What do you believe is the single most important factor driving up the cost of living in Nigeria?

Jerry J. Afolabi (PhD)

In 2019, Ghana had the world’s fastest-growing economy with projections of having double digits of growth rate, however, in 2022, prices of goods rose by 54%, the highest in two decades.

In 2023, the country which the World Bank described as a rising star, saw an unprecedented decline in economic growth characterized by unreliable power supply, skyrocketing cedi depreciation and government spending spike.

What would be your plan and policy for making Ghana self-sufficient in food production within 4years? The Climbing debt burden of Ghana has undermined the government’s ability to sustain basic services, such as healthcare and education. What will you do to sustain the rising debt of Ghana? As of May 2024, Ghana's public debt stands at GH₵658.6 billion, which represents 62.7% of the country's GDP. The external debt portion of this amount is GH₵380 billion, equivalent to 36.1% of GDP. This significant rise is partly attributed to the depreciation of the cedi against major currencies. What will your government do to reverse the cedi depreciation? How many cabinet ministers and deputies will you appoint to form your government? As of July 2024, Ghana's debt servicing costs are consuming a significant portion of its revenue. The debt service-to-revenue ratio is approximately 70%, indicating that for every Ghanaian cedi collected in revenue, 70 pesewas go towards servicing the debt. This high ratio underscores the fiscal strain on the government, limiting its capacity to fund essential public services and invest in economic development. How do you intend to deal with the debt servicing crisis of the country? Ghana’s exports have declined significantly in recent years leaving the country highly vulnerable to global shocks. How and what will you do to improve Ghana’s exports? International trade contributes about 40% to GDP. The global commodities market is very volatile, and when prices crash, so do exports, jobs and especially government foreign reserves. What will your government do to encourage local farmers to produce more cocoa, coffee, and cashews? Ghana’s energy poverty has made electricity often unreliable across the country. This impacts production, education and communication because people don’t have light to charge their mobile phones. What is your government’s plan in the short term to solve this problem? What would be your long-term plan to end this Dumsor crisis? Ghana remain a heavy import commodity-dependent economy. What will you do to reduce Ghana’s over-reliance on importation of rice, sugar and poultry products? Will your government cancel E-Levy? Will your government remove the COVID-19 Levy? How do you plan to prudently use revenue coming from our extractive sector to improve agriculture, health, education, and access to safe drinking water? What are your plans to reduce the level of poverty within the country and how do you plan to achieve this? The depreciation of the cedi has profound impacts on the Ghanaian economy. It increases the cost of imported goods, which constitute a large portion of essential commodities, thereby driving inflation. For instance, Ghana's inflation rate has been over 25%, significantly affecting the cost of living for Ghanaians. Workers face declining real wages despite nominal increases, as the value of the cedi continues to decline. What fiscal policies will you introduce to mitigate the impact on Ghanaians? How does your government plan to raise capital/revenue for all the projects and reforms you are promising Ghanaians? What measures will you take to bring inflation to a single (low) digit? As a progressive leader, transparency and good governance are key; will you as presidential candidates set a clear example in the fight against corruption by declaring your properties/total wealth before elections? Raising tax levels has not solved the revenue collection levels. Will your government and you be bold enough to lower taxes on imports, electricity and fuel? The civil service will be key to delivering your respective manifestos. How do you plan to fix current inefficiencies in the system and motivate civil service to ensure effective implementation and delivery of your policies? As the president, where do you wish to see Foreign Direct Investments (FDI) coming to Ghana from and why? How do you plan to attract FDI? Into what sectors would you like to see FDI directed? One of the biggest barriers to investment is the limited infrastructure available across the country. With unreliable electricity and an underused fibre optic network. How do you plan to provide affordable internet, especially in schools? Will your government review the debt restructuring, especially the haircut on pensioners’ investment and give back the fully invested principal of individuals within the first 90 days of your government? As of May 27, 2024, the Bank of Ghana's (BoG) Monetary Policy Committee (MPC) unanimously decided to keep the country's benchmark interest rate at 29% for the fifth consecutive month. This has elevated interest rates making borrowing expensive. What will your government do to reduce interest rates? Galamsey [Illegal Mining] has caused massive destruction of the environment, especially our water bodies. Will you prosecute people financing and doing Galamsey? The depreciation of the cedi impacts businesses reliant on imported raw materials and equipment, increasing their operational costs and often leading to higher prices for consumers.

Additionally, it makes servicing foreign debt more expensive, as more cedis would be required to meet dollar-denominated obligations. Will your government introduce any new subsidies?

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