Akomea Blames Govít For High Unemployment

The Communications Director of the opposition New Patriotic Party (NPP), Nana Akomea has accused the National Democratic Congress (NDC) administration of failing to fulfill its promises to Ghanaians during its eight-year tenure.

Speaking to an Accra-based radio station Okay Fm yesterday, he said the NDC administration had failed to honour its pledge of fighting against bribery and corruption, improving the economy and creating jobs.

There is nothing to show except that the President has been going round commissioning schools and hospitals which were supposed to be done by District Chief Executives (DCEs), he stated.

High interest rate

He further faulted government for superintending over a high interest rate regime.

“Now if somebody wants to go for a loan to expand his business, the interest payable is 35 percent. However, economists tell us that any economy in which interest rates exceed 25 percent is not a good one. Also, a business can only reap not more than 25 percent profit for a financial year and therefore if businesses are expected to pay 35 percent as interest on loans, how would they make profit, let alone pay their staff?”

Currency depreciation

Nana Akomea said between 2009 and 2012, the cedi was GH¢1.12 to a dollar.

However, he said when the NDC came to power, the local currency depreciated to such a point that one needed GH¢4.50 to buy a dollar.

“It was only recently that it dropped. The price of the dollar has shot up by 250 percent. During President Kufuor’s tenure, the dollar only gained 53 percent appreciation over the local currency. This government came to meet oil production in commercial quantities. And revenue from the oil production since 2010 has totaled $3 billion. So with all these resources, government is saying it cannot manage the currency situation except watch it to depreciate?”

He blamed the continuous increase in the prices of items, electricity and water on the depreciation of the cedi against major foreign currencies.

Crude oil prices have been going down on the world market, but the prices of petroleum products keep rising in Ghana, he indicated.

Bribery and corruption

Nana Akomea indicated that even the President, who was supposed to guard against bribery and corruption, has reportedly been embroiled in a bribery scandal involving a Burkinabe contractor.

“If he himself has taken a Ford Explorer, then what can we say about his ministers?”

Business closure and unemployment

“A lot of businesses are closing down. For example, at the North and South Industrial Areas, most factories there have been turned into warehouses for imported biscuits and rice.

There are no jobs and clear plans to create employment for the youth of this country. So if we should weigh the President against his own pledges, you will see that he has woefully failed.”

He disclosed that government paid $100 million of the taxpayers’ money to certain people under its GYEEDA programme for no work done.

“The GYEEDA money alone could give us three of the $35 million Komenda Sugar Factory that was recently commissioned, and even the Komenda one was a loan from India.”

Global lies

He said it was untrue that global developments were taking a toll on Ghanaians.

“How can nations which claim their economies are bad give loans and grants to other countries? Even former President Nkrumah after independence came to meet $200 million in government chest but look at the number of factories he established with that… over 300 factories.”

He disclosed that the current government has received $3 billion to effect change but there is still nothing to show, adding that every year, people graduate from the universities, polytechnics and other tertiary institutions and fail to secure jobs.


The NPP, he said, came to meet a debt-to-GDP ratio  of 74 percent, hence its decision to go HIPC.

“Fortunately, we were able to slash it to 32 percent. As I speak to you now, the NDC administration has shot up the figure again to 73 percent. The NDC administration has borrowed funds totaling $18 billion in addition to what it has reaped from the commercial oil production of $3 billion. With all these resources, there are still no jobs for the youth, so what are they accounting to the people?”