Ghana in Focus Special: Analysing the Legacy of Nana Akufo Addo's Presidency Part I

In this week's episode of "Ghana in Focus," we take a comprehensive and critical look at the legacy of President Nana Akufo-Addo. With elections just five months away, it's a crucial time to reflect on the socio-economic challenges that have defined his tenure since 2017.

In examining Nana Akufo-Addo's legacy, the episode provides a critical analysis of various socio-economic indices that define his leadership. Reflecting on the 2016 election, it recalls how promises of change and economic improvement led to his victory. However, the current economic landscape paints a different picture. The Ghanaian currency, the cedi, has depreciated significantly, losing a colossal 52.4% of its value in 2022 alone. This devaluation has made life increasingly difficult for Ghanaians, with the cost of living skyrocketing literally on a monthly basis.

From the soaring interest rates that have crippled local businesses to the mass exodus of Ghanaian youth in search of better opportunities abroad, this episode leaves no stone unturned. One of the major focal points of this episode is the high interest rates in Ghana, which are the highest in Africa, hovering around 40%. These exorbitant rates have far-reaching implications for businesses and individuals seeking loans. The feasibility of achieving the necessary returns to service such debts is questioned, highlighting a broader economic struggle.

The exodus of major companies from Ghana due to prohibitive business costs, such as high rent and electricity tariffs, further underscores the economic turbulence. Additionally, the government's failure to deliver on its promises of job creation has resulted in mass unemployment and subsequent migration of Ghanaian youth to North America and Europe.

This inability to foster a conducive environment for job growth in both the public and private sectors is a significant shortcoming.

The state of agriculture under Nana Akufo-Addo's administration is another critical issue discussed. The flagship "Planting for Food and Jobs" policy, despite its ambitious promises, has not yielded the expected results. Ghana continues to rely heavily on imported staples such as onions, tomatoes, corn, millet, cassava, and even yam.

The episode delves into the role of the Agricultural Development Bank, the quality of seedlings, and the contentious introduction of genetically modified seeds. High food inflation rates have severely impacted the cost of basic foodstuffs and the overall food security of the nation. The decline in the quality of the school feeding program is also addressed, exacerbating the struggle of many Ghanaians to afford three square meals a day.

The episode argues that the economic woes cannot be solely attributed to external factors like the COVID-19 pandemic and the Russia-Ukraine war. Instead, it points to reckless borrowing and mismanagement of the economy as primary causes.

Corruption is another major issue explored in this episode. Despite promises to tackle corruption, it has thrived under Nana Akufo-Addo's administration. The episode cites examples such as the scandalous Agyapa deal and the outrageous Cecilia Dapaah affair, where large sums of money were found stashed in her property. The special prosecutor, whose job is to investigate and prosecute corrupt activities, has been targeted, some say silenced by the office of the presidency. This lack of political will to root out corruption has led to a significant decline in public trust.

The episode also touches on the complex realities of Ghana's agriculture and youth economy. Despite the government's flagship policy, Planting for food and jobs, the agricultural sector is struggling. Issues with the quality of seedlings and the introduction of genetically modified seeds have not helped. The episode argues that the government's failure to provide subsidies and support to farmers has led to a food crisis, with many Ghanaians unable to afford basic foodstuffs. The decline in the school feeding program further exacerbates the problem, making it difficult for children to get decent meals.

The challenges facing Ghana's economy and governance are multifaceted. High interest rates, mass unemployment, and youth migration are significant issues that need to be addressed. The episode argues that a more stable economic environment, with lower interest rates and better job opportunities, is essential for the country's growth. Additionally, a robust agricultural policy that supports local farmers and reduces dependency on imported staples is crucial for food security.

In conclusion, this episode of "Ghana in Focus" provides a comprehensive analysis of the socio-economic challenges facing Ghana under President Nana Akufo-Addo. From high interest rates to youth migration, from crippling inflation to agricultural struggles, it highlights the pressing issues that need to be addressed. As Ghana prepares to go to the polls, it is a crucial time for reflection and action to ensure a better future for its citizens.

Listen to thge show: Ghana in Focus Special: Analysing the Legacy of Nana Akufo Addo's Presidency Part I • Ghana / Afrika in Focus (spotify.com)