By Eugene Davis
The Member of Parliament for New Juaben North, Nana Osei-Adjei has challenged government claims that Ghana’s improving macroeconomic indicators are translating into tangible economic benefits for households and businesses.
Speaking during a parliamentary debate on the 2026 State of the Nation Address delivered by John Mahama, the lawmaker argued that the headline indicators cited by the Finance Ministry — including a reduction in the Ghana Reference Rate — have yet to produce the expected expansion in jobs or access to affordable credit.
“The Deputy Finance Minister spoke brilliantly about macroeconomic indicators,” Mr Osei-Adjei told Parliament. “But in any economy, the end product of improved indicators should be jobs. When the economy expands, banks open new branches, retailers expand, and businesses have access to cheaper funds.”
According to him, such outcomes are not yet visible in Ghana’s real economy.
Jobs gap
Mr Osei-Adjei questioned the government’s claim that one million jobs have been created, citing data from the Ghana Statistical Service, which indicates employment gains of between 330,000 and 690,000 between the first and third quarters of 2025.
The discrepancy, he suggested, highlights the gap between official narratives and labour market realities.
For an economy attempting to recover from high inflation, currency volatility and debt restructuring in recent years, sustained job creation remains a critical test of whether macroeconomic stabilisation is feeding through to the wider economy.
Lending rate claims questioned
The MP also challenged the Deputy Finance Minister’s claim that some banks are lending to borrowers at rates as low as 10–11 per cent, arguing that such rates are far removed from what most businesses and households currently face in Ghana’s credit market.
“We are not eating macroeconomic indicators — people should feel the improvement in their pockets,” he said.
Mr Osei-Adjei urged the Finance Ministry to identify banks offering such rates so that entrepreneurs, particularly women expected to benefit from a proposed women’s development bank, could access the same terms.
“If these banks exist, the House should be told which institutions are lending at 10 or 11 per cent,” he said, adding that otherwise the claims should be withdrawn from the parliamentary record.
Cost of living pressure
Beyond the debate on interest rates, the MP said households and businesses continue to face elevated costs despite government assurances that the economy is on a recovery path.
He noted that the administration’s pledge to “reset” the economy and place it on a path of sustained growth — first outlined in the 2025 State of the Nation Address — has yet to translate into visible improvements in living standards.
“From 2025 to 2026, the cost of living remains high and businesses continue to struggle,” he said.
Unclear framework for 24-hour economy
Mr Osei-Adjei also raised concerns about the government’s proposed 24-hour economy programme, which had been presented as a flagship policy aimed at boosting productivity and employment.
In the 2025 State of the Nation Address, the initiative was framed as a model of continuous production designed to generate large-scale employment.
But the MP said key implementation details remain unclear.
“There is no clear national framework, no industries have emerged under the policy, and no employment statistics have been provided to demonstrate its impact,” he told Parliament.
He added that the absence of a dedicated budget allocation also raises questions about how the programme will be executed.
Economic implications
The exchange reflects a broader debate in Ghana’s economic policy landscape: whether stabilisation efforts are translating into inclusive growth.
While lower inflation, exchange-rate stability and improvements in benchmark rates such as the Ghana Reference Rate can signal macroeconomic recovery, economists note that the true test lies in credit affordability, business expansion and employment generation.
For Ghana’s private sector — particularly small and medium-sized enterprises that drive job creation — access to affordable financing remains a major constraint. Lending rates in the banking system often remain well above policy benchmarks due to risk premiums, government borrowing needs and structural weaknesses in the credit market.
Until borrowing costs fall meaningfully and investment accelerates, analysts say macroeconomic gains may struggle to deliver the broad-based economic relief many households and businesses expect.
In that sense, the debate triggered by Mr Osei-Adjei’s intervention underscores a central challenge facing Ghana’s policymakers: bridging the gap between improving economic indicators and lived economic realities.
