The management of any economy comes with its challenges, but for those headwinds to be addressed, market watchers believe it would always take strategic measures and competent persons to tackle them.
Since the start of this year, Ghana has been facing some economic challenges which have resulted in credit downgrades, revenue generation constraints, labour agitations, and a tumbling currency, among others.
To address these macro-economic challenges, Ghana has now resorted to the International Monetary Fund for support, making it the 18th time once an agreement can be reached.
The Minister of Finance, Ken Ofori-Atta, recently indicated that Ghana’s chances of returning to the International Capital Market for borrowing will take about three years.
According to him, this is due to the recent negative economic downgrades from international rating agencies: Moody's, Fitch, and Standards and Poor’s, who have rated Ghana’s creditworthiness to junk status.
The development has resulted in a political and social backlash against the Akufo-Addo-Bawumia administration, which campaigned on the back of bringing sustainable economic stability to the citizens in the lead to the 2016 general elections.
During that time, the current Vice President, Dr. Mahamudu Bawumia, criticised the John Mahama administration for their lack of competence in running the economy.
In one of his many comments about the economy, he insisted that the country had money, based on the fact that he worked at the Bank of Ghana and could boldly state this.
He said the NDC under the John Dramani Mahama-led administration had run down the economy, promising a restoration under the Nana Akufo-Addo/Bawumia ticket when voted into office.
“I worked at the Bank of Ghana and so I know that Ghana is rich. It is because the managers of the economy are incompetent and so all what they think of is borrowing. The NPP if voted will harness resources to develop Ghana. I am telling you we can develop Ghana without borrowing, the money is here,” Dr Bawumia is quoted to have said during a campaign event.
It is now safe to say that his words have now come back to bite him as many citizens have been experiencing general frustration in the country in the wake of rising inflation, fuel price and tariff hikes, and high cost of living, among others.
Vice President Dr. Mahamudu Bawumia, who has been credited for being an 'economic whizkid', has now been largely criticised for playing a role in the economic downturn.
Ahead of the 2016 elections, Dr. Bawumia mounted several platforms where he chastised the then-incumbent National Democratic Congress over its handling of the economy.
Although the current Akufo-Addo administration has assured that it will address these challenges, the recent depreciation of the cedi against the US dollar, rising inflation and others paint a gloomy picture of the economy.
For now, the government has occasionally blamed external factors such as the ongoing conflict between Russia and Ukraine, and the fallout from the COVID-19 pandemic as reasons for the economic challenges.
Dr. Mahamudu Bawumia, Vice President