The Caucus for Democratic Governance,Ghana (CDG-GH) in a media release has expressed its disappointment over how the country's economy is performing under the NPP.

The policy think tank has challenged the Nana Addo administration to come out with soutions, urging government to  "examine the many taxes on Petroleum products".

Read full statement below

PRESS RELEASE 26th September 2018

MR PRESIDENT: WHERE ARE WE GOING (“QUO VADIS”) ?

The Caucus for Democratic Governance,Ghana (CDG-GH) is following with interest, the public outcry over issues of governance. Invariably, the fundamentals of the macroeconomic system under Dr Bawumia have badly gone wrong and are militating against economic progress. The depreciation of the cedi has crossed all limits and is driving import levels into the danger zone.

Within 21 months of Nana Addo`s Government, the cedi has lost 36% of its value. Seven Banks have collapsed and many more are showing signs of weakness. Interest rate is high and so is the default rate. While interest rate is one digit in developed countries, our interest rate in Ghana is double digit (34%). Fuel price has climbed above 5 GHC; about 40% increase since 2016. Cost of food in our markets is high; and cost of living is pushing many Ghanaians into the poverty brackets. Mr. President what has gone wrong? Don`t you have solutions?
It is important for economic advisers to know how to insulate the National Economy from International shocks and crises; Instead of complaining that increases in Petroleum prices are influenced by International factors beyond our control. First among others, you should examine the many taxes on Petroleum products. Secondly, Dr Bawumia with all respect, you ought to know, we cannot import everything we use : from toilet roll to aircrafts and expect our cedi to rise. Mr. President reduce drastically all types of imports : from “Broni wawu” (used clothes) to rice and frozen chicken and 4WD. You are the one killing our textile industries. There should be very basic education on “eat what you grow and grow what you eat”. Plan our educational curriculum to include innovations that will provoke a paradigm shift in the minds set of the people.
Instead of using UNDP funds to purchase cars for yourself, try to live within the limits of our economy. Instead of frequently increasing the prices of fuel, try to reduce the many taxes on the petroleum products which add up to 50% of what we pay. Reduce the number of Ministers and Presidential staffers. Mr. President your budget for 2018 is over 1.9 billion GHc . If you would reduce the number of Ministers and presidential staffers, the price of fuel would certainly reduce.
Mr. President, CDG-GH as a result of its research, confirms that times are hard. Seven Banks have collapsed, and many others are on the way. Several thousands have lost their jobs. 500,000 coming out of Universities, technical schools and SHS yearly have no jobs. Private companies are folding up leading to loss of jobs. Corrupt Ministers looting the taxpayers money remain comfortably at post because of your protection. Your regular flights round the world should end, since it cost the tax payer several millions of GHcs.
Dr E.K.Hayfod
Chief Convener CDG-GH
0277606338 / 0501646136