Dr. Mahamudu Bawumia, the New Patriotic Party (NPP) Presidential Candidate, declared Ghana now operates with two distinct economies. He described these as a 'paper economy' and a 'pocket economy'. Dr. Bawumia made these remarks at the NPP's National Thanksgiving Service in Sunyani on October 18, 2026.
The 'paper economy' refers to official government claims of lower inflation and a stronger Ghana cedi. However, the 'pocket economy' reflects the daily struggles of Ghanaians facing high living costs. Dr. Bawumia argued that despite reported economic stability, life remains difficult for most citizens. He questioned the value of stability if it does not translate into improved living conditions for the populace.
This critique comes amidst ongoing national discussions about economic recovery and hardship. Ghana's economy has faced significant challenges, including high inflation and currency depreciation in recent years. The government has implemented various measures to stabilize the economy, often citing improvements in key macroeconomic indicators. Dr. Bawumia's comments highlight a growing disconnect between official economic data and the lived experiences of many Ghanaians.
Dr. Bawumia specifically challenged the benefits of this reported stability. He asked who truly benefits when inflation and the dollar exchange rate decrease but people continue to suffer. He emphasized that economic stability should ultimately improve people's lives. Without this positive impact, he stated, the stability becomes meaningless to the average Ghanaian.
He further elaborated on the struggles of various groups. Cocoa farmers were promised GHS 6,000 per bag, a promise he claims remains unfulfilled. Cashew farmers, soybean, rice, and maize farmers also faced similar disappointments. Teachers, nurses, and doctors have not seen significant improvements. Traders report declining sales because consumers lack purchasing power. These examples illustrate the widespread economic hardship across different sectors.
Dr. Bawumia also pointed to rising utility and transport costs. Electricity bills, water bills, petrol prices, and transport fares have all increased. These increases worsen the cost of living for families and businesses. He accused the government of failing on key promises. These include collapsing Free SHS, not canceling the double track system, and failing to post teachers automatically. He also criticized the handling of illegal mining, known as galamsey. He stated galamsey has worsened, with river bodies now resembling 'chocolate milk'.
The NPP flagbearer also dismissed the proposed 24-hour economy policy as mere campaign propaganda. He noted that Ghanaians have waited nearly two years for its implementation without success. He questioned the government's understanding of the policy. He also referenced the '1:3:3' promise, meaning one job for three people, asking where these promised jobs are. Furthermore, he highlighted the failure to complete Agenda 111 hospitals, another key government pledge.
Dr. Bawumia concluded by reiterating the existence of these two economies. The 'paper economy' shows positive statistics like reduced inflation and exchange rates. The 'pocket economy' reflects the high cost of living and widespread suffering. He stressed that the 'pocket economy' is more important to Ghanaians. He affirmed that the NPP, looking towards 2028, will offer practical, costed, and workable ideas rather than unfulfillable promises. This distinction between statistical improvements and real-world impact forms the core of his economic critique.