• Sammy Gyamfi accused President Akufo-Addo and Bawumia of engaging in “malata” economic analysis
• He said that most of the things they talk about are now worse under their tenure
• He noted that the fundamentals of the economy are weaker
Sammy Gyamfi, head of national communications for the National Democratic Congress (NDC), said that before the 2016 general election, President Nana Addo Dankwa Akufo-Addo and Vice President Dr Mahamudu Bawumia were still engaged in economic analysis “Malata” that made Ghanaians voted for them.
He said that after winning the elections in 2016 and 2020, the duo were unable to make Ghana the paradise they promised Ghanaians, but things are rather worse compared to the situation. before the 2016 elections.
Speaking on Pan-African TV, Gyamfi noted that the price of fuel which was GH ¢ 16.00 per gallon in 2016 is nearly GH ¢ 30.00 in 2021, the prices of cement, iron bars and other building materials have increased, putting a huge burden on Ghanaians.
He said there is no ambiguity in former President John Dramani Mahama’s description of the Ghanaian economy under President Nana Addo Dankwa Akufo-Addo and Dr Mahamudu Bawumia as being in shambles.
“Our debt is the worst in the history of this fourth republic, our budget deficit for the last fiscal year, 2020 is the worst in the history of this country, the cost of living is the worst ever. the price of a gallon of gasoline today, that gallon of gasoline which was sold at around 16.00 GH ¢ in 2016 is now selling for almost 30 GH ¢… Look at the exchange rate, the dollar which sold for around GH ¢ 4.00 in 2016 is now selling for over GH ¢ 6.00, ”explained Gyamfi.
He said Ghanaians would not have believed if they had been told that the cedi against the dollar would be higher than GH ¢ 6.00, but “under Dr Bawumia, the so-called ‘economic assistant’, ‘messiah economic ‘of the nuclear power plant, the dollar is more than GH 6.00… ”
He said the amount of money the government led by Akufo-Addo is spending on debt service alone is unprecedented.
“The amount of money spent on debt service alone is unprecedented. Never in the history of this country have we seen that the total revenue of a country is only consumed by two budget items; compensation and payment of interest, ”he said.
Sammy Gyamfi echoed Dr Bawumia’s famous statement “when fundamentals are weak the interest rate will expose you”, indicating that the managers of the economy have lost control, which is why the cedi is in ” free fall”.
“Today by [Dr Bawumia’s] Standard, the fundamentals are weaker than they were in 2016 because if you look at the rate of depreciation today, it’s unprecedented. Apart from the exchange rate, is the budget deficit which is a fact, 11%, unprecedented; other than that, it’s rising unemployment… it’s worse than in 2016, when they made a lot of noise about job creation.
“Apart from that, when you go to the market and engage in the economic analysis of malata that Dr Bawumia and President Akufo-Addo used to engage in in 2016 when they were in opposition , you will realize that we are in a worse situation … “, Sammy Gyamfi argued.