Dr. Samuel Ofosu Ampofo, the former National Chairman of the National Democratic Congress (NDC), has delivered a sharp critique of the current government’s economic policies, condemning them as disastrous for the Ghanaian people.
Speaking during a campaign tour in the Volta Region alongside the NDC’s vice-presidential candidate, Prof. Naana Jane Opoku-Agyemang, Dr. Ofosu Ampofo alleged that these policies, spearheaded by President Nana Akufo-Addo and Vice President Dr. Mahamudu Bawumia, have crippled various sectors of the economy, leading to widespread economic hardship.
“President Akufo-Addo has become a weapon of mass destruction,” Dr. Ofosu Ampofo stated, referring to both the president and the vice president as sources of economic policies that have led to what he described as “fatalities” in people’s livelihoods.
According to Dr. Ofosu Ampofo, the government’s banking reforms and fiscal policies have severely disrupted small businesses and the banking sector. He claimed that policies introduced by Dr. Bawumia as head of the Economic Management Team were responsible for the collapse of many indigenous banks and financial institutions.
“They have destroyed banks, community banks, and small microfinance companies,” he emphasized, adding that these financial institutions previously provided critical support to small business owners, especially women entrepreneurs and young people.
Dr. Ofosu Ampofo argued that the financial sector reform has instead led to hardship for thousands of Ghanaians who depended on the services of now-defunct financial institutions.
“They have thrown away 3,000 of the Groupe Nduom. That is why Bawumia’s economic policies are weapons of mass destruction, and we are not going to allow him to come and lie to Ghanaians again.”
Dr. Samuel Ofosu Ampofo, former National Chairman of the NDC
The former NDC chairman’s critique zeroed in on the banking sector cleanup, a reform initiative launched by the Akufo-Addo administration in 2017 aimed at addressing insolvency and regulatory violations within the banking and financial sector.
This reform led to the revocation of licenses for several banks, microfinance institutions, and savings and loans companies, which the government argued were necessary to stabilize the economy. However, this move also reportedly resulted in job losses and eroded public trust in the financial sector.
Appeal for Change in Leadership
Dr. Ofosu Ampofo emphasized that the economic policies of the ruling New Patriotic Party (NPP) have intensified hardships for the average Ghanaian, suggesting that these policies demonstrate a lack of “trustworthy leadership.”
He urged voters to consider the NDC’s economic policies, which he claims will bring relief and stability to the economy. “Election is about trust in leadership and the person we can trust to deliver on promises,” he said, adding that the NDC offers a more compassionate and sustainable economic strategy.
“Today he [Dr. Bawumia] has run from the Economic Management Team and is talking about digitization,” Dr. Ofosu Ampofo remarked.
According to him, while digitization is crucial, Dr. Bawumia cannot take full credit for it, as foundational digital infrastructure, such as the fiber optics network and Accra Digital Centre, were implemented under former President John Dramani Mahama’s administration.
Dr. Ofosu Ampofo reassured voters that an NDC government would prioritize pro-poor policies, with a focus on reviving small and medium enterprises (SMEs), creating jobs, and restoring the integrity of the financial sector.
He emphasized that the NDC is committed to tackling unemployment and alleviating the financial struggles of Ghanaians, presenting the party as a viable alternative to the current government’s economic approach.
With the election drawing closer, the NDC has intensified its campaign efforts, focusing on regions where economic hardship is particularly pronounced.
Dr. Ofosu Ampofo’s remarks come at a critical time, as the NDC seeks to consolidate support in its strongholds, including the Volta Region, while also appealing to undecided voters.
The stakes are high for both parties as Ghanaians prepare to head to the polls. For the NDC, the message is clear: they seek to position themselves as a party that will reverse the current economic difficulties and promote inclusive growth.
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