Economy under Akufo-Addo in deep recession – Haruna Iddrisu

Minority Leader Haruna Iddrisu has said the economy under the Akufo-Addo administration is in deep downturn.

He said President Nana Addo Addo Dankwa Akufo-Addo failed to appreciate this when he delivered his State of the Nation Address (SoNA) in Parliament.

The President gave his last SoNA in his first term on Tuesday January 5.

Speaking to journalists after the address, the Tamale South Member of Parliament said “My only disappointment is that the president failed to share with you that the economy is in a deep recession.

“The economy, from the IMF sources, will end at a debt of 297 billion with 24billion being spent on debt service not including amortization and payment of principals.

“Probably, he doesn’t travel outside Accra lately because my mother told me that for the first time in twenty years she is buying a bag of corn over GHS200 and now even prefers to buy rice for funeral than to the traditional corn that we use. So, the president must appreciate that there is real suffering on the grounds the ordinary Ghanaians.”

President Akufo-Addo told the House that his government has stabilized the economy.

He said “Government, in four years, has recorded a number of significant milestones in our quest to formalise and modernise the Ghanaian economy. We believe it is the fairest and fastest way to achieve our goals. The National Identity Card rollout, the National Digital Property Addressing System, the interoperability of mobile money transactions, the introduction of the paperless operations at the port, e-business registration system, and access to digital financial services are all part of the drive to formalise our economy, and enhance its productivity.

“For years, there had been unhappiness and, sometimes, agitation on the subject of the geographic delineation of regions in the country. In the particular case of what was to become the Oti region, their demand for a new region stretched back to more than sixty (60) years. We decided that we needed to resolve these matters to be able to bring governance nearer to the people.

“The constitutional process for the creation of new regions was put in place, and, after the petitions and stakeholder consultations, the people in the identified areas had the opportunity to vote in historic referenda. There were overwhelming approvals for the “Yes” vote in the referenda held in forty-seven (47) districts, across four existing regions. This led to the creation of six (6) new regions, and we now have sixteen (16) instead of the ten (10) regions that existed at the start of my administration.

“Four years ago, it sounded recklessly optimistic, but Free SHS and Free TVET are now entrenched parts of our educational setup. In a few years’ time, we can guarantee that the basic education for the workforce in our country would be at the secondary level. It is a transformational step we have taken, which should quicken the pace of development all round, and give us confidence in our future.

In 2017, it appeared to some like the same old refrain when we said farmers and agriculture would get the highest priority. But we can see the difference it makes when a government treats farmers with respect, and spends resources and expertise on agriculture.

We have seen the dramatic turnaround of our agricultural fortunes, due to the progressive policies that have improved the living standards of farmers in the country. The excellently executed policy for Planting for Food and Jobs has laid the foundation for the agricultural transformation of our country. We are able to say that our country is now a net exporter of food, and we no longer have to import basic foods like plantain and tomatoes.

“Ghana rice is the preferred choice in an increasing number of our homes, as the growing, processing and packaging of rice become a more established and attractive industry. During this COVID crisis, we have, mercifully, been spared the spectre of food shortages. On the contrary, thanks to Planting for Food and Jobs, food has been in abundance in our markets across the country.

“Throughout the ages, food processing has provided the takeoff point for the industrialisation of many nations, and we are taking that lesson to heart as we pursue the goal to industrialise, modernise and create jobs for the young people of our nation.

“The One-District-One-Factory programme is part of the anchor on which we are building the comprehensive industrialization of our country. Much of the work has now been done to put in place the framework for the rapid implementation of projects. The factories, that are currently in place and in production, reflect the underlying principle of the programme, which is the equitable distribution of development projects around the country. The prospects of our becoming the automobile hub in West Africa are growing stronger every day, with the investments being made in the country by global manufacturing giants in the automobile industry.