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‘In terms of managing the economy NPP has scored zero’ – Said Sinare

Alhaji Said Sinare, the National Chairman of the Zongo Caucus Working Committee of the National Democratic Congress (NDC), has criticized the government for the present economic situation in Ghana saying in terms of managing the economy NPP has zero.

The government is facing harsh criticism due to the recent economic challenges in the nation.

Despite securing a US$3 billion Extended Credit Facility from the International Monetary Fund (IMF) to improve the economy, the business community remains dissatisfied as the exchange rate continues to rise.

During the inauguration of the National Democratic Congress (NDC) Greater Accra Zongo Caucus committee, the former ambassador to Saudi Arabia condemned the ruling New Patriotic Party (NPP) for the economic downturn in Ghana.

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He strongly criticized the President Akufo-Addo-led administration, labeling it as the most insensitive and worst government to have governed Ghana.

“The NPP will go down in history as the cruelest government to have ever led Ghana, given the suffering that the citizens are enduring.”

“They have let down the people of this nation, and their economic management skills are nonexistent, which is why I believe it is time for a change,” he emphasized.

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Alhaji Senari insisted that the upcoming 2024 general elections are a must-win for the NDC and the party has to do whatever it takes to win and form the next government.

He maintained the NDC is determined to win every single Zongo community in the country on December 7, to affirm NDC’s victory.

NPP’s message from the last 4 years against the statement of Sinare which is: ‘In terms of managing the economy NPP has scored zero’

Contrary to NPP’s claim, during the first monthly media briefing of the Institute, which took place on Tuesday, February 13, 2023, focusing on the “Analysis of the Ghanaian Economy,” Dr. Frank Bannor, the Head of Research at DI, discussed the significant changes in Ghana’s credit rating in recent years.

Dr. Bannor, who is also a Senior Research and Policy Analyst at CDS, highlighted that when the NPP left office in 2008, Standard & Poor’s had given the Ghanaian economy a rating of B+ with a Stable Outlook. However, during the NDC’s administration, the credit rating dropped to B- with a Negative Outlook by April 2015.

He emphasized the crucial moment when Ghana signed up for the IMF extended credit facility during the NDC’s administration, which prevented the country from being excluded from the international bond market.

The rating experienced an improvement in November 2015, bouncing back to B- with a Stable Outlook. Dr. Bannor stressed that under the NPP’s leadership, the credit rating consistently improved, reaching B with a Stable Outlook by the end of 2019.

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However, he expressed disappointment over a decline in the rating from 2020 onwards, resulting in a CCC+ rating in 2022, making it challenging for Ghana to access credit from the international bond market, leading to the need for another IMF extended credit facility program.

Dr. Bannor demonstrated the impact on Ghana’s credit rating, pointing out that during NDC’s tenure from January 2009 to April 2016, the country regressed by 7 steps on the credit rating ladder. He emphasized that while NPP achieved an upgrade in its first term, NDC did not experience any upgrades during its 8-year tenure (2009-2016).

The Danquah Institute went beyond credit ratings to analyze key economic indicators like GDP growth, inflation, exchange rate, debt-to-GDP ratio, fiscal policy, and primary balance. According to the Institute, these indicators are crucial for fostering sustainable development.

Dr. Bannor wrapped up by reaffirming the Institute’s dedication to conducting thorough research to enhance dialogues on economic topics, with the goal of equipping interested Ghanaians with a more profound comprehension of significant economic issues.

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