Samuel Okudzeto Ablakwa, a member of the opposition National Democratic Congress (NDC), believes that in 2023, popular resentment of Akufo-Addo would increase.
The government’s proposed debt exchange program, which has already encountered fierce opposition from a portion of the population, will exacerbate this, the lawmaker claims.
He stated in a Facebook post at the beginning of the new year that, in his opinion, this resistance will negatively impact Ghana’s IMF agreement, further exacerbating the nation’s economic problems.
“Public protests against the Akufo-Addo/Bawumia/Ofori-Atta debt swap program are expected to intensify since the vast majority of Ghanaians would flatly reject the harsh conditions, according to predictions.
The MP said, “This event will further exacerbate Ghana’s existing economic tragedy since the debt exchange resistance and major upheaval would lead to a substantial delay in an IMF Board Agreement.” After experiencing a record fall, the nation’s economy has become a hot topic of discussion during the past year.
Excruciating reports of hardship on the part of many Ghanaians accompanied the economic downturn.
Given the circumstances, the Cedi experienced an all-time low value relative to the US dollar and other major trading currencies, which increased the cost of fuel and other goods and services.
The country had to eventually knock on the doors of the International Monetary Fund for an economic bailout on July 1, 2022, despite earlier assurances that the economy would stabilize.
The decision was sharply criticized as well, with many Ghanaians accusing the NPP of applying different standards to it than it did to the NDC when it was in opposition for approaching the IMF.
A portion of the population also used social media to call for the resignation of Ken Ofori-Atta, the finance minister. The hashtag “KenMustGo” gave this more traction.
Others in the House of Representatives joined the chorus and demanded the dismissal of Mr. Ofori-Atta.
However, despite the protracted unrest, there was a little respite when the cedi began steadily increasing against the dollar in the latter months of the year. In light of this, the Institute for Energy Security (IES) also forecasted a decrease in fuel products beginning on January 1, 2023, on Sunday.
However, Mr. Ablakwa thinks that more government agitations may soon overcome Ghanaians’ momentary composure.
In the meantime, the administration has pledged that it will use every tool at its disposal to revive the economy and put it on a more favorable foundation.
Both the President’s earlier Christmas Day address and his New Year’s message to Ghanaians at the start of 2023 featured this.