The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, stated that President John Dramani Mahama has acknowledged the influence of external factors on Ghana’s economy.
He referred to President Mahama’s earlier speech at Harvard University, where the President recognized that the COVID-19 pandemic affected global economies, including that of Ghana. However, he noted that in Ghana’s situation, the election year expenditures in 2020 significantly increased the budget deficit to approximately 15 percent.
During an interview on Monday, Edudzi Tameklo, who is also a private legal practitioner, remarked, “A fact remains a fact; one may hold an opinion, but a fact is indisputable. As I often say, if one cannot be truthful about it, at the very least, one should be precise. President John Dramani Mahama has consistently acknowledged the impact of external factors on our economy, without question.
“This is why, even during his inaugural State of the Nation address, he clearly stated that events in China affect us; this has always been the narrative of NDC politics. Even back in 1999, it was the Finance Minister who informed us of petrol prices, and our parents would gather around the radio to hear the Finance Minister announce the petrol price.
“However, it is essential to clarify that President Mahama, during his address at Harvard University, explicitly admitted that COVID-19 indeed impacted the global economy; nevertheless, in the particular context of Ghana, the 2020 elections resulted in a budget deficit of 15 percent, the highest in all of West Africa. President Mahama then raised the question of how we ended up with a 15 percent deficit, attributing it to election-related spending.
Before Edudzi’s remarks, former Deputy Energy Minister Andrew Egyapa Mercer had advocated for a transformation in Ghana’s political landscape, where the central government is often held accountable for external circumstances.
He remembered that during the Akufo-Addo administration, the local economy was impacted by the developments of COVID and the Russian-Ukrainian war. Nevertheless, he stated that the then-opposition party, the National Democratic Congress (NDC), had persistently accused the Akufo-Addo administration of mismanagement.
Currently, he remarked, the Mahama administration seeks to convince Ghanaians that the ongoing crisis in the Middle East will have repercussions on the economy.
“We were informed that bombs being dropped 7,000 kilometres away from Ghana do not influence our economy. So, what has changed? It is unfortunate how we conduct our politics in this nation,” he expressed in an interview on Monday, March 16.
He further stated, “The government lacks control over fuel pricing. Therefore, they are unable to take any action regarding the increase in fuel prices.”
In response, Edudzi Kudzo Tameklo, Acting CEO of the National Petroleum Authority, commented, “We are still reliant on nearly 60% imports. This indicates that any external events will affect fuel pricing.”
