Accra: Please, spare Ghanaians the painful revision of our recent economic suffering.
According to Ghana Web, while some credit the NPP and the current government for 'difficult but necessary economic policies,' questions arise about the real achievements amidst the collapse of the cedi, 50% inflation, and the IMF bailout following a debt default.
Under the Akufo-Addo-Ken Ofori-Atta administration, the Ghanaian economy did not merely struggle - it broke down. The cedi was not just devalued; it was one of the worst-performing currencies globally in 2022/23/24, losing value against major currencies like the dollar, pound, and euro. This economic turmoil resulted in useless salaries, business shutdowns, collapsed importers, and doubled rents and transport fares. This wasn't an inevitable fate but a policy failure, especially considering that other African countries faced similar global challenges without such severe consequences.
When inflation exceeded 50%, it transcended economic hardship and became social punishment. Families were skipping meals, parents were borrowing to survive, and patients were unable to afford essential medicines. Labeling this as part of a bold economic strategy ignores the reckless borrowing, wasteful spending, and delayed decision-making that led to such dire circumstances.
The government's return to the IMF, after previously mocking such programs and promising a future 'Ghana Beyond Aid,' marked a significant political reversal. The subsequent Domestic Debt Exchange Programme saw pensioners, nurses, teachers, and ordinary bondholders bearing the brunt, while politicians maintained their comforts, prompting public protests from affected citizens.
While Ghanaians endured economic hardships, national priorities seemed misaligned. Funds were allocated to projects like the National Cathedral while pressing issues like healthcare and environmental protection suffered. Questions about COVID expenditure further highlighted these accountability concerns. Leadership should prioritize citizens' struggles, not pursue misguided projects.
Despite positive initiatives like Free SHS and 1D1F, these cannot excuse poor governance. Effective policies cannot overshadow the catastrophic economic management that led to this crisis. Emergency measures post-crisis do not merit applause when the damage was preventable.
The Ghanaian populace is weary of political spin. Memories of bank queues, collapsed businesses, and inflated prices remain vivid. Calls for 'shared credit' and 'necessary pain' fall on deaf ears, as the ordeal under Akufo-Addo and Ken Ofori-Atta was an avoidable national economic crisis, not a tale of heroic reform. Responsibility lies with those who caused the crisis to show humility, not seek accolades.