• He noted, the fundamentals of the economy are weaker
Sammy Gyamfi, the national communications officer of the National Democratic Congress (NDC), has said, prior to the 2016 general elections, President Nana Addo Dankwa Akufo-Addo and Vice President Dr Mahamudu Bawumia were always engaging in ‘malata’ economic analysis which made Ghanaians voted for them.
He said, after winning the elections in 2016 and in 2020, the duo have not been able to make Ghana the paradise they promised Ghanaians but rather things are worst as compared to the situation before the 2016 elections.
Speaking on Pan African TV, Gyamfi noted, the price of fuel which was GH¢16.00 per gallon in 2016 is almost GH¢30.00 in 2021, the prices of cement, iron rods and other building materials have shot up, putting a huge burden on Ghanaians.
He said, there is no ambiguity in former President, John Dramani Mahama’s description of the Ghanaian economy under President Nana Addo Dankwa Akufo-Addo and Dr Mahamudu Bawumia as being in shambles.
“Our debt position is the worst ever in the history of this fourth republic, our budget deficit for the last fiscal year, 2020 is the worst ever in the history of this country, cost of living is the worst ever. What is the price of a gallon of petrol today, that gallon of petrol which was sold at just about GH¢16.00 in 2016 is today selling at almost GH¢30…Look at the exchange rate, the dollar which was selling at about GH¢4.00 in 2016 is today selling at over GH¢6.00,” Gyamfi explained.
He indicated, Ghanaians would not have believed if they were told the cedi to the dollar will be more than GH¢6.00 but “under Dr Bawumia, the so-called ‘economic wizard’, ‘economic messiah’ of the NPP, the dollar is over GH¢6.00…”
He said the amount of money the Akufo-Addo led government is spending on debt servicing alone is unprecedented.
“The amount of money spent on debt servicing alone is unprecedented. Never in the history of this country have we seen that total revenue as a country is consumed by only two budget items; compensation and interest payment,” he said.
Sammy Gyamfi reechoed Dr Bawumia’s famous statement ‘when the fundamentals are weak, the interest rate will expose you’ indicating that, the handlers of the economy have lost control that is why the cedi is in ‘free-fall’.
“Today by [Dr Bawumia’s] standard, the fundamentals are weaker than they were in 2016 because if you look at the rate of depreciation today, it is unprecedented. Apart from the exchange rate, is the budget deficit which is a fact, 11%, unprecedented; apart from that is the rising unemployment…it is worse off than it was in 2016 when they were making a lot of noise about the creation of jobs.
“Apart from that, when you go to the market and you engage in the malata economic analysis Dr Bawumia and President Akufo-Addo used to engage in 2016 when they were in opposition, you would realize that we are worse off…,” Sammy Gyamfi argued.
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