The Battle for Public Trust: Ghana’s Economy, Political Narratives and the NPP–NDC Performance Divide

Ghana’s economic recovery, the politics of accountability and the growing contest over who controls the national narrative

By: Alexander Kukah

Ghana’s political discourse is entering an interesting phase. While the governing National Democratic Congress (NDC) has the responsibility of consolidating its economic recovery agenda, the opposition New Patriotic Party (NPP) appears increasingly focused on repositioning itself in the national conversation, particularly around allegations of corruption, institutional failures and the accountability of public officials.

The contest is not simply about who communicates more effectively. It is about who can present credible evidence, defend their record and convince Ghanaians that their policies have improved the country’s economic circumstances.

There is, however, an important question for the NDC: why should a governing party with access to government policy information, economic statistics and institutional reporting repeatedly find itself responding to the opposition’s political agenda instead of confidently setting its own?

The answer may lie partly in political communication, but the larger test is performance.

1. Looking back: The NPP’s economic record, 2022–2024

To appreciate the present economic situation, Ghana must honestly examine the economic difficulties experienced during the final years of the Akufo-Addo administration.

The year 2022 was particularly difficult for the Ghanaian economy. Inflation reached 54.1 per cent in December 2022, according to the Ghana Statistical Service. This was a period of significant pressure on household purchasing power, exchange-rate instability, rising public debt and difficulties in accessing international capital markets.

By December 2023, inflation had declined to 23.2 per cent. However, the reduction did not mean that prices had returned to their previous levels. It meant that prices were increasing at a slower rate.

In December 2024, inflation rose again to 23.8 per cent.

The Bank of Ghana’s 2024 Annual Report also recorded GDP growth of 5.7 per cent in 2024, compared with 3.1 per cent in 2023. This demonstrates that economic growth was recovering before the change of government, even though inflation remained elevated and households continued to experience cost-of-living pressures.

The fiscal position also requires scrutiny. The Bank of Ghana’s 2024 Financial Stability Review reported an overall fiscal deficit of 7.9 per cent of GDP on a commitment basis, against a target of 4.2 per cent. The primary deficit stood at 3.9 per cent of GDP.

These figures illustrate the fiscal challenges inherited by the incoming administration.

The NPP should therefore be prepared to defend its record with the same seriousness with which it questions the present government.

2. The NDC’s 2025–2026 economic performance: What do the numbers say?

The economic indicators available for the NDC administration present a different picture.

According to the Ghana Statistical Service, Ghana’s economy expanded by 6.0 per cent in 2025, compared with 5.8 per cent in 2024.

The economy also recorded 6.4 per cent year-on-year growth in the first quarter of 2026, according to the IMF’s July 2026 assessment.

Inflation recorded an even more significant improvement.

From 23.8 per cent in December 2024, headline inflation declined to 5.4 per cent in December 2025. The Ghana Statistical Service subsequently reported inflation of 5.2 per cent in September 2026.

This is a significant improvement in the rate at which prices are rising.

Nevertheless, government must not confuse declining inflation with falling prices. A household that experienced substantial increases in food, transport, rent and utility costs over previous years does not automatically regain its lost purchasing power simply because inflation has declined.

The real test is whether incomes, employment opportunities and household welfare are improving alongside macroeconomic stability.

The IMF’s July 2026 assessment also reported that Ghana’s international reserves had increased to approximately US$11.9 billion at the end of 2025, equivalent to about four months of imports.

The current-account position recorded a surplus of 7.9 per cent of GDP in 2025, supported partly by strong gold prices and increased export volumes.

These developments are relevant because they demonstrate improvements in Ghana’s external economic position.

3. The economic comparison in figures

The following indicators provide a useful comparison of the economic conditions under the two administrations.

2026 GDP figure represents first-quarter year-on-year growth, not full-year growth.

*2026 inflation represents September year-on-year inflation, not a full-year average.

Sources: Ghana Statistical Service, Bank of Ghana and IMF.

The figures reveal three important developments:

• Economic growth improved from 3.1 per cent in 2023 to 5.8 per cent in 2024, and subsequently 6.0 per cent in 2025.
• Inflation, after remaining above 23 per cent at the end of 2024, declined to 5.4 per cent at the end of 2025.
• The first-quarter 2026 GDP growth figure suggests that economic activity has maintained momentum.

The comparison must nevertheless recognise that 2024 was already a year of economic recovery under the NPP. The NDC inherited both the economic difficulties and some of the recovery momentum.

A credible political assessment should recognise both realities.

4. Agriculture: The next test of economic transformation

Agriculture deserves special attention because its performance directly affects food security, rural employment, food prices and the incomes of millions of Ghanaians.

The Bank of Ghana’s 2025 economic reporting indicates that agricultural growth improved from approximately 2.7 per cent in 2024 to 6.8 per cent in 2025.

This is encouraging, but the government must translate growth into tangible improvements in agricultural productivity.

The critical questions include:

• Are farmers receiving timely access to affordable fertiliser and improved seeds?
• Is irrigation expanding beyond dependence on seasonal rainfall?
• Are post-harvest losses declining?
• Are agricultural roads improving access to markets?
• Is local food production reducing dependence on imported food?
• Are farmers receiving competitive prices for their produce?

The cocoa sector also deserves sustained attention. Ghana’s position in the international cocoa market requires more than announcements about producer prices. It requires reliable financing, effective disease control, rehabilitation of farms, efficient purchasing arrangements and timely payments to farmers.

The NDC must understand that agriculture is not merely a political programme. It is a national economic security issue.

5. Fiscal discipline and public debt: Has Ghana turned the corner?

One of the most important questions surrounding the change of government is fiscal discipline.

Ghana’s debt crisis was not simply a matter of the size of government borrowing. It involved the cost of servicing debt, exchange-rate depreciation, revenue weaknesses, expenditure commitments and the restructuring of public obligations.

The IMF’s July 2026 assessment provides evidence of substantial progress in debt restructuring and fiscal stabilisation.

It reported that Ghana’s debt distress risk had improved from high to moderate, reflecting progress in debt restructuring and macroeconomic stabilisation.

The Bank of Ghana’s July 2026 Monetary Policy Report also recorded that the fiscal deficit for the first half of 2026 narrowed to GH¢9.9 billion, equivalent to 0.6 per cent of GDP, compared with GH¢21.4 billion, or 1.5 per cent of GDP, during the corresponding period of 2025.

However, there is an important qualification.

The same report indicated that government expenditure was 24.9 per cent below its programmed budget for the period. Lower expenditure can improve the fiscal balance, but the public must also examine whether essential capital investment and social services are being adequately funded.

Fiscal discipline should not become an excuse for underinvestment in infrastructure, education, health and productive sectors.

The NDC must therefore demonstrate that its fiscal consolidation is sustainable and that the benefits are reaching ordinary citizens.

6. The communication battle: Why is the NDC repeatedly responding?

Beyond the economic statistics lies a political communication challenge.

The NPP has an understandable responsibility as an opposition party to scrutinise government policies, challenge public officials and raise questions about institutional accountability.

The NDC, equally, has a responsibility to defend its policies and explain its achievements.

But a governing party cannot afford to make reactive communication its principal political strategy.

When the opposition raises an allegation, the governing party should not automatically respond with counter-allegations. It should provide evidence, explain the institutional processes involved and demonstrate what the relevant authorities are doing.

The NDC needs a more coordinated communication architecture involving its national and regional executives, parliamentary leadership, government communicators, policy experts and sector ministers.

This is particularly important as the party approaches the election of its regional and national executives.

The party’s communication machinery should be capable of discussing the economy with facts rather than political excitement.

For example, when discussing economic recovery, communicators should explain the difference between:

• Inflation and the actual cost of living.
• GDP growth and employment creation.
• Exchange-rate appreciation and sustainable export competitiveness.
• Debt restructuring and actual debt repayment.
• Budget surpluses and the availability of resources for development.

These distinctions will help Ghanaians evaluate government performance more accurately.

7. Foreign Affairs and the importance of institutional diplomacy

The conduct of the Ministry of Foreign Affairs also deserves consideration.

Honourable Samuel Okudzeto Ablakwa occupies a position that requires considerable diplomatic judgment, institutional coordination and professional restraint.

The Foreign Affairs Ministry is not simply another political department. It represents Ghana’s interests in bilateral relations, multilateral diplomacy, international trade, investment promotion, consular services and regional security.

Its work involves professional diplomats, directors, desk officers, ambassadors and other officials with specialised responsibilities.

The minister’s political experience and public communication skills can be valuable assets. However, those strengths must complement the established professional structures of the ministry.

There must be sufficient institutional space for career diplomats and technical officers to perform their responsibilities without unnecessary political interference.

Public communication on sensitive diplomatic matters also requires careful consideration. A statement made in the domestic political arena can have implications for Ghana’s international relationships.

This is not an argument against transparency or accountability. Rather, it is a call for a balance between political leadership, professional diplomacy and national interest.

The ministry must be allowed to function as an institution whose credibility extends beyond the tenure of any individual minister.

8. The former president and the politics of post-presidential accountability

Another dimension of the political debate concerns former President Nana Addo Dankwa Akufo-Addo.

A former president remains an important representative of Ghana’s political history and may continue to participate in international engagements, conferences and other activities in different capacities.

However, leaving office does not remove the responsibility to account for decisions taken during one’s presidency.

Equally, public allegations against a former president must be subjected to evidence, due process and institutional scrutiny.

The NDC must recognise that repeatedly publicising allegations without demonstrating their evidential and legal status can turn accountability into a political contest.

There is a distinction between an allegation, an investigation, an established finding and a court judgment.

That distinction is important for the credibility of Ghana’s democratic institutions and the country’s international reputation.

Political communication should not undermine the principle that accountability must be based on evidence.

9. The international comparison: Ghana must measure itself against more than its political opponents

Ghana’s economic recovery should also be assessed against regional and international standards.

The country needs to compare its performance with other African economies on:

• Inflation and food-price stability.
• Debt sustainability.
• Foreign-exchange reserves.
• Agricultural productivity.
• Youth unemployment.
• Private-sector investment.
• Industrial development.
• Export diversification.

The IMF’s assessment of Ghana’s 2025 performance shows considerable improvement in macroeconomic stability. But stabilisation is only one stage of economic transformation.

Ghana must now move beyond recovery towards productivity, industrialisation, stronger domestic revenue mobilisation and sustainable job creation.

The country’s long-term competitiveness cannot depend excessively on favourable international gold prices or temporary exchange-rate movements.

The objective should be to build an economy capable of generating foreign exchange through manufacturing, agro-processing, services, technology and diversified exports.

10. What the NDC must do differently

The NDC should consider repositioning its communication strategy around five major priorities.

First, economic accountability. The government must regularly publish accessible information showing what has improved, what remains difficult and what corrective measures are being implemented.

Second, agriculture and food security. The party must communicate measurable improvements in farm productivity, food supply, agricultural financing and rural infrastructure.

Third, fiscal responsibility. It must explain how expenditure controls, revenue mobilisation and debt management are supporting long-term development.

Fourth, social welfare. The government must connect macroeconomic achievements to jobs, wages, healthcare, education, housing and the cost of living.

Fifth, institutional credibility. Government communicators must avoid turning every political disagreement into a confrontation. Strong institutions, credible investigations and transparent public reporting are more persuasive than political rhetoric.

Conclusion: The battle for Ghana’s economic narrative must be won with evidence

The political contest between the NDC and NPP is entering a phase in which the credibility of economic statistics, institutional accountability and public communication will matter considerably.

The NPP has every right to scrutinise the government and demand answers. But it must also accept scrutiny of its own governing record between 2022 and 2024.

Similarly, the NDC cannot rely exclusively on the difficult economic conditions it inherited. It must demonstrate that its policies are producing lasting improvements in the lives of Ghanaians.

The numbers offer the NDC an opportunity to make a credible case: inflation has declined substantially, economic growth has strengthened, agricultural growth has improved and the country’s external position has recovered.

But these achievements must be defended with transparency, not political triumphalism.

The opposition’s responsibility is to scrutinise. The government’s responsibility is to govern, explain and deliver.

Ultimately, Ghana’s citizens are not interested in which political party wins the daily communication battle. They want stable prices, employment, reliable infrastructure, affordable food, improved public services and a government that manages public resources responsibly.

The real political victory will not belong to the party that controls the headlines. It will belong to the political leadership that can demonstrate, with evidence, that Ghana is becoming a more prosperous, disciplined and economically secure country.

Story by: Alexander Kukah@ahotorfmonline