Tell Akufo-Addo in the face he’s a mess to feel better – Dr Adongo charges Ghanaians

Development Economist and Senior Lecturer at the University for Development Studies (UDS),  Dr Michael Ayamga Adongo has called on Ghanaians suffering economic difficulties to berate President Akufo-Addo to enable them feel some relief.

Dr Adongo asserted that the Akufo-Addo led administration has successfully destroyed businesses, collapsed the economy and compromised the future of the country by dissipating the country’s critical reserves.

According to him, while the current economic meltdown in Ghana is largely a handy work of the government due to mismanagement, the best affected Ghanaians can do is to vent their frustration at the president to feel better.

“Tell him in the face that he is the worst president Ghana has had since we returned to constitutional rule. It won’t bring your money back. It will just make you feel better,” he wrote in a facebook post seen by MyNewsGh.com.

He noted that the life investments of Ghanaians are now being targeted by the government with the introduction of a debt exchange program.

He said “We are dealing with the worst government in the history of this country. That has supervised the historic meltdown and collapse of our economy. A government that roasted the hen that laid our golden eggs(our productive sectors, local businesses, education and human capital etc), fried the few golden eggs we gathered(reserves, sovereign funds, natural resources etc) and is now hunting for bats (eating people’s lifesaving and investments)”.

Government has announced the introduction of a debt exchange program aimed at restructuring domestic debts as a pre-condition for the sealing of a deal with the International Monitory Fund.

“Under the Programme, domestic bondholders will be asked to exchange their instruments for new ones. Existing domestic bonds as of 1st December 2022 will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037. The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. Coupon payments will be semi-annual,” Finance Minister Ken Ofori Atta announced.

Meanwhile, the proposal has been heavily resisted by stakeholders including the Ghana Medical Association, Teacher Unions, Trade Union Congress amongst others who have warned against their pensions being affected by the program.