By Korsi DZOKOTO
The latest Afrobarometer report reflects a clear decline in the government’s performance across critical areas, and the numbers tell a painful story of the worsening realities Ghanaians are living through.
The report shows that between 2018 and 2024, the public’s confidence in the government’s ability to manage the economy and improve the standard of living has plummeted. But these numbers are more than statistics—they reflect the daily suffering, sacrifices, and struggles of ordinary Ghanaians.
This article dives into the factors that have contributed to Ghana’s ongoing economic crisis, exposing the underlying issues of corruption and incompetence that continue to erode the quality of life for millions.
Broken Promises: The Decline of Economic Hope
In 2017, the government promised a new era of economic transformation. Ghanaians were told to expect an economy that could sustain itself, create jobs, and lift people out of poverty.
The bold “Ghana Beyond Aid” agenda, coupled with the “One District, One Factory” initiative, seemed to promise a self-reliant future where jobs would be created locally, import dependency would be reduced, and economic growth would directly benefit the people. However, the reality has not lived up to the promises.
According to the Afrobarometer report, public approval of the government’s economic management has dropped from 66% in 2017 to just 19% in 2024—a staggering 47 percentage point decrease. What happened to the optimism that filled the air just a few years ago? Today, more than ever, Ghanaians are asking: Where did it all go wrong?
Rising Costs of Living: The Daily Struggle for Survival
The first and most visible effect of the economic downturn has been the drastic increase in the cost of living. Basic goods and services, from food and fuel to transportation and utilities, have become almost unaffordable for the average Ghanaian.
Inflation has been a persistent issue, and price increases have shown no signs of slowing down. Every trip to the market serves as a painful reminder of how much prices have risen, with essentials such as rice, cooking oil, and even water becoming luxury items for many families.
Data from Afrobarometer shows that only 8% of respondents believe the government is doing well in keeping prices stable, down from 44% in 2017. The struggle to afford everyday necessities has placed immense pressure on households, especially those in lower-income brackets who lack the financial flexibility to cope with sudden price hikes. Parents are forced to make difficult decisions, often sacrificing meals or healthcare to afford their children’s education.
The suffering goes beyond the numbers, touching on the very dignity and well-being of families. Many are slipping further below the poverty line, unable to keep up with the basic cost of living in a country that is supposed to be on the path to development. This level of economic distress is heartbreaking, particularly when the government repeatedly assures the people that the economy is stable.
The Unfulfilled Promise of Job Creation
The promise of job creation was central to the economic transformation agenda, yet it remains one of the greatest disappointments. In 2017, the government vowed to create employment opportunities through various initiatives, particularly for the youth.
However, by 2024, public approval of job creation efforts has dropped by 14 percentage points, from 45% to 18%, according to the Afrobarometer report. This decline reflects the harsh reality facing countless young Ghanaians who, despite completing their education and gaining skills, are unable to find stable employment.
The result is a disillusioned generation that feels betrayed and abandoned. Young people are left with few options other than informal work or low-paying jobs that barely cover their living expenses. Others choose to leave the country in search of better opportunities abroad, contributing to Ghana’s growing brain drain problem.
Meanwhile, many of those who remain are forced to depend on family or engage in temporary work that offers no long-term security. The high levels of youth unemployment are not only a waste of potential but also a significant threat to the country’s future stability.
Income Inequality: Widening Gaps in Wealth and Opportunity
As the economy struggles, income inequality has become more pronounced. The Afrobarometer report highlights that only 11% of respondents believe the government is effectively narrowing income gaps, down from 36% in 2017.
While a small elite continues to accumulate wealth, the majority of Ghanaians are falling behind. This growing divide is exacerbated by corruption, as funds meant for development projects often end up in the pockets of a few, rather than improving public services or creating opportunities for the people.
This inequality is most evident in access to healthcare, education, and basic infrastructure. In rural areas, where poverty rates are highest, people struggle with inadequate schools, hospitals, and roads. The lack of equal access to essential services perpetuates a cycle of poverty, making it nearly impossible for those at the bottom to improve their circumstances.
For many, it feels as though the government is only interested in enriching itself, ignoring the plight of ordinary Ghanaians who are left to fend for themselves in an increasingly unequal society.
Corruption, Over-Borrowing, and Incompetence: The Underlying Causes
The root of Ghana’s economic woes lies not just in difficult external circumstances but in internal failings—corruption, over-borrowing, incompetence, and a lack of accountability. Over the years, Ghana’s debt has ballooned from GHS 120 billion to over GHS 760 billion, plunging the nation into a painful cycle of debt and dependence.
Rather than investing these borrowed funds in critical sectors of the economy that could create jobs and stimulate growth, the government misallocated resources, often channelling money into overpriced contracts, projects that yielded little economic return, and systemic corruption.
Instead of building infrastructure, developing industry, or supporting small and medium-sized enterprises, which could have helped repay the loans, funds were squandered or lost to misappropriations and inflated costs.
This irresponsible borrowing led to a devastating debt exchange program, a financial restructuring attempt that resulted in significant losses for investors, including pensioners who had trusted the government with their life savings.
People who had counted on these investments for financial security, especially in retirement, were left with nothing but dashed hopes and broken promises. The consequences of this reckless management have rippled across every sector of society, leaving Ghanaians to bear the brunt of decisions made without regard for their welfare.
Corruption has seeped into nearly every facet of government, with Transparency International and other watchdog organizations consistently ranking Ghana among the more corrupt nations in Africa.
Public officials, including members of the economic management team, operate with little oversight, often placing their personal interests above those of the citizens they serve. Promised reforms remain unimplemented, and scandals frequently go unpunished, creating a culture of impunity that deepens public disillusionment.
The billions of cedis that could have been used to reduce poverty, improve healthcare, and create jobs have instead filled the coffers of a privileged few. It is no wonder that so many Ghanaians feel betrayed by a government that seems more focused on self-enrichment than public service.
The result of these failings is a nation burdened by debt, struggling to provide basic services, and losing faith in leadership. Ghana’s economic management has transformed from a vision of self-reliance and growth to a painful reality of dependency and despair. The situation calls for urgent accountability and reform to prevent further damage to the lives of ordinary Ghanaians and to restore hope for a better future.
A Crisis of Leadership: The Bawumia-Led Economic Team
The economic management team, led by Dr. Mahamudu Bawumia, has come under intense scrutiny. Once hailed as a brilliant economist while in opposition, Dr. Bawumia was expected to steer Ghana through economic challenges with competence and foresight. Instead, his tenure has been marked by missed targets, unrealistic promises, and a lack of tangible results.
From the free fall of the cedi from 4 cedis to a dollar but now 17 cedis for a dollar to the rising public debt, each crisis seems to reveal more cracks in the team’s ability to effectively manage the economy.
The decline in public confidence is evident. Afrobarometer’s data shows that between 2022 and 2024, public perception of economic management improved by only one percentage point, from 18% to 19%, despite a series of government interventions. This minimal change underscores the public’s frustration and growing distrust in the current administration’s economic policies.
The Human Cost: Ghanaians Pay the Price
The statistics are not just numbers; they represent real human suffering and the growing desperation of everyday Ghanaians. Behind every data point lies a story of hardship—families who struggle daily to put food on the table, recent graduates who cannot find jobs in an economy stifled by mismanagement, and farmers who lack the basic equipment and support to sustain their livelihoods.
The burden of corruption, reckless borrowing, and economic instability falls squarely on the shoulders of ordinary Ghanaians who have done nothing to deserve this hardship.
Years of poor governance and misplaced priorities have devastated the dreams of millions. Promises of a prosperous Ghana have given way to a painful reality, where over-borrowing has led to a national debt crisis, forcing the government into a debt exchange program that has stripped investors, including pensioners, of their life savings.
Retirees who had worked their entire lives, counting on their investments for a dignified old age, now face an uncertain future, left with little to no recourse. The crisis has robbed people of their financial security, replacing hope with fear and frustration.
As the cost of living rises, so does inequality, pushing more families into poverty. The struggle to afford basic necessities has become a daily battle, with prices for food, fuel, and utilities soaring beyond reach for many.
Public infrastructure is crumbling, and essential services are faltering under the weight of mounting debt and economic mismanagement. Dreams of a brighter future in Ghana have turned into a nightmare for many, with no end in sight.
Across communities, there is a palpable sense of despair as people openly share their frustrations and question the integrity of those in power. In conversations on streets and in markets, in churches and community centres, Ghanaians speak with heavy hearts about a government they feel has abandoned them. The trust that once held the social fabric together is fraying, as more people lose faith in a leadership that appears more focused on personal gain than the wellbeing of the nation.
A Call for Accountability and Change
The people of Ghana deserve better. They deserve leaders who prioritize the nation’s wellbeing over personal gain, who handle public resources with integrity, and who are committed to creating opportunities that lift citizens out of poverty rather than deepening inequality. After years of reckless borrowing, unfulfilled promises, and economic mismanagement, it’s time for Ghanaians to demand accountability from those in power.
As the 2024 elections approach, this is not just a moment for reflection—it is a call to action. Dr. Mahamudu Bawumia, as Vice President and head of the economic management team, has led the country into one of its most severe financial crises in decades.
Rewarding this track record with the presidency would not only be unjust but would also signal an acceptance of the very failures that have caused so much suffering. Ghanaians cannot afford more of the same; they need new leadership that understands the gravity of the issues and is prepared to bring about real, sustainable change.
Ghana’s economic crisis is not merely the result of unfortunate circumstances—it is a direct consequence of internal failings: corruption, incompetence, and a glaring lack of accountability. This government has taken Ghana’s debt from GHS 120 billion to over GHS 760 billion, pushing the nation into a painful debt restructuring that has stripped investors and pensioners of their savings.
These funds, instead of being invested in job creation, infrastructure, or essential services, were lost to overpriced contracts, misappropriations, and systemic corruption. The suffering of ordinary Ghanaians must not be ignored, nor should it be rewarded with continued power.
It’s time to break free from the cycle of hardship, despair, and betrayal. As citizens, we must demand transparency, insist on reforms, and elect leaders who are genuinely committed to serving the people.
The upcoming election offers a chance to reclaim Ghana’s future and build a country that prioritizes its citizens’ wellbeing above all else. The time for change is now—let us choose leaders who can lead with integrity, vision, and an unwavering commitment to Ghana’s prosperity.
