Executive Chairman of the McDan Group, Daniel McKorley, says Ghana must ensure recent macroeconomic gains translate into real relief for businesses and households, warning that economic recovery means little if conditions on the ground remain unchanged.
Speaking at the launch of the 10th Ghana CEO Summit in Accra, Mr. McKorley acknowledged what he described as important progress in the broader economy, pointing to lower interest rates and a sharp decline in inflation. He praised both government and the Bank of Ghana for the gains made so far.
“It is important to comment that as we speak, interest rates are down. We have to commend the government and the Bank of Ghana. This is very significant progress,” he said.
But Mr. McKorley quickly cautioned that the benefits of macroeconomic stabilisation must be felt beyond headline numbers.
“Maybe stabilizing the macro-economy, but we have to also make sure that the micro-economy is affected with this,” he said, arguing that for many Ghanaians, daily living conditions remain difficult despite the improving indicators.
To illustrate the disconnect, he pointed to the continued high cost of living in local markets, saying prices remain stubbornly high.
“Because the price of cake at the market is the same, or is getting worse, for the last 10 years,” he said.
Mr. McKorley said the recent improvement in inflation and other reforms provide a strong platform for resetting the economy, restoring confidence and attracting investment. However, he stressed that the real test of recovery lies in whether it eases the burden on consumers and improves the operating environment for businesses.
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