More Suffering To Hit Ghanaians Despite Akufo-Addo Running To lMF For Economic Bailout -North Tongu NDC Aspiring Deputy Communications Officer
An aspiring National Democratic Congress (NDC) Deputy Communications Officer for North Tongu Constituency of the Volta Region,Mr Wisdom Wilson Adzedakor, has called on Ghanaians to brace up for more economic hardship under the administration of the government of President Nana Addo Dankwa Akufo-Addo despite the President has taken decision to seek International Monetary Fund (IMF) economic bailout.
Freeman Koryekpor Awlesu Greater 
An aspiring National Democratic Congress (NDC) Deputy Communications Officer for North Tongu Constituency of the Volta Region,Mr Wisdom Wilson Adzedakor, has called on Ghanaians to brace up for more economic hardship under the administration of the government of President Nana Addo Dankwa Akufo-Addo despite the President has taken decision to seek International Monetary Fund (IMF) economic bailout.
Government is seeking support from the IMF to revive Ghana’s ailing economy, which is challenged by huge debt levels, high inflation rates and low revenue generation.
Speaking in an interview with Mafi-Adidome based Dela Radio monitored by Soireenews .com on Saturday July 18, 2022, Mr Adzedakor who doubles as the former President of the Tertiary Education Institution Network (TEIN) of the NDC in the University College of Management Studies lambasted President Akufo-Addo for seeking a economic bailout from the International Monetary Fund.
The NDC young outspoken politician argued that it was cleared that the New Patriotic Party (NPP) government under the Akufo-Addo administration has completely failed to live up to expectations to Ghanaians hence its swift moves to seek economic support from the IMF to revive Ghana’s ailing economy.
“The NPP government has failed Ghanaians,” there’s a vast difference between what compelled the former President John Dramani Mahama government to seek an IMF programme and those that pushed the Akufo-Addo government to run to the Bretton Woods institution. There are move dangers to our economy. More difficult life ahead," Mr. Adzedakor predicted.
He further predicted that there will be an increase in general goods while “the Ghanaian cedi, now trading at almost ¢6.5 to US$1, is likely to hit ¢7 before the end of the year.”
He further projected that “2022 is a year of economic misery and inflation.”
“Prices of goods to be increased by at least 30%. Fuel prices, set to go up by 18 pesewas this week, is likely to go up again on account of a weak cedi [while] interest rates [are] likely to go up again.”
“Multiplicity of taxes and Levies to take effect by the end of January 2022. Government will be borrowing heavily from the domestic market since the Euro bond market is closed to Ghana for, at least, the first half of 2022,” Mr Adzedakor stated.
Using economic indicators to support his claims that indeed there are danger to Ghana economy, Mr Adzedakor pointed out that the current debt level to the Gross Domestic Product (GDP) is now about 90%, adding that 87% of tax collected annually used to pay interests.
According to him, the inflation now reaches 30% (which I know is 50%, fuel price to grow by 30%, Ghana’s deficit at 56% is the 46th worse in Africa.
He argued that the government took only five years to get there, adding that many countries get there after more than 20years.
He stated that the cedi continues to depreciate and now close to 9 Cedis to 1 US dollar, saying that will reach over 10 before end of year."
According to him, the foreign direct investments are on their way out and withdrawing their bonds in numbers never known in Ghana, noting that GH¢ 41billion of debt to contractors are in arrears (not paid).
"As citizens seeking the recovery of this mess due mainly to corruption and poor governance (rather than the disingenuous attribution to Covid and Ukraine).
"I don’t expect any unpatriotic Ghanaian for party sake to be arguing to support the government over this failed economic venture. We need to move on. We’re in IMF. Let’s present honest data and seek the right help," Mr Adzedakor noted.
He revealed that the Nana Addo's led NPP government in the last five years borrowed US $13.5billion as compared to the former President John Dramani Mahama's US$3.5billion in eight years.
"But as we speak, most Senior High Schools in the country are without food. So what is the government doing with all the borrowed monies. US $13.5billion is without the domestic taxes and the oil revenues.
"Therefore, I'm inviting all the registered voters in the North Tongu Constituency to start looking for their voter's iD cards for safe keeping towards 7th December, 2024 general elections," he concluded.
