The Convention People’s Party (CPP) has stated that the IMF and the World Bank are to be blamed for Ghana’s economic challenges. According to the CPP, successive governments since 1966 to date have allowed these international donors to dictate the policy directions of the country.

“Since 1966 to date, successive governments of Ghana allowed the World Bank, the IMF and other Western creditor nations to structure the context within which their client, Ghana, formulated her economic policy. The disaster of an economy that we have in Ghana today is as a result of the debilitating advice of the IMF and World Bank etc”.

In a press release signed by Nana Akosua Frimpomaa Sarpong Kumankuma, Chairperson & Leader of CPP, the party bemoaned the fact that successive governments have abandoned the solid foundation laid down by the Kwame Nkrumah-led CPP government.

CPP’s 7-year development plan

According to the CPP, the UP/NPP and the (P)NDC purposefully truncated the gains Ghana made under the CPP’s 7-year development plan. The statement indicates that these parties have replaced the Plan with the unbridled capitalism we see today.

“The (P)NDC and UP/NPP have together, shut down and sold off most of the productive State- Owned Enterprises in the name of ‘the private sector is the engine of growth’. In the process, the DUOPOLY has not only broken the industrial backbone of Ghana, but indeed they have also broken the spirit of the Ghanaian youth, leaving them in a state of hopelessness and gloom”.

Furthermore, the CPP indicated that the trade Liberalization and the unbridled private sector participation has “shattered our local economy”. Also, the CPP believes that liberalization has decimated local industry and the entrepreneurial spirit of Ghanaians, “leaving in its wake, a certain endemic poverty that has robbed Ghanaians of their dignity”.

“How do you practice capitalism when you have no capital??? The commanding heights of Ghana’s economy are now in the hands of foreigners whilst indigenous Ghanaians do the menial jobs”.

The CPP indicated that its industrialization agenda led to massive expansion of industry and jobs in Ghana that has never been replicated to this day.

Need to use state enterprises

Furthermore, the party argued that apart from the United States, all economies have used the state enterprises system, as a first step towards building up their economies. It cited the People’s Republic of China as one such nations that run a command economy under the Communist regime until 1986. According to the CPP, the command economy ensured that capacities in the entire productive sectors were in the hands of the state.

“It is on record that 70% of all industries in Malaysia were initially established by the State and subsequently denationalized in Private Public Partnerships”.

Meanwhile, the CPP highlighted that the citizenry is not informed enough about the implications of policies proposed by parties beyond campaign talking points. As a result, the party believes this “it is time to bring Ghanaians back to the table”.

According to the CPP, the aim of the press statement is to call “for an honest assessment of the state of affairs and debate our path forward with Experts, Policy Makers and Politicians”.