Ghana’s economy is currently in a quagmire due to the obnoxious policies and programs of the Akufo Addo / Dr Mahamudu Bawumia government, and that the mess has translated into untold hardships on Ghanaians, says the National Democratic Congress (NDC) Youth Forum.
In its periodic “Setting the Records Straight” forum, the group’s statement issued in Accra and signed by Osman Iddrisu Banpuori, said the picture is a gloomy potpourri of high inflation, speedy depreciation and that the attendant hardships are getting out of hand.
“Our debt is skyrocketing, interest payment is on the rise, our cedi is on a speed depreciation, our deficit has widened, inflation is off gear, our reserves are almost depleted…this is the naked truth. This is the headache we are facing. This is the situation we find ourselves in. It is undeniable fact that most people cannot have the usual three square meals a day. The situation is getting out of hand. The situation is getting worse and worse every overnight’’ it said.
Ghana’s total public debt has swung up to over GHC 351 billion as of the end of December 2021 representing a whopping 80 percent of the Gross Domestic Product, (GDP), according to the latest data from the Bank of Ghana.
The Monetary Policy Rate has also been increased significantly by 250 basis points to 17 percent from 14.5 percent, which means that the private sector should brace itself to pay more for credit by financial institutions in the country.
According to the NDC, Ghana’s economy has become bleak and fragile under the watch of President Nana Addo Dankwa Akuffo Addo. “Our country has now turned to “from hand to mouth” economy due to the gross mismanagement of the country’s resources by this government.
“Just last week, the so-called economic management team, led by President Akufo Addo assembled at the Peduase Lodge to discuss solutions as to how to save the collapsing economy. This meeting is a mind-boggling and also a waste of the country’s meagre resources. Our intelligence confirmed that it was just an avenue for the funfair. It is worrying, especially when there is no hope in our ailing economy, which is a great concern to us,” the NDC charged.
It said the Akufo Addo NPP government has unleashed unprecedented hardship on the people of Ghana yet nothing seems to be working, workers’ salaries cannot even sustain them for more than 24 hours. Transportation fares are up, the cost of electricity is very expensive, the cost of food items has risen astronomically, among others.