Kwesi Pratt Jnr., a seasoned Ghanaian journalist and Managing Editor of The Insight newspaper, has expressed profound bewilderment at the New Patriotic Party’s (NPP) recent pronouncements on exchange rate stability following President John Dramani Mahama’s State of the Nation Address (SONA). Pratt finds the NPP’s sudden concern about the volatility of the Ghanaian cedi, especially against the US dollar, deeply ironic and hypocritical, given the party’s own track record during its time in power. He pointedly highlights the stark contrast between the exchange rate when the NPP assumed office, approximately GH¢3.4 to $1, and the current rate, which hovers around GH¢16 to $1. This dramatic depreciation, Pratt argues, is a direct consequence of the NPP’s economic policies, making their current expressions of concern about exchange rate stability ring hollow and disingenuous.
Pratt’s incredulity stems from the NPP’s attempt to criticize the current administration’s handling of the economy, particularly regarding the exchange rate, while seemingly ignoring their own contribution to the cedi’s decline. He emphasizes the significance of this depreciation, noting that the cedi has lost substantial value under the NPP’s watch. This loss, he contends, not only undermines the purchasing power of ordinary Ghanaians but also reflects poorly on the NPP’s economic management. The sheer scale of the devaluation, from GH¢3.4 to GH¢16 per dollar, makes the NPP’s current critique of exchange rate stability seem, in Pratt’s words, “completely baffling.”
The veteran journalist’s criticism underscores a broader debate about economic policy and its impact on the lives of ordinary citizens. The exchange rate is a crucial indicator of economic health, influencing the cost of imported goods, inflation, and overall economic stability. A rapidly depreciating currency, as seen with the cedi, can erode purchasing power, making essential goods and services more expensive for consumers. This can have a cascading effect on the economy, leading to increased hardship and social unrest. Pratt’s remarks highlight the importance of holding political parties accountable for their economic policies and their impact on the well-being of the population.
Pratt’s condemnation of the NPP’s stance on exchange rate stability is not merely a critique of their economic policies but also a commentary on the political discourse surrounding economic issues. He suggests that the NPP’s criticism of the current administration is an attempt to deflect responsibility for their own economic missteps. By focusing on the current exchange rate volatility, the NPP seeks to portray themselves as champions of economic stability, despite their own contribution to the cedi’s decline. This tactic, according to Pratt, is disingenuous and undermines the credibility of the NPP’s economic pronouncements.
Furthermore, Pratt’s remarks raise questions about the broader political landscape and the tendency of political parties to engage in selective memory and partisan rhetoric. He implies that the NPP’s criticism of the current government’s economic policies is motivated more by political expediency than genuine concern for the welfare of Ghanaians. This type of political maneuvering, he suggests, obscures the real issues facing the country and prevents meaningful dialogue about solutions. By highlighting the NPP’s contradictory stance on exchange rate stability, Pratt calls for a more honest and transparent discussion about economic policy and its consequences.
In conclusion, Kwesi Pratt Jnr.’s sharp criticism of the NPP’s stance on exchange rate stability reflects a deeper concern about the state of political discourse in Ghana. He accuses the NPP of hypocrisy, highlighting the stark contrast between their current pronouncements and their own record on managing the cedi. The dramatic devaluation of the Ghanaian currency during the NPP’s tenure, he argues, undermines their credibility and exposes their criticisms of the current administration as politically motivated. Pratt’s remarks serve as a call for greater accountability and a more honest conversation about economic policy and its impact on the lives of ordinary Ghanaians. He urges a shift away from partisan rhetoric and towards a more substantive debate focused on finding real solutions to the country’s economic challenges.
