Sammi Awuku, a leading member of the governing New Patriotic Party (NPP), has come forward to address concerns and criticisms surrounding Ghana’s economic performance under President Nana Akufo-Addo. In recent months, debates about the country’s economic trajectory have intensified, with opposition parties and sections of the public questioning the government’s fiscal policies and economic management. Awuku, however, insists that while challenges exist, the Akufo-Addo administration has made significant strides in stabilizing and growing the economy.
In this article, we examine Awuku’s key arguments, the economic policies implemented by the Akufo-Addo administration, and the broader economic outlook for Ghana.
Economic Achievements Under Akufo-Addo
Sammi Awuku has outlined several key economic achievements under the NPP government, arguing that despite global and domestic challenges, the administration has taken proactive measures to ensure economic growth and stability. Among the notable achievements he highlights are:
1. GDP Growth and Economic Stability
One of the major talking points in the administration’s economic record has been GDP growth. Before the global COVID-19 pandemic, Ghana’s economy was one of the fastest-growing in Africa. Between 2017 and 2019, the country experienced an average GDP growth rate of 7%, a significant improvement from previous years.
Although the pandemic and the Russia-Ukraine conflict have contributed to economic downturns, Awuku insists that the fundamentals of Ghana’s economy remain strong and that the government has implemented corrective measures to restore stability.
2. Job Creation and Industrialization
The Akufo-Addo administration launched the One District, One Factory (1D1F) initiative, aimed at industrializing the economy and creating jobs. According to government reports, over 100 factories have been established or revived under this initiative, leading to employment opportunities for thousands of Ghanaians.
Awuku argues that despite criticisms, this program has significantly contributed to reducing youth unemployment and boosting local production, thereby lessening Ghana’s dependence on imports.
3. Free Senior High School (Free SHS) Policy and Human Capital Development
Economic growth is often linked to human capital development, and one of the Akufo-Addo administration’s flagship policies has been the Free SHS program. Awuku asserts that investing in education is one of the best economic policies, as it prepares a skilled workforce for the future.
Critics have raised concerns about the sustainability of the program, but Awuku maintains that the long-term benefits far outweigh the financial costs, as Ghana will reap the rewards of a well-educated population in the coming years.
Challenges and Government Responses
Despite the administration’s achievements, Awuku acknowledges that Ghana’s economy has faced significant challenges, including rising inflation, currency depreciation, and debt accumulation. However, he emphasizes that these problems are not unique to Ghana but part of a broader global economic crisis.
1. Rising Inflation and Cost of Living
Inflation has been a major concern for Ghanaians, with food prices and the cost of living soaring in recent years. While acknowledging the hardship, Awuku highlights the government’s interventions, such as the introduction of the Gold for Oil policy, which aims to stabilize fuel prices and curb inflation.
He also notes that the government has implemented various social intervention programs, including subsidies on fertilizers for farmers and support for small businesses, to mitigate the effects of inflation on citizens.
2. Debt and IMF Bailout
Ghana’s decision to seek a bailout from the International Monetary Fund (IMF) has been a hotly debated issue. The opposition has framed it as an admission of economic failure, but Awuku argues that it is a strategic move to restore macroeconomic stability and investor confidence.
He points out that many developed and emerging economies have sought IMF support at different points in their economic history, and Ghana’s current program should be seen as a necessary step rather than a sign of mismanagement.
3. Currency Depreciation
The Ghanaian cedi has experienced depreciation against major international currencies, leading to concerns about economic stability. Awuku acknowledges the cedi’s struggles but insists that external factors, such as global economic trends and capital flight from emerging markets, have contributed to the depreciation.
The government has introduced measures such as boosting local production, strengthening export sectors, and promoting foreign direct investment to stabilize the currency in the long term.
Political Criticism and Counterarguments
Awuku has also responded to criticisms from opposition parties, particularly the National Democratic Congress (NDC), which has accused the NPP of mismanaging the economy. He argues that under the previous NDC administration, economic growth was sluggish, job creation was limited, and debt levels were also rising.
He further notes that every government faces economic challenges, but what matters is how those challenges are addressed. According to him, the Akufo-Addo administration has taken bold steps to revive the economy and ensure long-term prosperity.
Future Prospects and Government Strategy
Looking ahead, Awuku remains optimistic about Ghana’s economic future. He outlines the government’s strategy to achieve sustainable growth, which includes:
Expanding the Industrial Sector – Continuing the 1D1F initiative to create more jobs and reduce dependency on imports.
Enhancing Agriculture – Investing in modern farming techniques and irrigation systems to boost food production and stabilize food prices.
Strengthening the Digital Economy – Leveraging digitalization to improve government services, enhance tax collection, and boost economic efficiency.
Fiscal Discipline – Implementing measures to reduce wasteful government spending and improve financial accountability.
Conclusion
Sammi Awuku’s attempt to set the record straight on Ghana’s economic performance under Akufo-Addo provides a broader perspective on both achievements and challenges. While the government has made significant strides in areas such as education, job creation, and industrialization, it has also faced criticism over rising inflation, debt, and currency depreciation.
The economic outlook for Ghana remains a topic of national debate, but what is clear is that continued policy interventions and structural reforms will be necessary to navigate the country toward long-term economic stability. As the administration enters its final years, Ghanaians will closely monitor whether these policies yield the desired economic turnaround.
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