President Nana Addo Dankwa Akufo-Addo, in his final State of the Nation Address, asserted that his administration was leaving behind a financially stable Ghana, citing $8 billion in gross international reserves as evidence. He explicitly refuted claims of the nation being broke, attributing such narratives to propagandists. This declaration, however, has sparked controversy, particularly from figures like Franklin Cudjoe, the founder of IMANI Africa, a prominent think tank in Ghana. Cudjoe challenges the President’s rosy portrayal of the economy, pointing to the country’s ongoing engagement with the International Monetary Fund (IMF) and the stalled National Cathedral project as indicators of a deeper financial malaise.
Cudjoe’s critique centers on the disconnect between the proclaimed financial stability and the lived realities of Ghanaian citizens. He argues that despite the purported reserves, the citizenry continues to bear the brunt of what he terms “reckless and rudderless economic management.” This mismanagement, according to Cudjoe, manifests in the form of burdensome taxes levied on a population already grappling with the high cost of living. These taxes, he contends, are used to finance extravagant government expenditures, including the upkeep of a bloated executive branch and its extensive network of associates, while the nation’s debt burden continues to escalate.
The juxtaposition of the government’s claims of financial soundness with the stark realities faced by ordinary Ghanaians forms the crux of Cudjoe’s argument. He questions the logic of asserting solvency while simultaneously seeking financial assistance from the IMF. This recourse to the IMF, a traditional lender of last resort for nations facing economic distress, inherently contradicts the narrative of a robust and stable economy. Cudjoe implies that the very act of engaging with the IMF is a tacit admission of financial vulnerability, a reality at odds with the President’s pronouncements.
Furthermore, Cudjoe highlights the stalled National Cathedral project as another indicator of the nation’s precarious financial state. The President’s ambitious project, intended to be a national symbol of faith, has faced significant funding challenges. Cudjoe insinuates that the inability to finance the cathedral, even through “surreptitious deductions from the public purse,” further exposes the fallacy of the government’s claims of financial stability. He argues that if the nation were truly as financially sound as portrayed, funding such a flagship project should not pose an insurmountable challenge.
Cudjoe’s critique extends beyond mere fiscal figures and delves into the governance issues underlying the economic challenges. He points to the “expensive government experiments” and the prioritization of the executive branch’s comfort over the welfare of the citizens. This, he suggests, reflects a skewed allocation of resources, where the needs of the ruling elite are prioritized over the broader public good. The “odious debts” accumulating under the government’s watch, as Cudjoe describes them, further compound the economic woes and cast a long shadow over the nation’s future prospects.
In essence, Cudjoe’s contention is that the President’s declaration of a non-broke Ghana is a superficial assessment that fails to capture the deeper economic realities on the ground. He argues that the reliance on IMF support, the inability to fund the National Cathedral, and the continued financial hardship experienced by ordinary Ghanaians all point to a different narrative. This narrative, as presented by Cudjoe, is one of economic mismanagement, misplaced priorities, and a disconnect between the government’s pronouncements and the lived experience of its citizens. He implies that a more transparent and accountable approach to governance is essential to address the underlying economic challenges and build a truly prosperous and equitable Ghana.
