Economic analyst Dr Mark Assibey Yeboah says Ghana’s economic performance should be assessed primarily through growth indicators rather than an overreliance on exchange rates and interest levels.
Speaking during a discussion with Umaru Sanda Amadu, Dr Assibey Yeboah argued that internationally accepted economic assessments focus first on measurable indicators such as gross domestic product growth. He said comparisons between countries are typically made by analysing data, not by physical observation.
“If you want to assess the state of an economy, you look at the indicators,” he noted, explaining that economic growth reflects the level of activity within an economy, including business performance and job creation.
Dr Yeboah identified economic growth as the most important indicator, followed by unemployment and inflation. He described these as primary measures used globally to evaluate economic health. Secondary indicators, he added, include exchange rates, stock market indices, fiscal deficits and trade balances.
Responding to questions on whether exchange rates define growth, Dr Yeboah dismissed the notion, saying currency values do not necessarily drive economic expansion. He explained that exchange rates are more relevant in economies with significant trade relationships.
“If I ask about the exchange rate between Ghana and Japan, most people won’t know because we hardly trade with Japan,” he said.
The comments come amid ongoing public debate over Ghana’s economic recovery and which indicators best reflect progress.