Lawyer Godwin Edudzi Tamakloe has stated that Ghanaians are now bearing an unprecedented burden due to the nation’s mounting debt, with each citizen’s share rising from 3,700 Ghana cedis in 2016 to an alarming 25,000 Ghana cedis today.
Highlighting what he describes as poor economic management, he pointed to the deteriorating exchange rate as a central issue. According to him, in 2016, one million Ghana cedis could fetch about $250,000; now, the same amount only provides $70,000, drastically reducing the purchasing power for businesses.
Lawyer Tamakloe was critical of Vice President Mahamudu Bawumia, emphasizing that his tenure has not delivered promised results. Despite having promoted 33 economic policies, he argued that the only outcome has been an exchange rate of 17 Ghana cedis to the dollar. He also questioned the handling of the banking sector cleanup, where 25 billion Ghana cedis were spent to address an issue that initially required only 9 billion. He described this approach as both “clueless” and “wicked,” and expressed skepticism about the alleged necessity of these measures, suggesting the money was mismanaged.
He also challenged the government’s claims regarding “excess capacity” charges in the energy sector, accusing officials of misleading the public. He noted that while the government asserted it had spent 16 billion Ghana cedis on excess capacity, only a fraction was actually used to support operational power production. He cited a $600 million allocation to a company for fuel supply that, according to him, was unnecessary under current energy demands. Tamakloe argued that much of what was labeled as “excess capacity” was, in fact, active power generation being utilized to meet the country’s needs.
