Why Should I Have Faith in Others Who Dream Up Theories After the Events? – Franklin Cudjoe Quizzes

According to an Official Facebook Post by Franklin Cudjoe on November 11, 2026, the President John Dramani Mahama-led administration deserves confidence for what he considers its record of economic recovery, fiscal discipline and efforts to reposition Ghana’s economy. In a post captioned, “Why should I have faith in others who dream up theories only after events they mostly created and could not control have passed?”, Cudjoe questioned why Ghanaians should place greater confidence in alternative economic arguments from individuals whose proposed solutions, in his view, emerged only after the country had experienced serious economic difficulties.

Cudjoe’s comments come amid the ongoing public discussion surrounding the government’s proposed New Economy programme, which President Mahama has presented as the next phase of the country’s economic transformation agenda. The programme is intended to move Ghana beyond economic stabilisation towards increased investment, industrialisation, domestic production and job creation.

The President has announced plans to mobilise approximately US$10 billion for investment in strategic sectors of the economy. The government has indicated that the programme will rely on domestic resources rather than external borrowing, with the intention of directing more investment towards productive activities capable of generating employment and strengthening the country’s economic base.

For Cudjoe, the credibility of this proposed investment programme is closely connected to what he considers the government’s achievements in managing the country’s finances. He argued that it is easier to believe a leader who promises to invest US$10 billion without resorting to external borrowing, particularly after taking steps to address the debt challenges that previously restricted Ghana’s access to international financial markets.

His reference to Ghana’s earlier economic difficulties points to the country’s debt distress, which resulted in a loss of access to international capital markets and the implementation of a comprehensive debt restructuring programme. The crisis also required Ghana to seek support from the International Monetary Fund under an Extended Credit Facility arrangement.

Cudjoe further highlighted the reported reduction in Ghana’s public debt-to-GDP ratio, describing it as evidence of exceptional fiscal discipline. He referred to a reduction from approximately 65 per cent to 45 per cent within a year and praised the economic management team for what he considers an unusually rapid turnaround.

Government figures presented in the 2026 Budget Statement show that Ghana’s public debt declined from GH¢726.7 billion, representing 61.8 per cent of GDP at the end of December 2024, to GH¢630.2 billion, equivalent to 45 per cent of GDP by October 2025. The government attributed the improvement to fiscal consolidation, prudent borrowing, liability management and the appreciation of the cedi.

The International Monetary Fund also acknowledged significant improvements in Ghana’s macroeconomic position. In its July 2026 assessment, the Fund reported that the country recorded a primary fiscal surplus of 2.1 per cent of GDP in 2025, while its debt distress risk rating was upgraded from high to moderate following progress in economic stabilisation and debt restructuring.

Cudjoe’s argument is that these developments should provide a basis for confidence in the government’s ability to pursue the New Economy agenda. Rather than accepting alternative economic proposals simply because they are presented as new solutions, he believes Ghanaians should consider the record of those making promises and the circumstances under which their economic ideas are being advanced.

His closing question is particularly pointed. By asking why he should have faith in people who develop theories after events they largely created and could not control have passed, he challenges critics and alternative economic commentators to account for their positions during the period when the country was experiencing its financial difficulties.

However, the success of the New Economy programme will ultimately depend on its implementation, the actual availability of the promised domestic financing, the effectiveness of investments and the extent to which they translate into sustainable employment and improved living conditions.

Cudjoe’s post therefore places the debate over Ghana’s economic direction within a broader discussion about credibility, accountability and the importance of judging economic leadership by measurable outcomes rather than promises alone.

Source: Official Facebook Post by Franklin Cudjoe – November 11, 2026.

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