Ghana Needs Change After 8 years of Bawumia NPP Economic Mismanagement

By Prince Kassim Senaya Alubankudi, MBA

The New Patriotic Party (NPP) government, led by President Nana Akufo-Addo and Vice President Mahamudu Bawumia, took power in 2017 with a promise to address Ghana’s pressing challenges, particularly in the areas of economic management, job creation, infrastructure development, and anti-corruption efforts. Now, as the country prepares for the 2024 elections, an assessment of the administration’s record reveals significant shortfalls in delivering on these promises. This article explores the evidence behind the NPP’s unfulfilled commitments, highlighting the economic crises, persistent unemployment, infrastructural deficits, and governance challenges that have emerged. Based on careful analysis, a change in leadership will be a crucial step for ensuring accountability and progress for Ghanaians.

The 2016 elections in Ghana brought the New Patriotic Party (NPP) to power, with President Nana Akufo-Addo and Dr. Mahamudu Bawumia promising transformational policies to address economic instability, unemployment, corruption, and infrastructure gaps. The NPP’s manifesto set high expectations, positioning their government as one that would create sustainable development and transparency, while restoring macroeconomic stability. However, as Ghana approaches its 2024 elections, a critical evaluation of the administration’s record indicates a widening gap between its promises and actual achievements. In light of these failures, the call for change is not just a political option but a national imperative.

Economic Management

Stable economic management was one of the main promises of the NPP administration. With Vice President Bawumia, a trained economist, spearheading economic policy, the government pledged to restore fiscal discipline, reduce the national debt, and stabilize the cedi. These promises resonated with voters, as they followed a period of significant economic challenges under the previous administration.

Yet, the economic record of the NPP government paints a different picture. Ghana’s public debt escalated to unsustainable levels under Akufo-Addo’s leadership, with debt-to-GDP ratio reaching over 83% in 2024, according to the IMF. This surge in borrowing not only contradicted the NPP’s promise of fiscal prudence but also triggered a financial crisis that forced the government to seek an IMF bailout between 2022 and 2023. This marked the second time in less than a decade that Ghana had turned to the IMF, undermining the NPP’s credibility on economic stewardship.

Additionally, Ghana faced its highest inflation rate in over two decades, with inflation reaching 54.1% by the end of 2022, as confirmed by the World Bank. This increase in inflation translated into a sharp rise in the cost of goods and services, putting severe pressure on the livelihoods of ordinary Ghanaians. Despite the administration’s repeated assurances of economic stability, the country continues to grapple with challenges that have only worsened under NPP leadership.

Moreover, the financial sector cleanup initiated by the government, which led to the closure of hundreds of financial institutions, has had devastating effects. According to reports from the Institute of Economic Affairs (IEA), this cleanup caused the loss of over 7,000 jobs and severely damaged public confidence in the financial system. Although the NPP justified the reforms as necessary to strengthen the sector, the economic and social costs of the policy have been devastating.

Failure to Create Jobs

The NPP’s promise of industrializing the economy, with the “One District, One Factory” (1D1F) initiative as its flagship program, was touted as a key pillar for job creation and economic diversification. The initiative sought to establish factories in each of Ghana’s districts, aiming to stimulate local economies and provide employment, especially for the youth.

While the government claims to have established 76 factories under this initiative, independent evaluations indicate that the majority of these factories are either underperforming or non-operational, as reported by Joy News in 2023. The program has failed to deliver the anticipated scale of job creation, with many factories struggling due to a lack of funding, poor planning, and operational inefficiencies, according to IMANI Ghana.

Youth unemployment remains a persistent challenge, and the promise of widespread industrialization has yet to materialize. According to the Ghana Statistical Service (GSS), the unemployment rate reached 13.4% in 2022, with youth unemployment even higher. These statistics underscore the disconnect between the NPP’s rhetoric on job creation and the reality faced by millions of Ghanaians who continue to struggle to find work.

Lack of Infrastructure Development

In 2019, the NPP administration declared 2020 the “Year of Roads,” a campaign promise aimed at addressing Ghana’s infrastructural deficits, particularly in the transportation sector. The expectation was that this initiative would transform the country’s road networks, improve connectivity, and stimulate economic growth, especially in rural areas.

However, the promise of massive infrastructure development has largely gone unfulfilled. While some road projects have been completed, many remain stalled or are of substandard quality. A report by the Ghana Institution of Engineers (GhIE) in 2023 found that several road projects initiated by the government were either left incomplete or deteriorated shortly after completion due to poor construction. This failure to deliver quality infrastructure has had wide-reaching consequences, especially for rural communities that continue to suffer from poor access to markets, healthcare, and education.

Moreover, the broader infrastructure agenda—beyond roads—has also lagged behind expectations. Many schools, hospitals, and other public amenities remain underfunded or inadequately resourced, perpetuating regional inequalities and leaving large portions of the population without access to essential services.

Corruption “Clearing Agent”

Fighting corruption was a key promise of the NPP administration, with President Akufo-Addo famously pledging to protect the public purse. The establishment of the Office of the Special Prosecutor (OSP) was seen as a bold step toward tackling corruption, with the expectation that it would prosecute high-profile cases and hold public officials accountable

Despite this, the NPP government has been mired in several corruption scandals, undermining its credibility on the issue. Notable cases include the controversial Power Distribution Services (PDS) deal; the Cecilia Dapaah stolen money scandal; the contracts for sale corrupt practices by the former PPA Boss; the National Cathedral Scandal; and the Agyapa Royalties scandal, all of which involved allegations of financial mismanagement and political interference. These scandals have significantly eroded public trust in the government’s commitment to transparency and good governance.

According to the 2023 Corruption Perceptions Index by Transparency International, Ghana ranked 70 out of 180 countries, reflecting minimal improvement since the NPP took office. Furthermore, the Ghana Integrity Initiative (GII) and other civil society organizations have criticized the NPP for its failure to effectively address corruption within its own ranks. The inability of the government to hold corrupt officials accountable has contributed to a deepening sense of disillusionment among the electorate.

The Imperative for Change in 2024

The cumulative effect of these unfulfilled promises—economic mismanagement, rising unemployment, incomplete infrastructure projects, and pervasive corruption—paints a clear picture: the Bawumia-Akufo Addo government has failed to deliver on the mandate given to it by the people of Ghana. With the country facing mounting socio-economic challenges, the upcoming 2024 elections present an opportunity for the electorate to demand better governance and accountability.

A change in leadership is not only necessary but urgent if Ghana is to address its current crises and embark on a path toward sustainable development. The next administration must prioritize fiscal discipline, job creation, and transparency while ensuring that promises made are translated into concrete actions that benefit all Ghanaians.

As the 2024 elections draw near, Ghanaians must critically assess the performance of the NPP government. The evidence is clear: despite its initial promises, the administration has failed to deliver the transformative changes it once pledged. The economic mismanagement, inadequate job creation, poor infrastructure development, and lack of progress in combating corruption should serve as a wake-up call. Now more than ever, Ghanaians need leaders who will not only make ambitious promises but also demonstrate the capability and political will to fulfill them. The time for change is now.

Written by: Prince Kassim Senaya Alubankudi, MBA

Policy Analyst at UPDI Africa & International Business Consultant