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It would seem that we Ghanaians and Africans as a whole are possessed by the humiliating characteristic of a sordid mind that hates any quality, but prefers to worship mediocrity.
Therefore, our leaders, having first-hand knowledge of our slavish deference, continue to take us for granted.
Some of us could hardly understand how and why a subtle mind would argue with some force, if impetuous, that facts and figures are not the determinants of a flourishing economy. How ironic?
How can a trained mind foolishly claim that the Ghanaian economy under former President Mahama (3.4% growth and 15.4% inflation) cannot match President Akufo-Addo’s record before the insidious coronavirus (growth of the 8.6% and 7.5% inflation)?
Well, we have to admire the endless histrionics of well-to-do politicians, many of whom own lavish mansions and ‘disparate’ luxury vehicles (Toyota Land Cruisers, Lexus, Range Rovers, etc.), which most of the time, joined the lumpen proletarians (the oppressed) and organized a “crying” session, apparently in protest at the perceived high socioeconomic living standards.
It is quite ironic that NDC operatives can muster the courage and persistently accuse President Akufo-Addo of failing to fix the NDC administration’s 96-month massive economic mess in just 50 months with a 96-month term.
In fact, any honest critic can attest to the fact that Akufo-Addo is constantly fixing the huge mess left by the Mahama administration.
However, the fact is that Akufo-Addo, before the unspeakable coronavirus, moved economic growth from 3.4% under Mahama in 2016 to around 8.6%. While inflation stood at around 7.5% compared to Mahama’s 15.4% in 2016.
So how can anyone cry out inexorably for the return of someone who deliberately collapsed Ghana’s economy?
It is well documented that “during 2001, just before the PNP administration took over, debt as a percentage of GDP was not only unsustainably high and crippling, but it also deprived Ghanaians of money that could have been used for necessities social and development. Projects “.
However, the fact is that the benefits of the HIPC initiative were “unprecedented during the Kufuor regime since (2001-2008).
Macroeconomic indicators began to stabilize and Ghana’s debt stock declined significantly by around $ 4 billion in that period (BOG).
There were rapid infrastructure developments, as well as social and political reforms. Ghana then went from a HIPC economy to a middle-income economy under the Kufuor administration (Mutaka Alolo, 2012).
By the end of 2008, Ghana’s economy had quadrupled to US $ 28 billion, a period of eight years under the management of the nuclear power plant. The average GDP growth of the NDC between 1993 and 2000 was 3.8%, while that of the PNP between 2001 and 2008 was 5.2% and economic growth reached 6.3% in 2007 (Daily Guide, 2016).
However, disappointingly, during Mills / Mahama’s eight years, they managed to uproot the good foundations laid by President Kufuor and his NPP administration.
Take, for example, under the Mahama government, Ghana’s total debt soared from GH ¢ 9.5 billion to a staggering GH ¢ 122.4 billion at the end of December 2016, with something to show.
This means that around 93% (i.e. 113 billion GHC) of Ghana’s total debt since independence has accumulated under the NDC government from 2009 to 2016.
However, it is important to note that inflation and the budget deficit, which were previously in the single digits, doubled astronomically.
To be honest enough, Ghana went into the throes of economic collapse due to dire decision-making mistakes under the leadership of former President Mahama.
Take, for example, Ghana’s economic growth slowed for the fourth consecutive year to an estimated 3.4% in 2015 from 4% in 2014 due to energy rationing (dumsor), high inflation and fiscal consolidation in course weighed on economic activity (World Bank, 2016). .
In addition, the high inflation rate remained high at 18.5% in February 2016 compared to 17.7% in February 2015, even after the 500 bp policy rate hikes by the Central Bank (inflation stood at 15.8% as of October 2016).
Furthermore, the crude government of President Mahama dragged economic growth from around 14 percent in 2011 to around 3.4 percent in December 2016.
Yet gratifyingly, before the insidious Coronavirus, the Akufo-Addo government efficiently boosted economic growth. Ghana’s economy tentatively grew by 8.5 percent in 2017 compared to 3.7 percent in 2016 (Ghana Statistical Service, 2018).
Frankly, Ghana’s economic growth, just before the pernicious coronavirus, stood at around 8.6% from 3.4% in December 2016.
Interestingly, in the first two years of the Akufo-Addo administration, the industrial sector recorded the highest growth rate of 16.7 percent, followed by Agriculture 8.4 percent and Services 4.3 percent.
The share of services in GDP decreased from 56.8 percent in 2016 to 56.2 percent in 2017. The sector’s growth rate also decreased from 5.7 percent in 2016 to 4.3 percent in 2017 .
However, two of the service sector subsectors registered double-digit growth rates, including information and communications 13.2 percent and health and social work 14.4 percent.
The industry sector, the fastest growing sector with a GDP share of 25.5 percent, had its growth rate increasing from -0.5 percent in 2016 to 16.7 percent in 2017.
The mining and quarrying subsector recorded the highest growth of 46.7 percent in 2017.
The agricultural sector expanded from a growth rate of 3.0 percent in 2016 to 8.4 percent in 2017. However, its share in GDP decreased from 18.7 percent in 2016 to 18.3 percent. in 2017. Crops continue to be the main activity with a share of 14.2 percent of GDP.
The annual growth rate of non-oil GDP decreased from 5.0 percent in 2016 to 4.9 percent in 2017. The 2017 non-oil GDP for the industry registered a growth rate of 0.4 percent, compared to with 4.9 percent in 2016. Growth in the fourth quarter of 2017 reached 8.1 percent compared to 9.7 percent in the third quarter (GNA, 2018).
With all due respect, spare us the melodrama, because it was under the former NDC administration that Ghana suffered economic collapse.
