The Currency And Economy Of Every Country Is Under Pressure: Razak Kojo Opoku Writes
The media core mandate is to educate and inform the masses. The Ghanaian media is no exception to this.
However, with utmost respect, some media outlets out of ignorance, mischief and agenda settings have been always deepening the ignorance of the masses through misleading information.
As an honest government, President Akufo-Addo has admitted the current challenges and seriously working hard to mitigate the effects of the currency depreciation, rise in fuel, goods and services which are not as a result of government’s mismanagement but rather war in Ukraine and the cascading effects of COVID-19 variants.
The factors that weakened the fundamentals of the economy in Mahama’s era thereby affecting the exchange rate are not the same factors under Akufo-Addo’s Presidency.
In the Mahama’s era it was a complete misappropriation and mismanagement of the country’s meagre resources. It was borne out of incompetence.
“Dumsor,” reckless payment of judgement debts, poor credit ratings etc. were some of the factors which undermined the fundamentals of the economy during Mahama John’s era.
During the period of Mahama, there was no free SHS policy as it is being implemented under Akufo-Addo’s government at the cost of GHc 7. 5 billion annually.
There were no 1D1F, no 1 Constituency 1 Ambulance, no NAELP, no NEIP, no NABCO, no GEA, no Planting for Food and Jobs, no 1 Village 1 Dam, no employment in the public sector, no allowances for teachers and nursing trainees etc.
Yet, the fundamentals were so weak under John Mahama’s administration to the extent that the rate of depreciation badly exposed the Ghanaian economy.
No external factors were the cause of Cedi depreciation under Mahama’s administration. While the economy and currency of every Country was doing well, it was the reverse in Ghana under Mahama’s administration.
However, it is true that Cedi is being depreciated under Akufo-Addo’s Presidency but it is important to state that this challenge is not only peculiar to Ghana.
Almighty Euro, Pounds, Yen, Ruble, Renminbi etc. have all been depreciated against the US Dollar. This is a global phenomenon due to the COVID-19, Russia-Ukraine War, Sanctions against Russia, tensions between Russia and the West.
Can anyone mention a country which is currently doing well economically in the face of the aforementioned global crisis? Absolutely none.
All countries are suffering economically due to the global crisis we are being subjected to by the conduct of Russian and variants of global COVID-19.
Yes, the Cedi is depreciating and fuel is on the rise but:
1. You are not experiencing “Dumsor” like it happened in the era of Mahama’s administration.
2. Your children are still enjoying the free SHS policy unlike Mahama’s administration.
3. You are enjoying Allowances as Teacher and Nursing Trainees unlike Mahama’s administration which was cancelled.
4. You are witnessing road construction across the country simultaneously unlike Mahama’s administration.
5. You are enjoying the benefits of 1D1F, Planting for food and jobs, NEIP, NAELP, NABCO etc. Programmes unlike Mahama’s administration.
6. You are benefitting and making good use of the government’s digitalization and digitization programme unlike Mahama’s administration.
7. You are benefitting from the services of the 1 Constituency 1 Ambulance initiative of Akufo-Addo’s Government unlike Mahama’s administration.
8. Your funds which were locked up in the bank have been redeemed due to the banking/financial sector clean up exercise by Akufo-Addo’s Government unlike Mahama’s administration which caused the collapse of the banks/financial sector.
All hope is not lost under Akufo-Addo’s Presidency.