Bawumia and Mahama have failed; Alan is key to Ghana’s economic rescue
All too soon the country’s political landscape is turning yet another curve towards the election of the next President of the Republic of Ghana, and it is just appropriate that we take a very critical look at who is most fit to be considered as the political saviour to take the country out of the doldrums.
Glaringly, all indications point to the fact that the looming ‘bullfighting’ in the 2024 general election is going to be between the Movement for Change’s Hon. Alan Kyerematen, the National Democratic Congress’ John Mahama and the New Patriotic Party’s Dr. Mahamudu Bawumia .
So the multi-million dollar question, after an objective assessment of these three gentlemen, is: Who holds the key to our political and economic future?
Dr. Mahamudu Bawumia has plunged Ghana’s economy into a deep hole and this has resulted in the country filing for chapter 13 bankruptcy (debt reorganization). The IMF calls it Extended Credit Facility and this has resulted in domestic debt exchange, which simply means Ghana has suspended all coupon payments (interest payments to bondholders) to domestic debtors, who are mostly Ghanaians.
We are in this economic quagmire not because of the much touted COVID 19 Pandemic or the Russia-Ukraine war. The bitter truth is that we are here as a nation largely because of Dr. Mahamudu Bawumia’s super-incompetence (going by his own definition). He failed to foster in place practical, laser-focused, sustainable economic policies that would have made Ghana’s economy more resilient against external shocks. Cost of living is extremely high in Ghana today, prices of goods and services have skyrocketed, inflation is over 40%, interest rate is over 35%, unemployment rate is extremely high, the debt to the GDP ratio is currently over 80%, the cedi has depreciated by over 251% under Dr. Bawumia and the list is tall, even after he has had 8 years to transform the economy.
Countless corruption related cases have also engulfed the Bawumia/Akufo-Addo administration, including Agyapa Deal, PDS Deal and other controversial contracts.
But as if this is not enough, he now wants to become the President of Ghana as an extension of Akufo-Addo’s woeful presidency.
Ironically, former President Mahama’s record is as bad as Dr. Bawumia’s, and that resulted in Ghanaians rejecting him (Mahama) twice at the polls. But he is also vying for the presidency of Ghana, even after dozens of corruption cases had scandalized his personality and his government.
For four years under Mahama the manufacturing industry came to a halt due to what has been added to the global political lexicon as DUMSOR. The tags ‘Government Official 1’ in the Airbags scandal and ‘Papa no’ are other embarrassing names hanging on his neck due to corruption-related matters.
Currently, a number of his political appointees and cronies are serving various jail terms for causing huge financial losses to the state.
In fact, John Mahama’s recklessness and the mismanagement of Ghana’s economy led to the weakening of all the fundamentals of the economy. Eventually, Ghana had to opt for the IMF bailout.
On this background it is fair to conclude that these two individuals (Mahamudu Bawumia and John Mahama) are more of the same value and cannot be trusted when it comes to the management of Ghana’s economy.
With the economy at the crossroads, Alan is obviously key to Ghana’s economic rescue. The country needs a paradigm shift, a transformational leader, a visionary leader who has the integrity and clear transformational plan that will grow the economy to a prosperous level and to the benefit of all Ghanaians.
The leader of the Movement for Change has put forward his Great Transformational Plan (GTP) and this is similar to the model that made the American economy successful several decades ago.
Good people of Ghana, if you are looking for a new Ghana that will have a prosperous economy that translates into economic growth, low inflation, higher employment rate, stronger currency, conducive economic environment that will ensure businesses thriving, better healthcare system, superb security, strong national defense, great industrialization, then Hon. Alan Kyeremanteng and his Movement for Change are your best bet.
We need to move forward with a new transformational leader instead of going backwards with either former president Mahama or Dr. Mahamadu Bawumia. These two gentlemen are more of the same. Alan Kyeremateng is a man of integrity, and a transformational leader who can be trusted.
Let us all come together as one people created by God with a common destiny to succeed and make Alan the next President of Ghana.
Together, we can make this happen for the betterment of all Ghanaians and the future generation.
Thank you all and God bless our homeland Ghana.
Compiled by: Francis Asante (Finance lecturer USA)