This government just doesn’t get it: Nothing is working

I am not a prophet of doom, nor am I a naysayer or a Gloomy Gus. I am not a dreamer; I am an optimistic realist. Therefore, I do not swim in the rivers of rhetoric and obnoxious political talks. Promises are the comforts of the fool; I am not a fool. The current situation in Ghana is not hopeless, but it is nearing hopelessness.

There is no single sector thriving currently, from agriculture, transportation, trade, education, energy, housing, and security to the economy. This has been exacerbated by the illegal mining (galamsey) menace, which President Nana Akufo-Addo is overlooking while his Vice President, Dr. Mahamudu Bawumia, is only focused on his campaign for the upcoming election.

Opanimu bia enni fie ha (There are no elders in this house).

This country is like a crime scene, nothing is working to the benefit of the masses except the few greedy political class in power. Yet, there is absolutely no clear plan and sustained effort to address the numerous challenges. It’s either the government is living in denial or they just don’t understand the rigors of the challenges Ghanaians are facing on a daily basis.

The President of the land, Nana Akufo-Addo, even put his presidency on the line concerning the fight against galamsey. However, today, galamsey is destroying our water bodies, forests, and available arable lands with obvious consequences for our health at a level never seen before. Still, the government is unwilling to address it due to the fear of losing votes. All we get is rhetoric and zero action because government officials are involved in this criminal and immoral act. There is absolutely no political will on the part of the government to stop the mess. When the “Disorganised Labour” threatened to embark on a nationwide strike against the galamsey menace, the President found his mojo and exerted it on them to cynically compel them to cowardly back down.

The economy has been left to deal with itself; absolutely no one is exerting any energy into addressing the economic crises that have collapsed so many indigenous businesses while foreign companies are compelled to fold up and relocate to our neighboring countries. All we hear is nothing but rhetoric. A few weeks ago, Finance Minister Dr. Mohammed Amin Adam, while in the United Kingdom, stated that the economy was getting better and that Ghanaians will “see some improvements in the days to come.” He stated that Ghana would achieve $2 billion in savings through successful negotiations with external creditors, and the effect would be felt by the business community and Ghanaians at large.

Dr. Adam further stated that the impact of this negotiation would be felt on the exchange rate, which would bring relief to businesses and traders. At the time the minister made these pronouncements, the exchange rate was USD1 to GHC14.32 and GBP1 to GHC18.43. Today, the exchange rate is USD1 to GHC17 and GBP1 to GHC21. Moreover, the national debt stock has risen from GHC600 billion to GHC742 billion and counting since the minister’s announcement in June 2024.

After all this rhetoric on the economy getting better, the figures suggest otherwise. Recently, the government has sent an offer to private banks and contractors to whom it owes about $2.8 billion for possible restructuring of the debt. In simple terms, the government is widening and continuing with its “haircut” program.

After negotiating a deal with bilateral and Eurobond holders, the government, in its desperation, has now turned its attention to private banks, suppliers, as well as local contractors. It is evident that the economy is worse than we thought, hence the government’s desire to plug any low-hanging fruit.

Turning to indigenous businesses that are already struggling is the most heartless and vicious move by any government. However, this shouldn’t surprise us because they have already done it to poor pensioners; therefore, it is to be expected.

The government claims that the negotiations with these local creditors, who form part of the country’s commercial creditors, are aimed at providing some debt relief to the country. But this is just a desperate measure necessitated by greed and incompetence on the part of this Akufo-Addo-Bawumia government. The government has also concluded negotiations with five of the seven Independent Power Producers, which will lead to a saving of some $6.6 billion over the lifetime of the Purchasing Power Agreements (PPAs).

This comes weeks after the government’s deal with Eurobond holders to restructure a $13 billion debt. The deal with holders is expected to lead to a debt cancellation of $4.7 billion and debt service relief of $4.4 billion between 2023 and 2026. It also comes months after the government formalized its agreement with bilateral creditors to restructure its $5.1 billion debt. This deal is also expected to result in debt service relief of $2.8 billion between 2023 to 2026.

Clearly, nothing is improving in this country; on the contrary, things are getting worse by the day. The government does not appreciate the gravity of the situation; they are therefore only managing the situation with propaganda. This is the perfect description of “you can engage in all the propaganda you want, but if the fundamentals are weak, the exchange rate will expose you” (Bawumia). The exchange rate is getting worse by the day, the national debt stock is ballooning, unemployment is on the rise, businesses are collapsing, our environment and forests are being destroyed, yet the government is unconcerned.