As far back as June in 2016, if you wanted to import 5,000 dollars worth of goods, you needed 19,000 cedis to get 5,000 dollars
At the time, Dr. Mahamadu Bawumia and the NPP led by Akufo Addo said that was a mark of a failed government even when 1 dollar was 3.80 cedis. They preached the NPP, particularly Dr. Bawumia had what it takes to stabilise the cedi eventually and improve your life and businesses. Many people had no basis to doubt this because Dr. Bawumia by then being so eager to become Vice President and therefore Head of Ghana’s Economic Management Team, came up with a series of economic lectures all carefully aimed at convincing the Ghanaian public and the world at large that he was more than capable for the job.
Then eventually they somehow managed to win the elections and the NDC under President John Mahama graciously handed over power to them on 7th January 2017. Exactly 31 days after they did their last campaign convincing or better still deceiving the Ghanaian populace that they could do a better job.
Fast forward, here we are in June 2024; to get the same 5,000 dollars, you now need 79,500 cedis. Simply, this means that you now need an additional 60,500 cedis to add to your 19,000 in 2016 to be able to buy 5,000 dollars to import your goods.
How can paying almost 80,000 cedis to get 5,000 dollars in 2024 under NPP-led Nana Addo and Bawumia (the Economic Messiah then), who is actually the Head of the Government’s Economic Management Team (EMT) be better than paying 19,000 cedis to get the same 5,000 dollars in 2016 under NDC led by President John Dramani Mahama?
It is also imperative to note that this is happening at a time when Ghana is NOT paying its international debt because we have been declared broke and the Ghanaian economy rated as junk status Economy.
Again, it is also very important to note that, originally, the exchange rate as at June 2024 would have been 25.9 cedis to a dollar if Ghana was servicing its debt.
In addition to the galloping exchange rate, the high rate of taxes on import duty as well as other costs of doing business are issues the business community has had to battle with in order to stay in business.
Yet see Dr. Mahamadu Bawumia still going around using state resources, campaigning that he should be given the steer to drive Ghana to the promised land. If under his master Nana Addo Dankwa Akufo Addo, they promised to make Ghana paradise in the first 100 days of the coming into power and now after also 8 good years they were only able to make Ghana broke and its Economy rated as Junk Status Economy, what will happen to Ghana if we entrust into the hands of Bawumia the “Mate”? Your guess is as good as mine.
Ghana will be declared as BROKEN and its economy rated JUNK++++ STATUS Economy.
Read Also >>> Bawumia now is opposite of what we call credibility – Sammy Gyamfi
If you are an importer or a business person and you are still following Dr. Bawumia and the bunch of NPP communicators, then you simply don’t know what is good for you.
Maybe, it is simply because, in the end, it is the final consumer (the Ordinary Ghanaian) that will carry this burden; since every business exists to make profit. So eventually the cost of all these factors that goes into the pricing of goods and services will be added and passed on to the consumer. Hmmm! So sad indeed. Let’s not forget that we are all consumers. No one is an Island. We are all in this together.
