The 2024 New Patriotic Party (NPP) running mate, Dr. Matthew Opoku Prempeh, has argued that the current economic measures being implemented by the National Democratic Congress (NDC) government are not extraordinary.
Speaking on Asempa FM’s Ekosii Sen show, Dr. Opoku Prempeh said there is “nothing miraculous” about the NDC’s approach to economic management, stressing that similar strategies were implemented under the Nana Addo Dankwa Akufo-Addo administration.
He cited the introduction of the gold-for-oil programme as a key example, noting that the policy removed dollar purchases from the Bank of Ghana and contributed to a reduction in fuel prices at the pumps.
“Under Nana Addo, we implemented a programme that allowed us to use gold to purchase oil instead of relying on dollars from the Bank of Ghana, and this led to a drop in petrol prices. So there is nothing miraculous happening under the NDC; it is not magic,” he said.
Dr. Opoku Prempeh added that a stronger cedi should naturally result in lower fuel prices, cautioning that additional levies could be concealing the real cost of petroleum products.
“If you improve the value of the dollar, you should see a corresponding reduction in pump prices. If that does not happen, then the extra levies imposed on the cedi are simply masking the true price of petrol,” he stated, adding that global crude oil prices are currently at record highs.
He further questioned what new productive initiatives the government has introduced to justify its recent economic claims.
Dr. Opoku Prempeh also alleged that some members of the current administration have raised concerns about challenges linked to the use of gold to stabilise the cedi, including difficulties in paying cocoa farmers due to reduced market value.
“What new initiatives has the government introduced? Investments in the productive sector have not been effectively executed. People within the same government are now complaining that the gold used to stabilise the cedi has created problems, leaving the government unable to pay cocoa farmers because cocoa prices have fallen,” he said.
He also expressed concern over rising electricity tariffs and warned that if the government fails to improve productivity and create jobs, Ghanaians would vote them out of office.
“Electricity tariffs are going up. If the government does not find ways to increase productivity and employment, Ghanaians will hold them accountable,” he added.
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