Mr Kyerematen has categorically rejected the claim that he bears responsibility for the economic challenges under the Nana Addo-Bawumia administration, a claim he believes is aimed at insulating Vice President Dr Mahamudu Bawumia from growing criticism.

Kyei Mensah Bonsu had attempted to shift the blame for the nation’s economic struggles by suggesting that the Cabinet Economic subcommittee, chaired by Mr Kyerematen, held more influence than Dr Bawumia’s Economic Management Team (EMT).

In a scathing rebuttal, Alan Kyerematen dismissed these assertions as a desperate attempt to distort the truth, explaining that Cabinet subcommittees, including the Economic Committee, wield no power relative to decision-making.

He further clarified that Cabinet subcommittees merely prepare proposals for the full Cabinet, where decisions are made collectively.

Mr Kyerematen highlighted key principles of governance – collective responsibility and individual accountability, arguing that it is disingenuous to hold him responsible for the failures of other government officials, including the Finance Minister.

He pointed to his successful tenure as Trade and Industry Minister, particularly the achievements of the One District, One Factory (1D1F) initiative, Business Resource Centres, the Ghana Automotive Development Industry, and the AfCFTA initiative, among others, as evidence of his competence and effectiveness.

In support of Mr Kyerematen’s assertion that Vice President Bawumia has been in charge from day one, it is important to note a previous statement made by Senior Presidential Advisor Yaw Osafo Maafo, who publicly praised Dr Bawumia for the economy’s successes during better times.

“This raises the question: if Bawumia was celebrated for his leadership when the economy was thriving, why is he now being shielded from accountability as the economic situation deteriorates? Truth be told, the presidency is made up of the President and Vice President.”

The two swear to be ultimately responsible for whatever happens in the country. Therefore, the Vice President can’t have his cake and eat it.”

Furthermore, the glaring disparity in government support between Alan Kyerematen’s 1D1F programme and Dr Bawumia’s Nation Builders Corps (NABCO) initiative brings to the fore the real power dynamics in economic management.

While the 1D1F programme, which created 170,000 permanent jobs, received only GHC 400 million, NABCO, providing 100,000 temporary jobs, was allocated nearly GHC 4 billion. This significant imbalance in resource allocation strongly suggests that Bawumia had far greater control over economic decisions than Mr Kyerematen.

Additionally, a pivotal moment in 2021 offers further evidence of Mr Kyerematen’s limited influence in economic management. When Finance Minister Ken Ofori-Atta was unavailable due to health issues, Mr Kyerematen was initially set to present the national budget.

However, due to internal party politics, the responsibility was instead given to Osei Kyei Mensah Bonsu. This incident further undermines the narrative that Mr Kyerematen held significant sway in the economic management of the Nana Addo-Bawumia administration.

The forthrightness of Alan Kyerematen’s responses during the discussion left many of the youth participants questioning the NPP’s decision to elevate Dr Bawumia, who has clearly failed in his economic management role, over a brilliant and accomplished leader like Mr Kyerematen, who has demonstrated a proven track record of success.

This growing sentiment among the youth could have significant implications for the upcoming elections, as the youth gravitate towards Mr Kyerematen’s youth-centered policy prescriptions on youth development and job creation.

Source: James Kumi-Korsah (Afrafranto Alliance)

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Speaking on Joy FM’s Newsfile, Dr Otoo emphasised the need for consistent and collaborative efforts to address the country’s deep-seated economic challenges.

Highlighting the pervasive nature of the economic crisis, Dr Otoo pointed out its impact on households and businesses.

“There is crisis in our households, there is a crisis at the production front, and businesses are not able to cope,” he stated.

He argued that the persistent economic challenges necessitate a structured and regular dialogue involving all stakeholders.

Dr Otoo proposed that a national economic forum should be held annually to dissect issues and find permanent solutions.

“At this point, we should be able to have a national economic forum not just once but every year,” he suggested.

This forum, he argued, would provide a platform for stakeholders to reach a consensus on critical issues such as the excessive importation of goods and the overly liberalised external payment regime.

He emphasised the need for a coordinated approach to these problems, criticising the current sporadic efforts.

“We need some consistency in tackling the challenges, not this offbeat one-off attempts that we do,” Dr Otoo asserted.

He also highlighted the importance of addressing the ability of individuals to transfer large sums of dollars out of Ghana, which he believes is detrimental to the economy.

Dr Otoo urged unions and civil society organizations (CSOs) to increase pressure on economic managers to adopt more effective policies.

“When our opinions are not being heeded, as unions and CSOs we need to pile pressure on the managers of the economy, not just the current managers, but successive managers as well,” he declared.

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In a recent article titled “The Imperative of Upholding Nigeria’s Telecoms Lifeline,” Ikemesit delves into the sector, emphasizing its pivotal role as both an economic engine and societal enabler. With approximately 15,000 direct employees and a significant 16% contribution to Nigeria’s GDP, the sector’s health is crucial for the nation’s well-being.

Ikemesit Effiong, Chairman of the Technology Committee of the Nigerian Bar Association Section on Business Law

Ikemesit highlights various obstacles facing the telecoms industry, including frequent fibre optic cable cuts due to road construction and vandalism, multiple taxations, and challenges in acquiring rights-of-way. These issues, compounded by exploitative rent-seeking practices, have persisted despite efforts to resolve them.

“Central to the sustenance of any industry is a conducive economic environment that allows for sustainable growth and innovation,” writes Ikemesit. However, regulatory constraints that limit tariff adjustments hinder the sector’s ability to adapt to market dynamics unlike other industries.

Recent data from the National Bureau of Statistics (NBS) indicates a rise in inflation to 33.20% in March 2024, up from 31.7% in February 2024. This poses significant challenges for businesses striving to manage staff welfare and make necessary investments amid economic strains.

The inflationary pressures have led to price increases across various sectors, including agriculture, beverages, and services. Companies such as Nigerian Breweries Plc and Netflix have adjusted prices multiple times this year to cope with rising costs.

Recently, the quality of service has become a significant concern for subscribers across the country. Available data indicate that this issue may persist for the foreseeable future. The 70% broadband penetration target set by Bosun Tijani, Nigeria’s Minister of Communication, Innovation, and Digital Economy, was severely impacted in 2023, experiencing a decline of 14.2% from a peak of 48.28% in March to 41.87% in November.

With operators reporting financial losses in 2023 and a challenging outlook for 2024, it is evident that funding will pose a significant challenge for the necessary investments needed to transform the sector.

Describing the challenges of the sector in 2023, Engr. Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), said, “ALTON’s members currently pay at least 49 different taxes and levies. Additionally, our members continue to bear the brunt of multiple taxation and coerced compliance with tax and levy demands that have no legal basis by sub-nationals. This threatens investment, sustainability, and industry growth.

“Instances include – exorbitant Right of Way fees, increases under the Finance Act 2023 (such as an upward review of Tertiary Education Trust Fund Tax from 2.5% to 3%, imposition of Value Added Tax on cell towers (Base Stations), imposition of import levy on goods, removal of capital allowance on telecommunications goods and services under Section 32 of the amended Companies Income Tax Act), amongst others.”

In the past 10 years, telcos have maintained the same charges for calls and data, despite inflation rising from 8.05% in 2014 to 33.20% in 2024, and the dollar increasing from 185 naira in 2014 to about 1,000 naira in 2024.

Considering that this sector supports Nigeria’s 221.7 million active voice subscriptions and 160.2 million data subscriptions, with immense consequential economic and social value, leaving it to resolve its challenges independently or risk collapse poses significant threats to Nigeria’s socio-economic stability. Stakeholders in the sector are urging the government to either invest in the sector as needed or adopt a cost-reflective tariff to facilitate necessary investments.

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According to him, surrounding countries failed to take the plight of their citizens resulting in the recent coup d’etats.

Speaking on JoyNews’ Upfront on February 28, he raised concerns about how the leaders had turned a blind eye to the economic challenges citizens face as though they were nonexistent.

“Let’s look at the nations that have had coup d’etat in recent times in the ECOWAS sub-region, let’s look at ourselves. We have to be frank and honest with ourselves.

“Today in Ghana, we are facing serious economic and social problems; very serious once but our governments are behaving as if there is no problem. When you look at the ordinary people in this country, how they are facing life it is hard, it is rough, but we don’t even want to accept that times are hard,” he told host, Raymond Acquah.

He further expressed disappointment in the President’s failure to address these economic issues whilst delivering his last State of the Nation Address on Tuesday.

“When my good old friend, our president spoke I was looking forward to answers to these problems that we are facing especially with food. You cannot buy local food cheaply. If at my level, I cannot buy simple food like gari, cassava, or yam cheaply then there is a problem.

“The problem is going to get even harder and when we don’t want to accept that it is going to get pretty rough, if we don’t take care, we are going to have a massive food crisis that might lead to all kinds of problems,” he added.

The former Chief of Staff acknowledged that while he may not be the wisest person on earth, he hoped that leaders would at least summon senior citizens to the table to deliberate on pertinent economic situations and find lasting solutions.

 “At the age of 80 getting to 88, I don’t have too much time to live. I don’t like the Ghana I am leaving behind. We are looking for answers to our political, and socioeconomic problems.

“We need to find a solution. The NPP, NDC thing it is not working and one must be honest about it,” he added.         

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Mr Pianim has voiced his perspective that officials from the Bank should have proactively convened meetings with members of the Finance Committee of Parliament.

He said such meetings would have facilitated a transparent discussion about the dire economic situation confronting the nation, along with presenting the outlined strategies to mitigate these challenges.

Had these discussions taken place, Mr Pianim believes that the controversies surrounding the Bank’s financial support to the government could have been avoided.

“They should have alerted the entire committee of the chair about the challenges and that we are going to print money,” Mr Pianim said in a broadcast today on TV3.

Mr. Pianim underscored that Ghana is currently grappling with a profound crisis.

“Where we are now is difficult, we have never been there before, we need to sit up now and, we are not on the road yet, we haven’t turned the corner,” he said.

This perspective contrasts with Finance Minister Ken Ofori-Atta’s statement to Parliament during the presentation of the mid-year budget review on July 31, 2023. 

Mr. Ofori-Atta contended that the government had successfully overcome economic adversities, highlighting achievements such as averting medicine and essential supply shortages, avoiding queues at fuel stations, and maintaining consistent electricity supply.

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Previously, during and even before the start of the festivities, some service providers and traders from Koforidua ply their wares in Kwahu also in the Eastern Region to cash in on the economic opportunities that always come with the celebrations. 

This can probably be linked to the current economic challenges which have negatively affected most people who are now finding it difficult to make ends meet. Prices of goods and services are so high that most of the people just cannot afford them.

For instance, local fowls currently sell between GH¢200 and GH¢250 depending on the size as compared to last year when it sold at GH¢100. 

Also, the prices of goat, sheep, turkey among others have equally hit the roof making it difficult for the ordinary person to buy.

In addition, prices of vegetables, food stuff and other ingredients needed for the preparation of food are equally high. 

Due to the hikes in prices of goods and services,  a number of people The Mirror spoke to at New Juaben South and New Juaben North municipalities revealed that celebrating Easter was the farthest from their minds.

Others even told this reporter that they were not even aware the Kwahu Easter festivities were happening this weekend.

A trader who sells vegetables at the Koforidua Agartha market, Obaa Kumi said going to Kwahu for Easter  this year was not part of her plans. Her priority was how to get money to pay for her transport fare to her home town, Akim Oda, a distance which will cost her about GHc90 for a return trip.

A hairdresser at the Koforidua central market, Linda Otubea said her business was at the verge of collapse because most of her clients had stopped visiting her salon due to the economic challenges in the country.

“As a hairdresser, I have previously done brisk business at Kwahu Easter on a number of occasions but I don’t intend to go there this year because business is slow everywhere and I am sure to operate at a loss,” she added.

On her part, a waakye seller at Koforidua, Hajia Sahadatu Zakari, who usually pitches camp at Kwahu to sell her food has also decided to let this year’s Easter celebrations at Kwahu pass. 

According to her, she does not have enough money to make the kind of waakye she usually sold in the Kwahu area.

She added that, even the high cost of transportation from Koforidua to Kwahu would not allow her make any meaningful profit.

“If I look at what I will spend to get to Kwahu and back, in addition to the high cost of ingredients to prepare my waakye, going to Kwahu for this year’s Easter festivities would rather impoverish me”, she added.