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Ghanaian entrepreneur Isaac Sesi, who runs Sesi Technologies, is of the view that an objective assessment of Ghana’s economy will conclude that the Nana Addo Dankwa Akufo-Addo government is the worst the country has ever had.
He argues that the cost of living in the country currently outpaces people’s earnings, and several people in the country are struggling to make ends meet.
Isaac Sesi uses himself as an example, indicating that his staff have had to ask for a raise because they are unable to live on the salary they are currently earning.
He worries that politicians who have caused these challenges are insulated from the challenges the average Ghanaian is faced with.
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Any objective person analysing the state of the economy will come to the very reasonable conclusion that this government has been one of the worst we’ve ever had.
The cost of living has drastically outpaced people’s earnings and many people are struggling.
This year, more than half of my employees requested a raise because it has become increasingly difficult to live comfortably on their current salaries.
As an entrepreneur, I am facing daily increases in the prices of raw materials, with customers unwilling to absorb these costs.
Not too long ago, we spent several years and hundreds of thousands of dollars developing, piloting, and marketing a new grain storage technology for farmers.
In 2020, I was able to manufacture one unit for $1.50. I could sell at GHC 15 and still make a profit.
Recently our manufacturing partner let us know that they can’t make a unit for less than $2.8. Now, that same product is costing me GHC 45 to manufacture!
How can I explain to a smallholder farmer that something I sold for 15 cedis a few years ago now costs over 60 cedis?
The product, which was meant to become one of our major revenue sources, risks abandonment because we can no longer afford to manufacture it, and farmers can no longer afford to buy it.
Years of hard work and hundreds of thousands of dollars are at risk of being wasted.
If I can’t sell more, the business will decline, and people will lose their jobs.
I recently imported products worth $100,000. While the products were in transit, some subsidies were suddenly removed, resulting in duties and taxes amounting to $90,000 (90% of the product value) instead of the estimated $20,000.
Which economy can sustain such a situation? This year has been one of our most challenging, and I know many entrepreneurs who have shut down their businesses and left the country because it has become too difficult.
And this is just the effect of exchange rates alone, not to talk about the effect of other forms of mismanagement on the economy.
Some situations are hard to appreciate unless you experience them yourself.
Unfortunately, the politicians responsible for this economic mismanagement are insulated from the daily effects of their actions, so they do not see how people are suffering.
Therefore, I reiterate for clarity: ANY OBJECTIVE PERSON would reasonably conclude that this is one of the worst, if not the worst, governments we have ever had.
Oh, and don’t even come with the “But it was worse under Mahama” argument because that’s a very silly argument.
Mynewsgh.com
