DEVELOPMENT IN FREEDOM



AGENDA FOR POSITIVE CHANGE



 

MANIFESTO

OF

THE NEW PATROTIC PARTY



1 May, 2000




“[The Party’s] policy is to liberate the energies of the people for the growth of a property owning democracy in this land, with right to life, freedom and justice, as the principles to which the Government and laws of the land should be dedicated in order specifically to enrich life, property and liberty of each and every citizen”.



                                                                                                      DR. J. B. DANQUAH




CONTENTS

 

Foreword

 

Introduction                i.          The NPP

 

CHAPTER ONE

 

THE TIME FOR POSITIVE CHANGE IS NOW

 

Vote for Change, Vote for Prosperity

 

Proven Way Forward

 

Good Governance, Business Confidence and Investment

 

The Economic Tradition of the NPP

 

A Positive Partnership Between NPP Government and the Private Sector

 

CHAPTER TWO

 

2.0       THE ECONOMY:BUILDING PROSPERITY FOR ALL

 

2.1.0    Objectives of the NPP’s Program for Jobs, Economic Security and Empowerment

 

2.2.0    Our Economic Policy

 

2.2.1.0             Introduction

2.2.1.0             Justification for Re-Launching Economic Growth

2.2.3.0             Fiscal Policy

2.2.4.0             Monetary Policy

2.2.5.0             Creating an Innovative Industrial Sector

2.2.6.0             NPP’s Small Business Assistance Programme

2.2.7.0             Creation of Ghana Investment Fund

2.2.8.0             Close Partnership with Private Sector

2.2.9.0             A Trade Policy That Promotes Ghanaian Exports

2.2.10.0           Services Industries

2.2.11.0           Economic and Social Infrastructure

2.2.12.0           Agriculture

2.2.13.0           Food promotion

2.2.14.0           Cocoa Production

2.2.15.0           Job Creation and Employment

 

                                         ii

 

 

 

 

2.3.0    THE NPP’s POLICIES FOR SELECTED AREAS OF THE ECONOMY

 

2.3.1.0             Urban Renewal

2.3.2.0             Rural Regeneration

2.3.3.0             Protecting Our Coastline

2.3.4.0             Protection Against Floods in the Northern Regions

2.3.5.0             Water and electricity

2.3.6.0             Urban Water Supplies

2.3.7.0             Rural Water Supplies

2.3.8.0             Coherent Energy Policy

2.3.9.0             Gas

2.3.10.0           Petroleum

2.3.11.0           Telecommunications

2.3.12.0           Housing and Home Ownership

2.3.13.0           Tourism

2.3.14.0           Small and Medium-Scale Enterprises (SMEs) and Self-Employment

2.3.15.0           The Environment

2.3.16.0           Technological Innovation

 

CHAPTER THREE

 

  3.0    DEVELOPING AND MANAGING HUMAN RESOURCES

 

3.1.0    Developing The People To Develop Ghana

3.2.0    Manpower Development

3.3.0    Formal Education Policy

3.4.0    The NPP’s Health Policy

3.5.0    Population Policy

3.6.0    Opportunities for Women

3.7.0    Caring for Children

3.8.0    Sports

3.9.0    Culture

 

CHAPTER FOUR

 

  4.0    ENSURING FREEDOM, PEACE AND SECURITY

 

4.1.0    The State of the Nation Today

4.2.0    Creating a Viable Democracy

4.3.0    Justice and the Rule of Law

4.4.0    National Reconciliation and Unity

4.5.0    Good Governance

4.6.0    Decentralization and Local Government

4.7.0    Chieftaincy

4.8.0    The Security Services

                                                   iii

4.9.0    The Armed Forces

4.10.0  The Police Service

4.11.0  The Prisons Service

4.12.0  Freedom of Association

4.13.0  Access to Information

4.14.0  The Media

4.15.0  Workers and Unions

 

CHAPTER FIVE

 

5.0       GHANA AND THE WORLD

 

5.1.0    International Co-operation and a Just World Order

5.2.0    West Africa

5.3.0    Africa

5.4.0    People of African Descent

5.5.0    The Commonwealth

5.6.0    South-South Co-operation

5.7.0    United Nations and Other International Organizations



                                           iv

 

 

 

 

FOREWORD

 

The historical evolution of our nation over the last half-century has given rise to a political culture in which two strands of political traditions have developed, one in opposition to the other. One is the socialist tradition in which the state is considered supreme and all the individuals, groups, professional and cultural associations are subsumed and submerged under it. Indeed, the powers of the state are used to ensure that everybody – persons and associations alike – fall into line. In economic management, a major tenet of this tradition is for the state to own and control the resources and the means of production.

 

The other strand is represented by the United Party (UP) and its successor parties whose main creed has been the avowal of individual freedom in a liberal democratic state where the development of the individual and of society in a free political atmosphere, under the rule of law, are the principles of the state. Free enterprise, fundamental human rights, and a vigorous pursuit of private initiative are its abiding principles. The NPP is the direct descendent of this political tradition.

 

In recent times, the National Democratic Congress (NDC) which came into being in 1992 has attempted to project what may seem to be a third strand, making dubious claims to Nkrumaist, socialist roots upon which are superimposed elements of a pro-capitalist agenda, all in an attempt to hide the continuing basic despotism and arbitrariness of the military-led rule of the Provisional National Defence Council (PNDC). The principle of “continuity” which characterizes the NDC has indeed continued the culture of violence and of exclusion, limitations on the independence of the judiciary and limitation of open discussion and of free interaction between persons and groups holding different views. It is too clear that the ideological mind-set of the leaders of the NDC is still dominated by the violent origins of their power. Essentially therefore, the current political scene is dominated by two opposing forces: one founded on the assumption of elective democratic governance and the other whose roots lie in a revolutionary coup d’etat. As a result of these developments, and glaringly inequitable distribution of incomes, our country is today a heavily polarised society.

 

After 18 years of (P)NDC rule, the inherent contradictions, demonstrated so often by the President's own behaviour and the behaviour he has allowed people under his authority to exhibit behind the power of the gun, were dramatically demonstrated recently.  On the very day that President Rawlings was speaking to Parliament about reinforcing democracy and making amends for the offences of his "revolution," members of the military police were reported to have trailed a very prominent journalist into a deserted part of the city of Accra under the cover of darkness, abducted him at gun point and locked him up without charge in a military cell.  In a statement issued by the NDC shortly after this incident, an attempt was made to defend and justify this unlawful arrest and detention by the military police! This is the ugly under-belly of the so-called  revolution which was ostensibly staged to bring sanity and discipline into Ghanaian society!

 

Our party, the New Patriotic Party, is the successor to the UP tradition and we are proud to offer this manifesto to our people and to the world as a clear statement of our programme and the embodiment of all that our tradition stands for and successive generations of Ghanaians have believed in.



It is a distillation of our Party's philosophy - a philosophy many saw briefly in action in the

27 months of the Progress Party Government in 1969 - 72.  The citation from Dr. JB

Danquah, the illustrious founding father of our political tradition, clearly summarizes our

philosophy and serves to underline the principles and actions of statecraft which our Party will

pursue when voted into power.

 

We commend this Manifesto to you and solicit your vote to enable us carry out a fundamental

change in our society and the Ghanaian economy, a change that will be reflected in a

lowering of the intolerably high cost of living and a reduction in the depressingly high rate of

unemployment, a change that will bring jobs and a living wage for the majority of our people

and which will instil in the government and people of this nation respect for the rule of law,

for fundamental human fights and freedoms, for the independence of the judiciary, and a belief

in the ingenuity, hard work and enterprise of the individual Ghanaian.

 

Our vision of the future is one of accelerated and sustained economic growth, equal

opportunity for all, commitment to law and order, and above all a healthy, disciplined,

enlightened and caring society.

 

The policies and programmes outlined in this manifesto constitute what the NPP plans to do to move Ghana forward.  The NPP is convinced that it is possible to raise the standard of living of all our people within the next 10 years, with an assurance of vastly better wages and higher per capita incomes.  And during our first four years in office, we will make substantial progress towards the achievement of the desired results.

 

In the climate of opinion the world over, totalitarianism and the centrally planned economy are

in retreat. Liberal democracy and free enterprise are on the ascendancy. These are the values

for which our leaders fought and died.  These are the values the New Patriotic Party will

defend at all times.

 

The hour for our ideas has struck, and we invite all who share in the beliefs outlined here to

join us and vote for the NPP in the coming elections in December, 2000. Victory for the NPP

will provide the opportunity, once and for all, to resolve the deep, social and economic crises

that have continued to plague our country.

 

Your future, your children's future and the destiny of Ghana are in your hands. Act now, join

the NPP and be an instrument of change for a better and prosperous Ghana.

 

 

 

………………………                                            ………………………………      

SAMUEL ODOI-SYKES                                    JOHN AGYEKUM KUFUOR

CHAIRMAN                                                      PRESIDENTIAL CANDIDATE

 

 

DATED.....MAY, 2000

ACCRA, REPUBLIC OF GHANA

 

 

                                         

 

 

 

 

                                                   vi

                              

 

  INTRODUCTION

 

        (i) The New Patriotic Party (NPP)

 

 The New Patriotic Party is the home of all those who believe in the living philosophy of Joseph Boakye Danquah, George Paa Grant, Obetsebi Lamptey, Edward Akufo-Addo, William Ofori-Atta, Solomon Odamtten, Kofi Abrefa Busia, Kofi Amponsah Dadzie, SG Antor, JA. Braimah, Yakubu Tali (Tolon Na), REG Armattoe and others, all of blessed memory.

 

These they held and we hold to be true:

 

               -    The individual must be enabled to develop in freedom to attain the highest level,

                    which his or her talents permit.

 

               -    The provision of quality education, further training and an expanding economy

                    that creates jobs, as well as the provision of good health facilities and medical

                    care for all Ghanaians form the basis for the development of the individual and

                    the nation.

 

               -    A free enterprise economy is the surest guarantee of economic growth and

                    prosperity. Government must create the environment for business to thrive and

                    for effort and initiative to be rewarded. What a person makes legitimately must

                    never be taken away arbitrarily.

 

               -    The rights and needs of the individual are paramount as enshrined in the United

                    Nations Declaration of human Rights and the Constitution of the Fourth

                    Republic of Ghana.

 

               -    Individuals and societies make a state - states do not make individuals -

                    therefore we believe in freedom of expression and association, freedom from

                    oppression, from fear and from arbitrary arrest.

 

               -    Justice is either for all or it is for none. Every Ghanaian is entitled to the

                    protection of the law. The sovereignty of our people and state should be

                    anchored in the Rule of Law and the Independence of the Judiciary.

 

        These are the fundamental beliefs of the NPP.  They are the beliefs which inspired the

        Progress Party Government of 1969-72 and informed all the policies and programmes of that

        government. Time has vindicated these economic and social policies, the rural development

        programme and the foundations we laid for agricultural development.

 

 

                                               vii

 

 

 

 

 

 

 

The NPP is committed to a complete change from the NDC's shameful and depressing record

that has led Ghana and Ghanaians into poverty and insecurity.

 

NPP's rise to power in this country will usher in:-

 

     *     A superior management team for the economy of Ghana. Superior in terms of

           commitment, competence and moral probity.

 

     *     Effective implementation of potent policies and programmes for solving the

           eight (8) major economic problems of slow growth, high unemployment,

           incidence of rural and urban poverty, high interest rates, high inflation rate,

           excessive government debt and fiscal deficit, the ever declining value of the

           Cedi, and the narrow and unstable export base of the country.

 

     *     A central strategic policy for training, empowering and motivating each

           individual to participate fully in productive activities for ensuring prosperity to

           himself or herself and the nation.

 

     *     Jobs, jobs and jobs.

 

     *     A positive partnership between the government and the private sector for raising

           the level of business activity in the country.

 

     *     Strengthened machinery of justice, rule of law in its fullness, and the

           enforceability of contracts under conditions of fair dealing and equity.

 

     *     Business confidence. And resulting high levels of investments in the country

           by Ghanaian businessmen, foreign private investors and resourceful Ghanaians

           abroad.

 

     *     A social contract binding the government, employers and workers to balance

           productivity gains with rewards and incentives in the system: A dispensation in

           which the partners would operate as a vehicle for regular consultation - not one

           called into being merely to smother crises.

 

     *     Restoration of law and order in general, in the curbing of the progressively

           alarming crime rate and making the streets safe for our mothers, wives, sisters

           and children.

 

     NPP government will involve and lead all Ghanaians to move Ghana away from

     poverty and the associated hardships.

 

     We will seek to create a just and humane society where each is his brother's keeper.

 

     We will restore our dignity as a sovereign and prosperous nation.

 

 

                                         viii

 

 

                                              CHAPTER ONE

 

1.0    CALL FOR CHANGE

 

1.1.0  Vote For Change, Vote For Prosperity

 

1.1.1  The time has come for Ghana to break out of the suffocating cycle of poverty and

under-development.

 

       -    Every family in Ghana today is feeling the pinch.

 

       -    Fully one-third of our people are now living below the poverty line.

 

       -    Another one-third or more are bound to face the same predicament while harsh

            price increases and the fall of the Cedi remain the order of the day.

 

       -    The people want to move forward, to work hard, and catch up with the world.

            But for two decades this nation has remained trapped in economic stagnation.

 

       -    Millions of our youth are unemployed and demoralized.

 

       -    Those who can find jobs still have to contend with low salaries and wages.

 

       -    Ghanaians have had to watch helplessly while social services become ever more

            inaccessible or unaffordable.

 

       -    This country, which is blessed so generously wit natural and human resources,

            is still unable to feed itself - all because of the failed policies and confused

            leadership of the NDC government.

 

       -    For eighteen (18) years the government has called for ever-greater sacrifices

            from Ghanaians, and promised an imminent take-off into economic prosperity.

            The sacrifices have been made by the impoverished masses, with much pain and

            suffering, while their rulers threw money around in senseless high living.

            Mounting taxes and crippling charges for basic utilities and social services

            became the daily lot of Ghanaians. But the promised prosperity has not come.

 

     -     And another four (4) years of this bad government can only bring even deeper misery to

           Ghanaians and total catastrophe to the country.

 

 

1.1.2  Vital Change Required: Elect a competent Government to bring prosperity

 

       -    Prosperity will come when the people of Ghana elect a government which

            knows how to manage the nation's affairs in a way that brings prosperity. The

            present government does not know how to do it. Eighteen years of unfulfilled

            promises of an economic take-off have proved that. It is too late to believe that

            the (P)NDC will ever learn how to create prosperity for Ghanaians.

 

 

 

                                    1

 

 

       -     In this Election 2000 the opportunity has come for Ghanaians to elect an NPP

             government which will have the competence, the commitment and the vision

             to put Ghana on the path to economic prosperity.

 

 

1.2.0  Proven Way Forward

 

1.2.1 Many countries similar to Ghana have made the transition from a state of poverty to one

of modernization, high productivity, high salaries and wages, international competitiveness and

rising standards of living.  They had to change their ineffective governments and put the

leadership responsibilities into more competent and committed hands before they could achieve

prosperity.

 

1.2.2 Generally their success was built upon a framework of carefully selected pillars:

 

       (i)   The mobilization of private initiative;

 

       (ii)  The transformation of agriculture;

 

       (iii) Enhancement of productivity;

 

       (iv)  Expansion of industrial and export base;

 

       (v)   A fruitful partnership between government and the private sector; and

 

       (vi)  Prudent management of the public finances, leading to a sane economic

             environment.

 

1.3.0  Good Governance, Business Confidence And Investment

 

1,3.1 The propellant in all those cases of national economic success is sustained high capital

investment by both local and foreign entrepreneurs. And lying behind that investment is the

intangible but all-important factor of business confidence. That confidence has to be earned

by good governance, free of corruption, and by committed adherence to a mission of national

development.

 

1.3.2  Ghana's economic frustration of the last two decades is due to the fact that its

government under both the PNDC and the NDC has failed lamentably to inspire the confidence

of Ghanaians and particularly of investors.  Indeed, through its ideology of revolution, its

unpredictable and immature conduct and its managerial incompetence, the regime has done a

great deal to destroy business confidence and to alienate investment.

 

 

                                             2

 

 

 

1.3.3 In recent months, this regime has tried to embrace a model of economic take-off under

the leadership of private enterprise.  But the conversion is not deep-seated and has merely

come from expediency. Time and again, the words and actions of the governing party and its

topmost leaders have pointed the nation backwards to the bad days of revolutionary disorder,

hostility to entrepreneurial success, especially the success of fellow Ghanaians, and the

overthrow of the rule of law. These erratic swings and contradictions, have undermined many

investment proposals as well as the general confidence of entrepreneurs in the economy of

Ghana.

 

1.3.4 Starting with summary political executions and misguided assaults on the commercial

sector in 1979, and resuming with the decimation of private saving and the banking system in

1982, this (P)NDC group have continued till this day to frustrate many private entrepreneurs

who could have led Ghana into its emancipation from poverty as has been done elsewhere.

Just recently, the clumsy, petulant way in which they dealt with the crisis at Ashanti Goldfields

has once more shown that, however long it stays in power, the NDC could never lead Ghana

into economic success based on a true partnership with private enterprise.

 

1.4.0  The Economic Tradition of the NPP

 

1.4.1 In contrast to the present government, we in the NPP tradition have for generations been

steadfast advocates of the leading role of private enterprise in bringing about the transition

from poverty to prosperity. The founding fathers of the Danquah-Busia tradition held on to

their belief in a liberal economic and political order even through the heyday of economic and

political regimentation, in the face of all manner of abuse and misunderstanding.

 

1.4.2 In the brief period between 1969 and 1972 when our Party was in office, members of

the Danquah-Busia tradition demonstrated the economic efficacy, and the power for supporting

social development, that lies in a committed practice of the liberal political economy in which

we had been brought up. Ghana in that brief period under the Progress Party achieved the best

record levels of real economic growth, low inflation, high real incomes and solid international

credibility, manifested in actual inflows of private capital that have never been attained in our

nation's history.

 

1.4.3 What the NPP offers to Ghana today is the opportunity to entrust to the heirs of that

tradition the management of the nation's affairs. It is time for this country to move up to the

new levels of economic prosperity of which it is clearly capable, and to which our long-

suffering people are manifestly entitled.

 

       *    The difference that we are offering is competent management of public affairs,

            and prudent and supportive conduct in all dealings with the private sector.

 

       *    We offer the elimination of rampant corruption and the application in its stead

            of an experienced, honest leadership.

 

       *    Above all, we offer a present and historic commitment to an entreprenuer-led

            pattern of economic development.

 

                                                3

 

 

1.4.4 Ghana must leave behind revolutionary arbitrariness, and the remnants of dictatorship

which persist even in this constitutional era.  An NPP government will strengthen the

machinery of justice so as to restore in its fullness the rule of law and the enforceability of

contracts under conditions of fair dealing and equity.

 

1.5.0  A Positive Partnership between NPP Government and the Private Sector

 

1.5.1 The change to the free enterprise ideology in the mid-1980s came under pressure of the

near-total collapse of the economy. That collapse had principally resulted from the regime's

own onslaught on a system of economy that they neither loved nor understood. Since then

they have constantly made the error of confusing laissez faire with a policy of national

development led by private entrepreneurs. Under the resulting policy of passive inaction by

government in support of the local private sector much of Ghana's nascent industrial capability

has been allowed to crumble through an indiscriminate liberalization of imports.

 

1.5.2 What the NPP offers in place of the present policy of inaction is a policy of Positive

Partnership with the private sector.  Under an NPP government, the whole machinery of

government, in every department of policy, will be geared to support the efforts of individual

Ghanaians, in agriculture, industry and the services, and that of foreign investors in Ghana to

increase their production and to improve their competitiveness.

 

1.5.3 The management of economic policy by an NPP government will be done with a level

of professional competence and moral probity which the (P)NDC has never exhibited in the

last two decades and can obviously not hope to produce in the next decade. The fundamental

difference between our two parties is that the NPP CAN FIELD A SUPERIOR

MANAGEMENT TEAM FOR THE ECONOMY OF GHANA.

 

1.5.4 Ghanaians know day by day, in their own lives, the economic consequences of NDC

economic management. Election 2000 is our best opportunity to pick a better team for the race

towards Ghana's emancipation from poverty and distress.

 

1.5.5  We must cast our votes for change:

 

·        change in economic policy and management;

 

·        change towards a Positive Partnership between public authorities and private

      industry to bring prosperity to Ghana and Ghanaians;

 

·        change that replaces an un-trusted, unsteady political leadership with a

        leadership steadfast in its commitment to efficiency, probity and accountability.

 

·        change from laissez faire to an organised pursuit of economic prosperity

        through a focussed orientation of government policy.

 

This is a call for positive change. And the time for the call is NOW.

 

 

                                           4

 

 

 

                              CHAPTER TWO

 

2.0   THE ECONOMY: BUILDING PROSPERITY FOR ALL

 

21.0 OBJECTIVES OF THE NPP'S ECONOMIC PROGRAMME

        FOR JOBS, ECONOMIC SECURITY AND EMPOWERMENT

 

2.1.1 Pursuant to our determination to establish here in Ghana a sound and healthy economy

that shall guarantee to every citizen, without any discrimination whatsoever, access to

education, adequate means of livelihood, suitable employment. meaningful access to health

care facilities and public assistance to the needy, and in affirmation of our support for private

enterprise and individual initiatives for self-improvement and economic security, the NP!' will

pursue a Twelve-Point Economic Program dedicated to CREATE WEALTH for the people,

to provide jobs and economic security and empower the Ghanaian people to take their destiny

into their own bands. Our CREATE WEALTH PROGRAM aims to:

 

 

      1. Create                jobs for all persons able and willing to work and to reward each

                                    of them appropriately

 

      2.   Reduce            the tax burden especially on workers and pensioners, and on the

                                    poor; reduce inflation and stabilize the exchange rate.

 

      3    Empower           all Ghanaians, especially our women and youth, by supporting

                                      their entrepreneurial initiatives;

 

      4.   Accelerate         economic growth and development of Ghana in order to enhance

                                    opportunities and raise the standard of living for all Ghanaians;

 

      5.   Take             all the appropriate measures to promote industry and agriculture

                                 by strengthening and promoting Ghanaian entrepreneurship in

                                 order to ensure that Ghanaians take hold of their own destiny

                                 and that economic growth benefits the Ghanaian people.

 

      6.   Ensure         access to health care and quality education for all and in

                                particular promote scientific and technological advancement in

                               Ghana;

 

 

      7.   Work         to promote home ownership among Ghanaians as a means to

                              strengthen the family, provide economic security and control

                              street crime and violence as well as encourage personal savings;

 

      8.   Ensure      an even balanced development of all the regions in Ghana;

 

 

                                    5

 

 

 

9.    Alleviate    poverty and ensure a respectable safety net tat enhances human

                         dignity for the poor and disadvantaged;

 

10.   Light        the eternal flame of nationalism and build up in every Ghanaian

                        a strong sense of patriotism and the capacity to defend and

                        consolidate the independence of Ghana, the survival of its

                        democratic system of government and generate a sense of

                        participation and ownership in its development, prosperity and

                        progress

 

11.   Totally      develop the rural areas through the pursuit of an aggressive

                         integrated rural development programme;

 

12.   Husband and protect the national heritage especially the environment, our

                        land and forests, minerals and timber and all our natural

                        resource endowments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                6

 

2.2.0 OUR ECONOMIC POLICY

 

2.2.1.0  Introduction

 

2.2.1.1 NPP government will initiate and implement policies to deal with the six major inter-

related problems facing the Ghanaian economy today.  These are slow growth, high

unemployment, increased incidence of rural and urban poverty, high interest rates, high

inflation rate, and excessive government debt and fiscal deficit, and perpetual decline in the

value of the Cedi. The NPP believes that economic growth and increased employment for our

people will depend largely on finding solutions to these problems.

 

2.2.20 Justification for Re-Launching Economic Growth

 

22.2.1 Ghana's economic fundamentals are weak and hence its inability to withstand any

adverse external shocks, especially the recent global economic fluctuations. At the onset of

tic Economic Reform Program in 1983, the International Monetary  Fund (IMF) projected that

by now Ghana's GDP annual growth rate will be about 3 percent. The IMF also projected that

by now the agricultural sector would be growing at an annual average rate of 6-8 percent.

These estimates were based on the magnitude of international assistance that was being

channelled to Ghana. Owing to economic mismanagement, corruption and poor priority

setting, these targets have not been achieved. Indeed, Ghana's GDP average annual growth

rate of 4 percent over the last 15 years is not only below the IMF projection, it is just barely

above the 3.3 percent annual population growth rate. The agricultural sector's average annual

rate of growth for the last decade is about 2.5 percent, far below the population growth rate

and the IMF projection.

 

2.2.2.2 Ghana's per capita income in 1994 was $420. Today, it is about $390. The Ghanaian

currency, the Cedi, depreciated by 33% in 1999; less than half way through this year, it has

already depreciated by over 30%. Our current account balance has been in deficit for years.

Today, our gross international reserves are so low that it can provide less than 2 months of

import cover rather than the recommended minimum of 3 months cover. In 1994 Ghana was

ranked fourth as investor destination in Africa; however, by 1997 it was ranked eighth out of

ten countries.

 

2.2.2.3 Every single economic and financial indicator suggests that the Ghanaian economy

is facing a very serious crisis that has its roots in the nation's inability to chart a sustainable        

growth path after almost two decades of (P)NDC Structural Adjustment Program. The