Ghana's political discourse is entering a critical phase as the governing National Democratic Congress (NDC) focuses on consolidating its economic recovery agenda, while the opposition New Patriotic Party (NPP) repositions itself in the national conversation. The contest revolves around who can present credible evidence, defend their record, and convince Ghanaians that their policies have improved the country's economic circumstances. The NDC must address why it repeatedly responds to the NPP's political agenda instead of confidently setting its own.
Ghana's economic difficulties during the final years of the Akufo-Addo administration were significant, with inflation reaching 54.1% in December 2022. The Ghana Statistical Service reported that inflation declined to 23.2% by December 2023, but prices had not returned to previous levels. In December 2024, inflation rose again to 23.8%. The Bank of Ghana's 2024 Annual Report recorded GDP growth of 5.7% in 2024, compared with 3.1% in 2023, demonstrating economic recovery before the change of government.
The fiscal position under the NPP administration requires scrutiny, with the Bank of Ghana's 2024 Financial Stability Review reporting an overall fiscal deficit of 7.9% of GDP on a commitment basis, against a target of 4.2%. The primary deficit stood at 3.9% of GDP. These figures illustrate the fiscal challenges inherited by the incoming administration. The NPP must defend its record with the same seriousness with which it questions the present government.
Under the NDC administration, Ghana's economy expanded by 6.0% in 2025, compared with 5.8% in 2024. The economy recorded 6.4% year-on-year growth in the first quarter of 2026. Inflation declined significantly, from 23.8% in December 2024 to 5.4% in December 2025, and further to 5.2% in September 2026. The IMF's July 2026 assessment reported that Ghana's international reserves had increased to approximately $11.9 billion at the end of 2025.
A comparison of economic indicators under the two administrations reveals significant developments. Economic growth improved from 3.1% in 2023 to 5.8% in 2024 and 6.0% in 2025. Inflation declined from 54.1% in 2022 to 5.4% at the end of 2025. The first-quarter 2026 GDP growth figure suggests that economic activity has maintained momentum. The NDC inherited both economic difficulties and some recovery momentum from the NPP.
Agriculture deserves special attention, as its performance directly affects food security, rural employment, and food prices. The Bank of Ghana's 2025 economic reporting indicates that agricultural growth improved from approximately 2.7% in 2024 to 6.8% in 2025. The government must translate growth into tangible improvements in agricultural productivity, addressing issues such as access to affordable fertilizer, irrigation, and post-harvest losses.
The NPP and NDC must engage in a constructive conversation about Ghana's economic recovery and the challenges ahead. The NDC must confidently set its own agenda, while the NPP must defend its record and present credible evidence to support its claims. Ultimately, the battle for public trust will be won by the party that can demonstrate a clear understanding of Ghana's economic circumstances and a compelling vision for the future.
Key points
- The NPP and NDC are engaged in a battle for public trust, with the NDC focusing on consolidating its economic recovery agenda and the NPP repositioning itself in the national conversation.
- Ghana's economic recovery is underway, with GDP growth improving and inflation declining significantly under the NDC administration.
- The NPP must defend its economic record, while the NDC must confidently set its own agenda and demonstrate a clear understanding of Ghana's economic circumstances.
