Fri, 05 Apr 2024 Feature Article

The Destructive Nature of the Elephant (NPP)

The Destructive Nature of the Elephant NPP

By Ebenezer Ato Ntarkurfah Jackson
The symbol of the National Patriotic Party (NPP), the elephant, has long been associated with strength and stability. However, upon closer examination, one realizes that the portrayal of the elephant as a noble creature is far from accurate. In reality, elephants can be destructive, leaving behind a trail of devastation in their wake. No wonder the NPP's governance in Ghana has proven to be detrimental to Ghana’s economy and society at large. This essay will delve into the destructive nature of the elephant, drawing parallels to the policies and actions of the NPP, particularly in relation to the debt restructuring deal and its implications for Ghana's youth.

Now take a look at the destructive nature of the elephant NPP. Just as an elephant wreaks havoc on its environment and causes destruction to properties, the NPP's governance has left a similar trail of ruin in Ghana. The ages of key NPP leaders, such as Nana Addo (80 years old), Ken Ofori Atta, and Dr. Bawumia (both 60+ years old), have presided over policies that have exacerbated economic challenges and hindered the progress of not only the Ghanaian youth but also brought Ghana’s economy into disaster.

Let us also look at the Bloomberg report regarding Ghana’s Debt Moratorium Until 2026. This repayment agreement established with the creditors further speaks to the disastrous nature of the elephant, NPP. Thus, the recent debt restructuring deal, heralded by Finance Minister Ken Ofori-Atta at the World Economic Forum in 2024, may appear as a temporary solution to Ghana's fiscal woes. However, a deeper analysis reveals that it is a disaster waiting to unfold, particularly for the country's youth. By pushing repayment obligations into the distant future, NPP leaders have effectively shifted the burden of debt onto future generations. The terms of the deal, extending repayments for bilateral obligations to 2039 and 2040, only serve to prolong Ghana's economic woes and stifle opportunities for growth.

As a matter of fact, the elephant NPP spearheaded by Nana Addo, Dr. Bawumia, and Ken Ofori Atta have demonstrated poor policy choices throughout their time in office. For example, the connection between the debt restructuring policy and its detrimental effects on Ghana's economy becomes evident when examining the Bank of Ghana's financial statements. The staggering loss of GHS 60 billion, with GHS 53.1 billion attributed directly to the elephant NPP's domestic debt restructuring exercise, not only further demonstrate the destructive nature of the elephant NPP but also underscores the failure of NPP's economic policies. Instead of fostering sustainable development and addressing the root causes of Ghana's debt crisis, the elephant NPP's misguided attempts to secure IMF loans have only exacerbated Ghana's financial woes, leaving Ghanaian voters burdened with an unbearable debt load.

You can clearly see that the analogy of the elephant as a destructive force aptly captures the detrimental impact of the NPP's governance on Ghana's economy and society. The debt restructuring deal, coupled with misguided policy choices, has left the country's youth facing an uncertain future burdened by debt and economic instability. There is an urgent need for change, for policies that prioritize the interests of all Ghanaians and lay the foundation for sustainable development and prosperity. It is time to reject the destructive legacy of the elephant and embrace a new vision for Ghana's future through “Building The Better Ghana We Want” under the proposed 24-hour economy policy.

Ebenezer Ato Ntarkurfah Jackson, Cornell University-Johnson School of Business, MBA Class of 2015 [email protected]