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Tag: John Kwakye

  • Ghanaian political contestants must be assessed based on UK candidate standards – Analyst

    Ghanaian political contestants must be assessed based on UK candidate standards – Analyst

    The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has advocated for Ghanaian flagbearers to be evaluated using standards akin to those applied to politicians in the United Kingdom (UK), believing this approach would enhance the expected quality.

    Referring to a recent UK report by the Constitution Unit, Dr. Kwakye highlights the public’s demand for stronger mechanisms to ensure political integrity. The report indicates widespread support for independent regulators capable of launching investigations into ministerial misconduct.

    Dr. Kwakye suggests a similar grading system for Ghanaian political contestants, underscoring the importance of transparency and accountability in governance.

    Despite observing promising policies from Ghana’s presidential candidates for the 2024 elections, Dr. Kwakye expresses skepticism about their ability to deliver on these promises.

    He questions whether proposals such as economic transformation, lean government, fiscal discipline, and natural resource ownership will materialize if the candidates are elected.

    Dr. Kwakye’s remarks on his platform reflect a cautious optimism about the candidates’ policies, juxtaposed with concerns about their implementation.

    “I am going to refocus our paradigm for natural resource management. For the most part, Ghana has not maximised the benefits of our natural resources.

    “Since the days of the Portuguese in the 15th century, gold has always been taken out of Ghana. We haven’t benefitted much from our natural resources; I am going to change that paradigm. I am going to bring a bigger focus on ownership of our natural resources. 

    “It is as if right now we don’t own our natural resources. I believe that if we do the exploration; and we are going to empower our universities and the geological service department to do the exploration, once we explore that we have seven gold belts that we haven’t yet discovered. Once we have explored and we know that the gold is here, the new policy is going be that the ownership of those resources will be one hundred per cent owned by Ghanaians,” he stated. 

  • ‘Those in charge of Ghana’s economy similar to the ones in charge of Manchester United” – John Kwakye

    ‘Those in charge of Ghana’s economy similar to the ones in charge of Manchester United” – John Kwakye

    On Monday, May 6, 2024, Crystal Palace scored four goals against its opponent, Manchester United, ending the game at 4-0. While many are disappointed in the latter’s performance, others are calling for the dismissal of the coach, Ten Hag.

    Lamenting the poor performance, the Director of Research at the Institute of Economic Affairs (IEA), John Kwakye, has drawn a striking comparison between the management of Ghana’s economy and the beleaguered football club, Manchester United.

    According to him, the managers of both the local economy and Manchester United seem clueless in addressing the problems confronting them.

    In a post on X sighted by GhanaWeb Business, the IEA boss stated, 

    “It seems to me that the managers of Ghana’s economy are like the managers of Manchester United. Both seem clueless in addressing the problems confronting them, although the solutions are far from rocket science.”


    His remark coincides with a period of significant economic challenges for the nation, marked by the departure of multinational corporations due to high taxes, a power crisis, the depreciation of the local currency (the Cedi) against major currencies, rising fuel prices and transportation fares, a high cost of living, and other issues.

    As part of efforts to address high inflation, the government announced on July 1, 2022, its intention to seek a $3 billion financial bailout program from the International Monetary Fund (IMF).

    Following this announcement, a team from the IMF visited the country from July 6 to July 13, 2022, to engage with Ghanaian authorities regarding a potential economic support program.

    In December 2022, a staff-level agreement was reached between the Government of Ghana and the IMF.

    On May 17, 2023, the IMF’s executive board approved Ghana’s $3 billion loan.

    The first installment of $600 million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

    The primary goal of the IMF program, as outlined by the government, is to restore macroeconomic stability and ensure debt sustainability, among other objectives.

  • NPP, NDC owes Ghanaians an apology for Ghana’s current sordid state – IEA Director

    NPP, NDC owes Ghanaians an apology for Ghana’s current sordid state – IEA Director

    Director of Research at the Institute of Economic Affairs (IEA),  Dr John Kwakye, has brought attention to the mismanagement of the country’s economy by the two prominent political parties over the course of the past 32 years.

    In a notable stance, Dr John Kwakye urged the presidential candidates of both the New Patriotic Party (NPP) and the National Democratic Congress (NDC) to issue apologies to the Ghanaian public for the perceived mishandling of the economy.

    Dr John Kwakye noted that the prevailing economic challenges in Ghana partly stem from the actions of the two primary political parties.

    Dr. Kwakye charged the two main flagbearers, Dr. Mahamudu Bawumia and John Dramani Mahama, to explain to the electorate the things they would do differently if given the mandate to be at the helm of affairs of the country.

    The IEA Director of Research called on voters to reject these two presidential candidates if they are unable to table the policies they have put in place to turn the economy around.

    In a post on X, Dr Kwakye said, “NPP and NDC must apologise to Ghanaians for bringing the country, once the shining star of Africa, to its current sordid state. Their presidential candidates should tell us what they are going to do differently to turn the economy around. Otherwise, they don’t deserve our mandate.”

    He added, “NPP and NDC presidential candidates must first admit their party failures in the past 32 years and tell Ghanaians what they are going to do differently to turn this country around. Otherwise, they should be rejected by the electorate.  NPP and NDC have woefully failed Ghana over the past 32 years. Their presidential candidates should openly admit the NPP and NDC failings and tell us what they are going to do differently. Otherwise, the electorate should reject them.”

    The former president, John Mahama is seeking re-election, whereas the vice president, Dr. Mahamudu Bawumia is seeking election to be the president.

  • Man U reminds me of Ghana, we have everything but can’t perform – IEA’s John Kwakye fumes

    Man U reminds me of Ghana, we have everything but can’t perform – IEA’s John Kwakye fumes

    Director of Research at the Institute of Economic Affairs, John Kwakye, drew a parallel between the Ghanaian government’s approach and the current struggles of the Premier League football club, Manchester United.

    Drawing attention to the ongoing discussions about Manchester United’s lacklustre performance, Kwakye remarked that, similarly, Ghana possesses all the necessary resources for prosperity but laments that these resources are not being effectively utilised.

    He attributed the country’s underperformance to issues of poor leadership and governance.

    John Kwakye wrote on X: “Man U reminds me of Ghana. As a country, we have abundant resources and talent. Yet we can’t perform. And it’s all because of bad leadership. The NPP and NDC are like “Konongo Kaya.” They can’t do the job, yet they won’t allow anyone else to do it. It is a hopeless situation!”

    Previously, the economist characterised the 2023 Christmas period as the most costly in Ghana’s history.

    Through a series of posts on X, where he expressed concern about the state of Ghana’s economy, Dr. Kwakye pointed to the noticeable decrease in both economic and social activities as evidence supporting his assertion.

    “When inflation skyrocketed to 54% in December 2022, it took prices to record highs. While it has decelerated since then, prices have continued to rise, though at lower rates. This Xmas will go down as the most expensive in our history! The relatively low activity is a testimony to that,” he posted.

    Acknowledging the recent economic challenges in Ghana, President Nana Addo Dankwa Akufo-Addo asserted in his 2023 Christmas message that the country is on a path to recovery, attributing this positive shift to prudent management by his government.

  • Ghana is not completely out of the woods – IEA

    Ghana is not completely out of the woods – IEA

    The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye,  has cast doubt on President Akufo-Addo’s assertion that Ghana’s economy is on the path to recovery.

     Despite the government citing indicators such as a decline in inflation as signs of recovery, Dr. Kwakye argues that the ongoing Christmas festivities reveal a different economic reality.

    In a social media post, Dr. John Kwakye, shared his honest thoughts about the current Christmas season.

    He described it as one to forget, characterized by a lack of excitement and dullness. Dr. Kwakye pointed out the financial challenges faced by many Ghanaians, emphasizing that a significant number can’t afford even a basic meal, like a chicken that costs 100gh.

    Contrary to official statements highlighting economic improvements, Dr. Kwakye questioned whether the claimed turnaround truly benefits everyone.

    He suggested that, despite reported progress, a large portion of the population continues to face economic hardships.

    “This is an Xmas to forget. Dry, dull, and boring. Millions of Ghanaians can’t afford even one decent meal as a chicken costs 100gh. Yet we are told inflation is low and the economy has turned the corner. Really? Maybe it’s turned the corner for a few but not the majority,”Dr Kwakye’s post read.

    Dr. Kwakye’s comments serve as a counterpoint to President Akufo-Addo’s 2023 Christmas message, wherein the President highlighted the recent decline in inflation, a relatively stable exchange rate, and overall economic growth as indicators of a rebound.

    President Akufo-Addo stated, “We continue to attract investments in our economy both domestic and foreign, reinforcing our position as the gateway to Africa and remaining a beacon of democracy, peace, and stability in Africa. The country is not yet completely out of the woods, but there is a growing sense of confidence that with hard work and determination, Ghana will make it, and collectively, we will secure our futures.”

  • What do you mean by “whatever it takes? – John Kwakye blast Justin over election win comments

    What do you mean by “whatever it takes? – John Kwakye blast Justin over election win comments

    Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has criticised the General Secretary of the ruling New Patriotic Party (NPP), Justin Frimpong Kodua, for a statement he made regarding the party’s intentions to secure victory in the 2024 general elections.

    He referred to this statement as using inappropriate language and encouraged Mr. Kodua to adopt a more humble tone while appealing to the electorate to support the NPP.

    John Kwakye further clarified that the NPP’s General Secretary cannot compel the Ghanaian people to vote for his party.

    In a tweet, the IEA Director of Research said, “What do you mean by “whatever it takes”? It’s bad language. Be modest and appeal to the electorate to vote for you. You can’t force them to vote for you!”

    Justin Frimpong Kodua, on October 29, 2023, indicated that the party will go to all lengths to retain power.

    He said the focus of the party was to break the eight; therefore, anything that would make the dream a reality would be done.

    Justin Kodua Frimpong made this known when he was asked if the party would consider talking to Alan Kyerematen about returning to the NPP.

    He said, “Our focus is to win the elections in 2024, and for anything that needs to be done for us to win the elections, we are all up for it.”

    In the latest development, the NPP has chosen Dr. Mahamudu Bawumia as its flagbearer for the upcoming 2024 presidential elections.

    Dr. Bawumia clinched the victory with a substantial 61.43% share of the total votes, while his closest competitor, Kennedy Agyapong, received 37.41% of the vote share.

    The remaining two contestants, Dr. Afriyie Akoto and Francis Addai Nimo, garnered a minimal 0.75% and 0.41%, respectively.

  • You cannot blame BoG for being forced into DDEP – John Kwakye

    You cannot blame BoG for being forced into DDEP – John Kwakye


    The Director of Research at the Institute of Economic Affairs (IEA), John Kwakye, says the Bank of Ghana (BoG) cannot be faulted for being forced into the government’s Domestic Debt Exchange Programme (DDEP), which resulted in the central bank’s 2022 financial loss.

    He admitted that the BoG should be blamed for over-lending to the government, but insisted that the central bank cannot be faulted for taking a “haircut.”

    The BoG recorded a staggering loss of GH60.8 billion within the 2022 fiscal year.

    The Minority in Parliament has on a number of occasions called on the Governor of the Bank of Ghana, Dr Ernest Addison, and his deputies to resign for being reckless in the management of the central bank.

    Speaking on the Point of View on Citi TV, hosted by Bernard Avle, the Director of Research at IEA, he stated, “As central bankers, financing the government’s deficit is the most inflationary thing to do. That is why the central banks set lending limits for their governments.

    “What has happened in our case [BoG] is that it looks like BoG went far beyond the sealing Act of last year’s revenue of 5%. We are told that they lent almost GH44 billion, and that is the magnitude. Once you do that, you are already getting yourself into serious trouble.”

    “BoG over-lent to the government, and then you bring in this DDEP, which qualifies us for the IMF programme, and the IMF compels BoG to be part of it. Out of the GH60.8 billion loss they have declared, GH53.1 billion is coming directly from DDEP. So the question is, will you fault them for that?

    “We can fault them for over-lending to the government; that is the problem, but why they were being forced to be part of the DDEP is also another. That one, you can’t fault them for that”.

    He further took a dig at the IMF for forcing the BoG to be part of the DDEP in order to secure the $3 billion bailout.

    “I also have a problem, why did the IMF force our central bank to be part of the DDEP? Just because they wanted us to meet the requirement for the ECF”.

    According to him, the government should rather be blamed for the loss incurred by the BoG for failing to cut down on its expenditure.

    “The blame, I think, should be at all various levels, first the government for causing all these deficits, which require some financing. We have been calling on the government to try to live within its means,”.