Tag: Kojo Oppong Nkrumah

  • Minority MP praises Mahama govt’s economic management in first year  …as Felix Kwakye reviews status of the economy inherited

    Minority MP praises Mahama govt’s economic management in first year …as Felix Kwakye reviews status of the economy inherited

    Ghana’s political arena is alive with a fiery debate over economic legacy and current performance, with the ruling National Democratic Congress (NDC) and the opposition New Patriotic Party (NPP) trading accusations over who inherited the worst national balance sheet and who is proving better at fixing it.

    The exchange, which played out on a TV discussion program last week, saw NDC Minister for Communications, Felix Kwakye Ofosu, describe the current John Mahama administration as inheriting a “complete shambles” from the previous NPP government, while NPP MP Kojo Oppong Nkrumah acknowledged that the new government had “started well” on economic management, albeit with transparency concerns.

    Mahama Inherited “Worst Economic Situation in History”

    Felix Kwakye Ofosu, MP for Abura Asebu-Kwamankese, laid the blame for the nation’s fiscal woes squarely at the feet of the previous NPP administration. He argued that President Mahama assumed office under the most severe economic conditions Ghana has ever experienced.

    “So you can say that President Mahama inherited the worst possible economic situation in Ghana’s history, and that was superintended by the NPP,” Ofosu asserted.

    He pointed to the NPP government’s inability to service national debts, leading to unprecedented debt defaults between 2022 and 2023, as clear evidence of fiscal mismanagement.

    “The moment a country fails to pay its debts, you know the economy is in complete shambles. In the last 40 years or so, nothing of that sort had happened,” he added.

    Beyond the economy, Ofosu highlighted deep-rooted challenges in the energy sector, education, health, and infrastructure, stressing that any fair assessment of the current government’s performance must be contextualised by the scale of neglect it inherited.

    “Fair to Say” Government Has Started Well, But Lacks Candour

    In a rare cross-aisle acknowledgment, NPP Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, admitted that the current government has made positive strides in its first year of economic management.

    “I think it is fair to say that this government has started well on the economic management front,” the former Information Minister stated, acknowledging the importance of recognizing progress where it occurs, particularly regarding currency stability and the potential reduction in the cost of living.

    Oppong Nkrumah takes on the approach

    However, Oppong Nkrumah quickly pivoted to criticism regarding the methods used to achieve this stability, specifically concerning the cedi’s appreciation.

    He raised serious concerns about transparency, accusing government officials of initially denying the use of specific market interventions to stabilize the currency.

    “Initially, they were of the view that they should hide that fact… The president also denied it,” Oppong Nkrumah recalled. He argued that the government only admitted to the strategy after being forced to change its approach and introduce a clearer framework.

    The Sustainability Question

    For the NPP MP, while stability is welcome, the sustainability of the methods remains the crucial question. He suggested that the current administration’s ability to intervene in the market is largely due to the programmes inherited from the NPP government which helped accumulate foreign reserves and improve the balance of payments.

    “They are able to do that because they inherited a particular programme that helps with the accumulation of reserves,” he claimed.

    As 2026 begins, the political narrative remains divided. The NDC is focused on highlighting the progress made in stabilizing an economy they describe as shattered, while the NPP is focused on questioning the transparency and long-term viability of the current administration’s recovery strategy, setting the stage for continued economic debate in the years to come.

     

    By Adnan Adams Mohammed

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Ghana Cocoa export to double… as gov’t targets $4.1bn in revenue

    Ghana Cocoa export to double… as gov’t targets $4.1bn in revenue

    Adnan Adams Mohammed

     

    The government of Ghana has projected cocoa exports to double in a period of three years against the 2022 figures.

     

    Government’s spokesperson expects that, export of cocoa beans will rake in US$4.1 billion in 2025.

     

    Official figures projects an upward trend in revenue from cocoa production since 2019, hence the optimism that the industry would grow some more. Total exports from cocoa stood at US$2.21 billion in 2022, a decline from the $2.83 billion recorded in 2021.

     

    “It is estimated that the contribution of cocoa to Ghana’s Gross Domestic Product (GDP) will rise to about $4.1 billion by 2025”,  Minister of Information, Kojo Oppong Nkrumah has disclosed when he spoke at the launch of the 2023 National Chocolate Week. “On the average we’re producing about 700,000 metric tonnes of cocoa per year since 2012.”

     

    Mr. Oppong Nkrumah further indicated that revenue garnered from the cocoa sector plays a critical role in the economy by stabilising the cedi.

     

    “Cocoa is the third largest foreign earner for the country after gold and crude oil; and revenues from the industry have been on the upward trajectory since 2019. Specifically in 2019, we earned about $2.2 billion, $2.3 billion in 2020, $2.8 billion in 2021 and we’re hoping to grow some more. The cocoa industry is playing a significant role in stabilising the local currency among many other things.”

     

    The National Chocolate Day Celebration was instituted in 2005 to coincide with Valentine’s Day which falls on February 14 every year to boost the domestic consumption of Ghana’s chocolate and other cocoa-based products, promote domestic tourism and give a healthy orientation to the celebration of Valentine’s Day. Chocolate Day celebration was extended into a full week celebration dubbed Chocolate Week in 2022.

     

    Present at the launch, Deputy Chief Executive of the Ghana Cocoa Board, Emmanuel Ray Ankrah, called for a holistic approach to scrap the 35 % tax on cocoa processing companies.

     

    According to him, this is a disincentive to startups.

     

    “We have realised that some current tax regimes are affecting efforts to get more entrepreneurs into cocoa processing and value addition, especially those who are into small-scale cocoa processing. In order to overcome this challenge, we have initiated discussions at Ghana Cocoa Board with relevant state agencies to review and take a holistic approach to the tax regime that affects artisanal chocolate processors.”

     

    “This is the view of reducing the impact of tax on businesses as a way of cushioning them and make them more competitive,” he intimated.

     

    Meanwhile, the Ministry of Tourism, Arts and Culture, has pledged its continuous support to the National Chocolate Week celebration.

     

    Deputy Minister for Tourism, Arts and Culture, Mark Okraku Mantey said, “We have managed to establish a high degree association between tourism and cocoa based products, one of which is chocolate and positioned it as a veritable component of the Ghana tourism experience. The socio-economic benefits of the increased local consumption of chocolates are many and the Ministry of Tourism will continue to actively support the National Chocolate Week celebration”.

     

    This year’s National Chocolate Week celebration is themed, ‘Eat cocoa, Stay healthy and Grow Ghana’.