Professor Isaac Boadi, Executive Director of the Institute of Economic Research and Public Policy, Dr Frank Bannor, a Director at the Institute, and Dr Kwasi Nyame Baafi, also a Director, have described the ruling National Democratic Congress position on global economic forces in previous years as misleading and disconnected from economic realities.
Their comments come at a time of renewed hostilities in the Middle East involving the United States, Israel, and Iran, developments that have unsettled international markets, particularly the energy sector.
In an exclusive interview, Dr Frank Bannor contended that during the economic turbulence of 2020 and the years that followed, some members of the NDC deliberately downplayed the role of external shocks in shaping Ghana’s macroeconomic challenges. According to him, that narrative created the impression that domestic policy decisions alone were responsible for rising inflation, currency pressures, and fiscal strain.
He argued that Ghana, as an import dependent economy integrated into global markets, cannot insulate itself from international disruptions. He said the suggestion that global events had little or no impact on Ghana’s economy was not only inaccurate but misleading to the Ghanaian public.
Professor Isaac Boadi shared similar views, stating that Ghana, like many developing economies, remains vulnerable to global developments, particularly geopolitical tensions that influence fuel prices, supply chains and inflation.
He maintained that global supply chain disruptions, commodity price volatility and geopolitical tensions significantly affected developing economies, including Ghana at the time. In his view, dismissing these factors ignored the structural realities of an interconnected global financial system.
*Misleading comments by NDC*
Professor Boadi referred to remarks made by the then former President and 2020 NDC flagbearer John Dramani Mahama, who described as a bloody lie the attribution of Ghana’s economic crisis to COVID 19 and the Russia Ukraine war.
He cited those remarks as part of what he considers a consistent attempt by the NDC to dismiss the impact of global shocks on Ghana’s economy.
Speaking during an engagement with NDC executives in the United States in 2020, Mr Mahama accused the then Akufo Addo administration of misleading Ghanaians about the root causes of the country’s economic difficulties. According to him, the government’s explanation that the COVID 19 pandemic and the Russia Ukraine conflict triggered the crisis was unfounded.
“If they tell you that COVID and Ukraine have brought us to this situation, it is a bloody lie”, Mr Mahama said at the time.
The National Communications Officer of the NDC, Sammy Gyamfi, also argued that attributing Ghana’s economic challenges to COVID 19 and the Russia-Ukraine war was unfounded. Speaking on JoyNews PM Express on 5 April 2023, he maintained that the signs of economic distress were visible long before the outbreak of the pandemic and therefore could not be blamed for the country’s difficulties.
Surprisingly, speaking during a bilateral meeting with Tanzanian President Samia Suluhu Hassan at the State House in Arusha on March 2, 2026, Mahama expressed deep concern over the intensifying military exchanges and counter-attacks rocking the Gulf region. Mahama warned that continued fighting would have dire consequences for Africa, which remains heavily dependent on the Middle East for its oil supplies.
He described the Middle East as the “epicentre of global oil supplies” and cautioned that African economies must prepare for inevitable shocks as crude prices soar.
Recent attacks and retaliatory strikes have already pushed global crude prices past $91 per barrel, a spike that directly impacts net importing nations like Ghana.
President Mahama warned that when crude prices rise beyond a certain threshold, the negative effects ripple through African economies, inflating transportation costs, increasing prices of goods, and squeezing household budgets. “We know that these shocks will come, but when they come, we must prepare ourselves to make sure that our people are protected,” Mahama said.
*Unappreciated external shocks*
Based on the development, Dr Kwasi Nyame-Baafi said the NDC posture during public discussions then and now had failed to appreciate how external shocks often amplify domestic vulnerabilities. He added that responsible political discourse requires acknowledging both internal policy decisions and external pressures when assessing economic performance.
He reiterated that recognising global economic realities does not absolve governments of accountability but ensures a balanced and fact based conversation. He stressed that no serious economy operates in isolation and that when global markets shake, countries such as Ghana inevitably feel the tremors.
Dr Nyame-Baafi said no well meaning Ghanaian would wish economic hardship for the country, particularly at a time when global uncertainties continue to shape domestic outcomes. However, he cautioned that if rising tensions between the United States, Israel and Iran result in even a marginal increase in fuel prices, the facts would speak for themselves.
He argued that it would be inconsistent for political actors who previously downplayed the economic impact of the Russia Ukraine war to now claim that distant geopolitical tensions can significantly affect Ghana’s economy. Drawing a comparison, he recalled that in 2022, some had insisted that the conflict between Russia and Ukraine would have no meaningful consequences for Ghana because it was geographically remote.
Geographically, Israel and Iran are far from Ghana. Any war between the two countries would have no impact on the fortunes of Ghana. That, he said, was the same argument made about Russia and Ukraine.
While stating that he does not wish any adversity for the country, he maintained that recent global developments highlight how deeply interconnected the world has become. He questioned whether the NDC and its leading voices now recognise the extent to which global forces shape national economic realities.
