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Business News of Thursday, 23 July 2020

Source: Daily Mail

NPP are better custodians of the economy - EIU


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The Economist Intelligence Unit, the renowned economic and political research institution, has hailed the economic management prowess of the governing New Patriotic Party (NPP).

In its latest country report on Ghana including a forecast on the upcoming general elections, the EIU report said the governing NPP is widely seen as better managers of the economy than the opposition NDC, and that will be decisive in determining which party to entrust the country to in December’s elections.

The report said in view of the above, former President Mahama faces a daunting task of convincing Ghanaians that he and his party are better managers of the economy than the NPP ahead of December’s elections.

“The next national elections are due in December 2020. The Economist Intelligence Unit expects the NPP to retain power, as the party is seen as a better custodian of the economy than the opposition National Democratic Congress,” the EIU report said on its election forecast.

Following a meltdown in Ghana’s economy prior to the 2016 elections, many Ghanaians voted out the Mahama led NDC government, accusing it of economic mismanagement, and the EIU said with that record in mind, it would be daunting for former President Mahama to convince Ghanaians that he and his party present a better economic alternative than the ruling party, which had remarkably turned around the economy prior to the global Coronavirus pandemic.

“The campaign for the 2016 election was dominated by public concerns about a faltering economy, which many Ghanaians still associate with Mr Mahama,” the report noted.

“The Economist Intelligence Unit believes that it will be difficult for the NDC under Mr. Mahama to portray itself as the better custodian of Ghana’s economy. We therefore expect Mr Akufo-Addo and the NPP to secure re- election,” the report said.

Analysing the impact of the Coronavirus on the economy, the EIU said the government faces the challenge of seeking to contain fiscal pressures caused by the Coronavirus pandemic and the sharp drop in global oil prices while limiting the associated socioeconomic damage.

It, however, gave a positive outlook post Coronavirus, predicting a positive real GDP growth in 2021, a slower pace of depreciation, lower inflation among other positive forecast.

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