The prospect of Dr. Duffuor’s presidential bid; what it means for Ghana’s economy

Throughout the economic history of Ghana, the country has not had a rosy path, that notwithstanding, the economic turmoil in recent times depicts a dire crisis situation, screaming for exigent and potent recovery action in order to avert a near future crash.

President Nana Addo Dankwa Akufo-Addo and Dr. Mahamudu Bawumia despite their appetizing promises which raised the hopes of Ghanaians have performed abysmally. Obviously, there has been a huge dichotomy between what they promised Ghanaians and their performance.

The downgrading of our economy’s Long-Term Local and Foreign Currency Issuer Default Rating to junk status making the country not credit worthy by international rating agencies is a protruding testament.

Also, is the country’s public debt stock which stood at GH¢575.7 billion as at the end of November 2022 representing about 93.5% of Gross Domestic Product, according to Bank of Ghana Summary of Economic and Financial Data in January 2023.

Undeniably, every sector of Ghana’s economy is battling the heat arising from the self-inflicted economic crisis of the ruling NPP government. The unfortunate situation has resulted in the sharp U-turn to the IMF for support with its accompanying restructuring amongst them is the infamous Domestic Debts Exchange Program facing spirited protestations by labour unions, companies and individual bond holders.

This is a moment that demands coordinated, decisive, and innovative policy action from a well experienced person with proven track record.

The NDC must recognize that if there is any good time for the party to present a presidential candidate with impeccable industrial and economics background to rekindle the ever dwindling hope of Ghanaians for sustainable economic recovery, the time is now.

It is refreshingly great that in this era of economic recession, one of NDC’s astute figures who has full grasp of the subject area has declared an intention to lead the party and has shown readiness to pick nomination form to contest presidential primaries.

This is no other person than the prominent entrepreneur, Dr. Kwabena Duffuor. His desire and timing for the country’s highest seat is divine giving his relevance and competence against the current national quandary.