Sensational Godpel musician Diana Asamoah has stated that those complaining about economic hardship do not know God.
According to her, she’s not experiencing any economic hardship.
Hence, there had always been hardship in the country before the New Patriotic Party took office.
“I have heard people complaining that things are hard, but I have not experienced it in my life because I rely on God,” she said.
She said people go through hardship by choice.
Ghana’s Economic Crisis
Ghana is grappling with runaway inflation as prices of basic commodities have spiralled. Government finances are also at their weakest in years. Ghana’s local currency, the cedi, is now the world worst performer against the US dollar – a signal of the depth of the country’s economic crisis.
Ghana’s economic woes continue as the country seeks International Monetary Fund (IMF) support for the 17thtime. The bailout was necessary after the new electronic transaction levy (e-levy) – a 1.5% tax on all electronic transfers above GHS100 – failed to yield the expected results.
Previous IMF programmes have improved macroeconomic stability in Ghana. Fiscal discipline in the country often depends on these programmes, as self-imposed controls are rare. Nonetheless, the solution to Ghana’s crisis lies with its government and people.
The economy has suffered significantly since early 2022, plunging the country into a full-blown economic recession. Inflation rose from 13.9% in January to 37.2% in September, and some analysts believe the actual level is more than twice the official rate – possibly as high as 98%. Petrol and diesel prices have jumped by 88.6% and 128.6% respectively. Most public transport fares have increased by over 100% since January.
Likewise, water and electricity tarrifs have risen by 27.2% and 21.6% respectively this year. According to the World Bank, Ghana has the highest food prices in sub-Saharan Africa, with prices soaring by 122% since January.
The country’s interest rate of 30% and lending rate of 35% are the highest in Africa. Bloomberg says the Ghana cedi is now the worst performing currency globally, and the IMF revised Ghana’s projected growth rate for 2022 from 5.2% to 3.2%.