These numbers are occasionally purposefully misleading, emphasizing one positive indicator while downplaying the difficulties in others.

For instance, he pointed out that exchange rate depreciation and inflation trends are equally important yet sometimes overlooked in such statements.

He urged the government and stakeholders to focus on sustainable measures rather than short-term fixes, highlighting the importance of building a resilient economic framework that reflects across all parameters, not just reserves or isolated data points.