Ghana Is “broke”: We Need A Rescue Team

Feature Article Ghana Is broke: We Need A Rescue Team
AUG 15, 2022 LISTEN

Caucus for Democratic Governance, Ghana,(CDG-GH) is convinced that Ghana is “Broke”. We are also of the view that no amount of money given to Akufo Addo`s Government can rescue the collapsed economy. The truth is that, Ghana received over three billion dollars from IMF and related financial institutions during the Covid-19 pandemic. This was the highest amount given to any country in West Africa. Besides Akufo Addo has borrowed more than any Government in the 4th Republic, and yet the economy has sank into abyss. The cedi is now the worst currency in Africa and second worst in the world.


To find the solution to our economic woes, we have to find the problem. The problem, by evidenced analysis, is bad management and incompetence, which require the President and his government to resign. How much money Ghana gets from IMF or borrows from elsewhere will neither change the economy nor the condition of the suffering people.

  1. As long as the management team is incompetent and ignorant to National and International financing ethics,
  2. as long as dishonest practices and lies erode the confidence of the people, no amount of money from IMF can rescue the economy.

We need a fresh team with innovative ideas and practical economic knowhow. Leadership and competence in economic management has nothing in common to speaking flowery English with anglomania flare ; but has more to do with vision, intelligence love for country and people, and prudent dissipation of funds. These components, sadly, are missing in Akufo Addo`s leadership.


The destructive elements :

  1. Mismanagement of economy,
  2. consistent plundering of public purse,
  3. unprecedented corruption,
  4. misplaced priorities,
  5. gross incompetence,
  6. careless misuse of taxpayers money,
  7. flights in luxury jets,
  8. inability to reduce appointees, and to reshuffle cabinet, are all signs of a collapsed economy being resuscitated in Intensive Care Unit (ICU).

In spite of ICU the arrogant and incorrigible agent of Imperialism is still digging deep in the wrong direction, playing lotto with Ghana card registration, changing National Security heads, all in an attempt at possibly rigging the 2024 elections ; oblivious of possible total destruction of Ghana and her economy.

National Debt.

Ghana is “Broke” and bankrupt with high debt distress. Life is difficult. Cost of living is high, food prices are high, reducing the quality of life. Prices of fuel, water and electricity are higher than normal. Inflation of 31.7%, is the highest inflation in Africa. The free fall of the cedi continues unabated, with 9 ghc to a dollar. Our National debt is 400 billion ghc, out of which 30 billion went into the Finance Minister`s Data Bank for negotiating the loans. It is therefore not surprising, all three International Rating Agencies have down graded Ghana`s economy for high indebtedness, corruption, lack of confidence in economy and possibly for printing fake currency notes.

Serious Reminder.

We seriously remind Government and its leadership that they should listen to the voice of the people to whom the country belongs, who voted them into power and who pays them with their taxes. These voices are asking for a change.

The voice of the people is the voice of God. The Voices are calling on Nana Addo :

  1. to stop buying the V8 salon cars, stop the building of the Cathedral, stop the luxury life style and a plethora of misplaced priority.
  2. to restore the quality of our Democracy;
  3. to restore citizen confidence;
  4. to restore investor confidence;
  5. to restore Rating Agency confidence;
  6. to restructure the economy; to reverse the Import driven economy into Productive driven economy;
  7. to restore the neutrality of the Judiciary, Police and Army;
  8. to change Economic Team and sack the Finance Minister, Ken Ofori Atta. He has no clue. He is working to fill his pocket.

The Solutions above are required to turn the economy in the right direction. Since your policies and National Plans cannot reverse the prevailing mess and destruction, we advise you to resign and give the baton to a new team.

Dr E. K. Hayford

Executive Director

Caucus for Democratic Governance



ModernGhana Links