Akufo-Addo’s government under global economic crisis outperforms Mahama’s under local Dumsor crisis

Nana Akufo-Addo and President John Mahama

If you want to know, Turkey, one of Europe’s economic giants, now has a 79% inflation rate as a result of the war in Ukraine.

Ukraine itself now needs more than $750 billion for a national stimulus package
Even the combined net worth of the top 5 billionaires cannot reach the 750 billion US dollars that Ukraine needs for its national recovery plan following the war in the country. This is the reality and magnitude of the impact of the Russian-Ukrainian war.

Certainly, when an excellent student stumbles (NPP) due to unforeseen external circumstances beyond his control, poor students (NDC) always rejoice and laugh at the situation out of jealousy and unease.

Poor Students (NDC) went to IMF with Dumsor and without COVID-19/Russia-Ukraine war. Excellent Students (NPP) go to the same IMF due to the impact of COVID-19 and the Russian-Ukrainian war and suddenly the NDC feels vindicated for its poor show and incompetence in 2015/2016.

It is very funny for John Mahama and some NPP presidential hopefuls to conclude that Dr Bawumia, as head of the economic management team of Akufo-Addo government, failed to deliver on his promises because the government of the NPP goes to the IMF for help.

The same Dr. Bawumia as the Head of the Economic Management Team assisted the Akufo-Addo government in providing economic recovery solutions to successfully transform the negative economic narrative of Ghana left behind by John Mahama, even when the John Mahama’s administration was under IMF bailout in 2015/2016. .

Between 2017 and 2020, even during COVID-19, Dr. Mahamudu Bawumia and the economic management team were able to help the government of Akufo-Addo:
1. Reduction of the inflation rate from 15.4% in 2016 under Mahama to 10.4% at the end of 2020.

2. Reduction of the average lending rate from 32% in 2016 under Mahama to 21% in 2020.

3. Increase in Ghana’s gross international reserves from US$6.1 billion in 2016 under Mahama to US$8.6 billion in 2020.

4. Resolved Dumsor which Mahama failed to resolve in 2015/2016 even with the help of IMF bailout.

5. Bring VW, Sinotruck, Toyota and Nissan all Ghana assembly vehicles to Ghana which Mahama was unable to achieve during his days as President of Ghana.

6. Establishment of Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Tree Crop Development Authority, Ghana Integrated Aluminum Development Corporation (GIADEC), Minerals Income Investment Fund (MIIF), over 100 factories under 1 District 1 Factory, over 300 ambulances, more than 6 major exchanges, STEM educational institutions, etc. And all this did not exist under the administration of John Mahama.

It should also be stated that during the peak of the global COVID-19 pandemic without an IMF program, Dr. Bawumia and the economic management team were able to advise the government of Akufo-Addo to provide:
1. Free water for Ghanaians including John Mahama’s family, relatives and NDC members.

2. Free electricity to the homes of Ghanaians, including that of John Mahama, his relatives and NDC members.

3. Free food for Ghanaians, including starving NDC foot soldiers and comrades.

4. Free COVID-19 vaccines for Ghanaians including John Mahama’s household, relatives and NDC members.

The war in Ukraine has reverberated in all parts of the world with advanced economies such as the US, UK, Europe, Asia and African countries all suffering from the high cost of food, from rising inflation rate, high oil and gas prices, a struggling economy, poor quality of lively and slower growth, even forcing the World Bank in April 2022 to cut/cut /cut the global growth forecast for 2022 to 3.2% from the 4.1% initially forecast, citing the impact of Russia’s invasion of Ukraine on the global economy.

Russia and Ukraine are the MAJOR producers of raw materials and the war between these two countries has severely affected global supply chains, leading to soaring global prices for oil, gas, iron rods, food, especially grain/wheat for bread, thus leading to fiscal and trade expansion. deficits, financial exposures and inflationary pressures. Ukraine and Russia represent 30% of world exports.

Now John Mahama’s incompetence can NEVER be transferable to Dr Mahamudu Bawumia because the time and season in 2015/2016 that pushed John Mahama to the IMF for a bailout is NOT the same as in 2022 which forced Akufo-Addo’s government at the IMF to support its own economic program.

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