In a post on his Official Facebook page he wrote;
Response to the fallacies of the NDC on the economy.
“Though this statement is not intended to respond to the many factual inaccuracies of the NDC in their presser, it is important not to overlook them. Indeed, the sterling performance of the Nana Akufo-Addo/Bawumia government is there for all to see. The strong rebound in growth which is projected at 4.9% for 2021, is a testament to the marvellous job the NPP has done since assuming office, albeit the blips brought by COVID-19.
The fallacy of the NDC on the cedi’s strength is laughable. The pace of depreciation of the cedi against the major trading currencies during the era of the NDC were in their high twenties. Today, the cedi’s depreciation rate against the dollar has slowed to 3.63% as at the end December 2021.
The cedi in February 2020 was ranked the best performing currency in the world. This significant milestone was achieved under the NPP.
The NDC also lamented the “alarming rate of increase in world commodity prices.” Clearly, the NDC does not understand the dynamics of the international commodity market and how such developments there bodes or affect the Ghanaian economy. Few insights might help our brothers and sisters of the NDC. Global developments are often not within the control of governments.
Governments who are price-takers only mitigate the effects of external headwinds on their domestic economies. For Ghana, three commodities impact the Country: gold, oil and cocoa. Gold prices for the better part of 2021 were fairly stable, averaging US$1,790.69 per ounce.
The increases in the price of gold bode well for the economy. For crude oil, because Ghana is a net importer, developments there have a double-tail effect on the economy. Even with oil, following the initial sustained rise for most of 2021, it peaked in October 2021 and subsequently plummeted.
The development has varied implications for budget and pump prices. For cocoa, increases in the price of the beans bode well for the economy. Cocoa prices have been largely stable for 2021 with minimal swings.
The NDC’s creation of “excessive taxation” and “persistent increases in fuel prices” to a large extent exemplify their propagandist orientation. Ghanaians know that this government took down many of the nuisance taxes that the NDC introduced.
Through the digitalisation drive, the government is improving revenue mobilisation by broadening the tax base to capture those who hitherto avoided taxes. The e-levy remains the only tax government introduced in the 2022 budget. On the notion of persistent fuel price increases, it is again not grounded on data.
Industrialisation agenda of Government
Kennedy Nyarko believes that It is undeniable that the Nana Akufo-Addo government in the past 5-year have worked tirelessly to anchor economic growth and progress on local production. A comprehensive and wide-ranging Industrial Transformation Programmes geared towards making Ghana the new manufacturing hub in West Africa and Africa has been implemented.
The specific areas of this grand programme include the National Industrial Revitalisation Programme, which aims to provide a stimulus package to commercially viable but financially distressed companies.
The reversal of the benchmark values policy will be a good enabler for their further growth and the consumption of local products. In addition, the “Buy Made in Ghana” campaign will help increase local products’ consumption. The shift from importing foreign goods to local production and consumption will be good for the economy.
Currently, government institutions procure most of their vehicles from domestic carmakers or local car assembling companies. To sustain such a noble achievement, it will be policy inconsistent for the government to rebate taxes on imported cars if growing local manufacturing is government’s priority.
Conclusion
He concluded that, It is important to reiterate that the government is focused on building the Ghanaian economy, emphasising local production in line with the Ghana Beyond Aid Strategy.
In this regard, deliberate policies which encourage citizens to expand their entrepreneurial prowess will be supported. Government will grow local businesses to create jobs and accelerate our economic emancipation.
Government will choose domestication ahead of any policy dogma that increases our dependence on foreign goods. Indeed, the government is firmly convinced that our local businesses can meet domestic demand and even support other countries through the various trade pacts Ghana has signed on.
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