May 20, 2024

Economist and Professor of Finance, Professor Godfred Alufar Bokpin believes some burdens on Ghanaians in terms of economic hardship will be turned around next year.

He understands there is good news for Ghanaians next year because businesses will grow to reduce financial challenges on Ghanaians due to the elections activities.

According to the Economist, politicians are going to spend money on goods and services to achieve their political aims which will eventually promote the economy to bring relief to the citizens.

“There’s some good news next year because it’s an election year; politicians are going to spend, including travels across all the regions, and that in itself, would inject some liquidity into the system, this means that patronization of some related businesses will be increased – car rentals and the hotel industry, and some Ghanaians whose lifestyles are indexed to political activities, this will be their harvest season,” he noted.

The renowned economist said this in an interview with the Ghana News Agency.

Ghana will hold its presidential and parliamentary elections on 7th December, 2024.

The ruling New Patriotic Party (NPP) is determined to break the 8 years term political cycle and the largest opposition National Democratic Congress (NDC) has vowed to win the 2024 general elections and come to power.

Prof. Bokpin indicated that the power struggle between the political parties will force them to inject more liquidity into the economy and bring some relief to Ghanaians.

According to statistics, real GDP growth, real consumer spending growth, real business fixed investment growth, real disposable income growth, and industrial production growth are actually stronger during presidential election years compared to non-election years.

Prof. Bokpin therefore advised the government to put in place pragmatic measures to maintain the economic growth during the election year.