Factors That Weakened Fundamentals Of The Economy Are Not The Same Today

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Razak Kojo Opoku
Razak Kojo Opoku

Razak Kojo Opoku, Founder of Concerned Voters Movement (CVM) and a political activist, has indicated that the factors that weakened the fundamentals of the economy in John Dramani Mahama’s era thereby affecting the exchange rate are not the same factors under Akufo-Addo’s Presidency.

Acording to him, in the Mahama’s era it was a complete misappropriation and mismanagement of the country’s meagre resources which was borne “out of incompetence.”

He stated that “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.”

According to Razak Kojo Opoku, during John Mahama’s era, 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,” he said.

Yet, he noted, “the fundamentals were so weak under John Mahama’s administration to the extent that the rate of depreciation badly exposed the Ghanaian economy.”

He averred that no external factors were the cause of Cedi depreciation under Mahama’s administration and that while the economy and currency of every Country was doing well, it was the reverse in Ghana under Mahama’s administration.

He however mentioned that, it is true that Cedi is being depreciated under Akufo-Addo’s Presidency but this challenge is not only peculiar to Ghana.

He said: “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.”

Razak Kojo Opoku also said that there is no country currently, that is doing well economically in the face of the global crisis.

All countries, he said 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: You are not experiencing “Dumsor” like it happened in the era of Mahama’s administration. Your children are still enjoying the free SHS policy unlike Mahama’s administration. You are enjoying Allowances as Teacher and Nursing Trainees unlike Mahama’s administration which was cancelled. You are witnessing road construction across the country simultaneously unlike Mahama’s administration. You are enjoying the benefits of 1D1F, Planting for food and jobs, NEIP, NAELP, NABCO etc. Programmes unlike Mahama’s administration. You are benefitting and making good use of the government’s digitalization and digitization programme unlike Mahama’s administration. You are benefitting from the services of the 1 Constituency 1 Ambulance initiative of Akufo-Addo’s Government unlike Mahama’s administration. 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.”

He noted that all hope is not lost under Akufo-Addo’s Presidency and that as an honest government, President Akufo-Addo has admitted the current challenges and he is 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.

He also called on the media to do their watchdog role effectively to educate and inform the masses.

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