The books are not looking good, let’s limit our expectations

It is said that, to whom much is given, much is expected. This is exactly the current situation between President John Dramani Mahama and Ghanaians. The outcome of the recent election clearly suggests that, Ghanaians have an enormous confidence in the former president and the National Democratic Congress (NDC). The expectations are high, it is important for Ghanaians to realistically understand the economic mess and minimise the level of expectations.

The new President and his team have the expertise, knowledge, and experience to reset the country to the Ghana we all want. However, the incoming government is unfortunately inheriting the worse economy ever bequeathed to a new government since independence.

As a people, it is important to be realistic and limit our expectations from the incoming government, because it is inheriting the worst economy bequeathed to any new government since independence, the national debt stock is currently at GHC762 billion. The previous government has collateralised most of the country’s revenue streams for loans. They have also suspended servicing the country’s external debt since 2022, things have really gone back under the past Akufo-Addo-Bawumia administration.

The decision by President Mahama to renegotiate the International Monetary Fund (IMF) agreement is a laudable idea, it will bring some relief to the overburdened economy as a result of the mismanagement and corrupt nature of the past Akufo-Addo-Bawumia administration. To say good riddance is word undervalued.

Clearly, the task ahead the new government is a huge task as the fundamentals of economy it has inherited are extremely poor.

When Nana Addo Dankwa Akufo-Addo was sworn into office at the forecourt of the Black Star Square as the president of the republic on 7th January 2017, 1 United States Dollar (USD) was equal to GHC 4.1 and 1 Great Britain Pound Sterling (GBP) was equal GHC 5.90. The country’s Debt to Gross Domestic Product (GDP) was 54 %, the national debt stock had reached GHC 122.6 billion.

The year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 15.4% in December 2016, down by 0.1 percentage point from the 15.5% recorded in November 2016.

In December, 2024 before the Akufo-Addo-Bawumia government was shown the exit door, USD1 is equal to GHC16 whiles 1GBP is equal to GHC20.55 (this is in spite of the fact that, the government has suspended servicing its foreign debt, the situation would have been worse than it is now) inflation is 24%, and debt to GDP is 86% .

Moreover, a bag of cement was selling at GHC 20 in 2016 but GHC 110 today, a gallon of diesel was GHC 18 in 2016, today a litre is selling at GHC 16.60 therefore a gallon is GHC 61.42 (from GHC18 in 2016 to 61.42 in 2024) under the current government who claimed to be competent. Unemployment rate was 7 % in 2016, today it stands at 15%.

In view of the above economic indicators that evidently show that, the NPP have badly managed the economy from 2017 to date and are consequently bequeathed an economy in mess and without hope to the new administration it is important for Ghanaians to appreciate the scale of rot and the weak economic fundamentals President Mahama has inherited, there is therefore the need to limit our expectations whiles supporting and cooperating with the new administration to build the Ghana we all want.

Despite the obvious failure and the country’s lack of direction, these same people were shamelessly and disrespectfully shouting “breaking the eight” instead of “fixing the mess”. If they had principles, integrity and a scintilla of respect for Ghanaians, they would not have even contested the just ended 2024 elections after this obvious abysmal performance. Thank God Ghanaians did not fall for their lies, good riddance.

President Mahama and Vice President Prof. Naana Jane Opoku-Agyemang have Ghana at heart, they have the experience, knowledge and the human resources at their disposal to turn things around, but we must be patient and limit our expectations under this new era of hope and prosperity.