News | ‘Admit you have no answers to Ghana’s economic challenges’ – Mahama tells Akufo-Addo

‘Admit you have no answers to Ghana’s economic challenges’ – Mahama tells Akufo-Addo

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In a Facebook post, the former president said the New Patriotic Party (NPP) government must own up to its failings of the economy.

He pointed to the fast depreciating of the cedi as a clear indication of the Akufo-Addo administration’s struggles.

According to him, it’s high time the NPP government admits it has no answers to Ghana’s faltering economy and rather seek help.

John Mahama and President Akufo-Addo

“There are times when a leader or a party must admit that they do not have all the answers to the challenges facing the economy or a particular sector,” Mahama wrote.

“At such times, it does not take away from your dignity, but adds to your credibility, when you create a consultative process that forges a consensus and allows a nation to move forward.”

He added that it is in place for any government to make broad consultations, insisting he adopted such an approach while he was president.

“This administration is probably at such a decision point. The recent free fall of the cedi against all major foreign currencies, may be exposing a deeper malaise in the "fundamentals of the economy".

“It may serve Akufo-Addo/Bawumia and their economic team well to own up to their shortcomings and call a Senchi type stakeholder forum on the economy,” Mahama advised.

Read Mahama’s full post below:

There is a much hackneyed saying, "two heads are better than one".

There are times when a leader or a party must admit that they do not have all the answers to the challenges facing the economy or a particular sector. At such times, it does not take away from your dignity, but adds to your credibility, when you create a consultative process that forges a consensus and allows a nation to move forward.

I faced one such decision point as President in 2014. The 3-day Senchi Economic Forum was held in May 2014.

It was a broad consultative process and even though it was boycotted by the opposition NPP, it achieved its objective of producing the famous Senchi Report which contributed to the Homegrown Fiscal Consolidation Programme.

This Homegrown Fiscal Programme led eventually to the ECF with the International Monetary Fund (IMF) and resulted in one of the most stable periods in Ghana's economic history in 2016, with the cedi being one of the best performing African currencies.

This administration is probably at such a decision point. The recent free fall of the cedi against all major foreign currencies, may be exposing a deeper malaise in the "fundamentals of the economy".

It may serve Akufo-Addo/Bawumia and their economic team well to own up to their shortcomings and call a Senchi type stakeholder forum on the economy.

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By Kwame Ntow 15/03/2019 03:32:00