The National Democratic Congress (NDC) Minority in Parliament has called on Finance Minister Dr. Mohammed Amin Adam to issue a more comprehensive apology to Ghanaians for what they describe as the “many economic sins” committed by the Akufo-Addo/Bawumia-led NPP government.
This comes in response to the Minister’s recent apology for the Domestic Debt Exchange Programme (DDEP) during a town hall meeting in Accra on August 6, 2024.
During the meeting, Dr. Amin Adam acknowledged the economic difficulties caused by the DDEP, which has imposed severe hardships on Ghanaians, including pensioners, while simultaneously praising the programme as a necessary step for economic recovery.
However, the Minority, led by its leader, Dr. Cassiel Ato Forson, has criticized the Minister for failing to address the broader issues of economic mismanagement that have plagued the country under the current administration.
The Minority emphasized that the DDEP is just one of several problems stemming from what they describe as the government’s reckless economic policies.
They highlighted several issues, including: The collapse of indigenous Ghanaian banks, which eroded public confidence in the banking sector. The imposition of severe financial losses on Ghanaian banks and individuals, including a 37% loss on Eurobond investments due to the government’s debt default in 2022. The government’s unsustainable debt accumulation, with total public debt rising from GHS120 billion in 2017 to GHS742 billion in 2024. The deliberate printing of GHS77 billion by the Bank of Ghana to finance government expenditure, leading to high inflation and an insolvent central bank.
The Minority also pointed to other economic challenges, such as high inflation rates (peaking at 54% in 2022), skyrocketing food prices, high unemployment (with youth unemployment at 35%), and the collapse of key state-owned enterprises like COCOBOD.
They argue that these issues have contributed to unprecedented levels of poverty in Ghana, with the World Bank estimating that one-third of the population now lives in poverty.
Dr. Forson and the Minority believe that the current government is “bereft of ideas” to rectify the situation and argue that Ghanaians deserve more than just an apology—they deserve accountability for the government’s economic mismanagement.
They warn that time has run out for the Akufo-Addo/Bawumia administration to turn the economy around and insist that only genuine efforts to address these issues will suffice.
The Minority’s statement concludes by reaffirming their commitment to holding the government accountable for what they describe as its failed stewardship of Ghana’s economy.
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