REMARKS ON STATE OF GHANAIAN ECONOMY DELIVERED AT INAUGRAL LAUNCH OF THINK PROGRESS GHANA BY H.E JOHN DRAMANI MAHAMA,
FORMER PRESIDENT OF THE REPUBLIC OF GHANA ON THURSDAY. 30TH JUNE 2022.
Good afternoon my fellow countrymen and women. It is a real pleasure to be part of this occasion of the inaugural launch of Think Progress Ghana. Our public policy discourse will benefit immensely from their entry into the field, and I believe they will prove to be credible arbiters in that space.
It is quite appropriate that this inaugural event has focused on the Ghanaian economy which is by far the most topical subject at the very top of the list of issues affecting the country. Let me commend Seth for his incisive delivery which has highlighted some of the key issues at stake and which sets the tone for some of the issues I will be touching on in these brief remarks.
Early last month, I spoke at an event dubbed “Ghana at the crossroads” and I drew attention to the serious mismanagement that has plunged our country into the most debilitating economic crisis in the last forty years or so. I called on President Akufo-Addo and his Head of the Economic Management Team to end the non-chalance and indecision and take urgent steps to address the self-inflicted economic disaster that has brought unbearable economic
hardships, pain, and great suffering to the people of Ghana.
I made it clear that the economic problems we are facing stem from imprudent election related expenditure and reckless decision-making in the management of the economy. I highlighted the unsustainable public debt, large fiscal deficit, rising inflation, a rapidly depreciating currency, spiraling cost of doing business, ever rising cost of
living, high levels of corruption, and a general loss of investor confidence, as the pressing issues affecting the economy which required immediate action and resolution.
I then proceeded to give some policy options that could be adopted by the government to bring the economy back on track and reverse the precipitous decline. The Akufo-Addo/Bawumia government has so far failed to demonstrate that it
has a plan to resolve the economic crisis and has not heeded suggestions made in that regard.
This policy intransigence has proven very costly and has spawned a significant deterioration in the already terrible economic situation of Ghanaians in the intervening weeks since my address.
At the macro level, almost all the key indices like inflation, public debt levels, debt to GDP ratio, exchange rate, fiscal deficit, primary balance, gross financing needs, gross and net international reserves among others, have all worsened, sending the economy into a dizzying tailspin.