Cecilia Dapaah’s cash hoarding saga under Akufo-Addo’s regime is the tip of the iceberg

The phenomenon of a complainant turned into an accused in legal circles perfectly suited the former Sanitation and Water Resources Minister, Cecilia Abena Dapaah.

The Sanitation Minister reporting a theft case to the security authorities involving her two house helps who made away with her $ 1 million, €300,000, GHS350,000, and personal items, which amounted to several thousands of US dollars, has landed her in hot waters.

As a public figure, Madam Cecilia Dapaah ended up losing her post and was arrested by the Office of the Special Prosecutor (OSP) for corruption and corruption-related allegations.

It was also reported that the search by the OPS at two residential properties of the accused Minister even uncovered more cash, which incredibly took 4 to 5 hours to count the money found.

Madam Dapaah’s source(s) of such huge sums of money at her home are a cause of
disagreement as to how she has amassed such wealth. The perception that other government officials may be hoarding even much more cash in their homes under this government is not misplaced. These are indeed legitimate concerns unless proven otherwise!

Like President Akufo-Addo, the former Sanitation and Water Resources Minister announced her plans to make Accra the cleanest city in Africa. The usually sweet public utterances of the President Akufo-Addo and re-echoed by Cecilia Dapaah have turned out to be a charade although she reported to Parliament that her former Ministry got about $43 million out of about $200 million loan procured to carry our sanitation works in Accra particularly.

Accra is as filthy as before and nothing has changed under her ministerial leadership. The economic cost of cash hoarding has been lucidly addressed by renowned economists including Prof. Bokpin at the University of Ghana and others in the media space in line with the incidence of Mrs. Cecilia Dapaah’s hoarding of huge cash in her bedroom.

In my piece, I want to look at the cataclysmic ramifications of such cash hoarding for the next government in 2025. The days of this under-performing regime of President Akufo-Addo and Dr. Bawumia are numbered and a new government will be in place come January 7, 2025.

The incidence of cash hoarding in different currency types by former Minister Dapaah is just the tip of the iceberg. It is highly likely that a lot of monies are hoarded in the ‘system’ and banks are starved of cash to operate. When this happens, your guess is as good as mine is.

The current high-value robbery of a Presidential Staffer of several millions of US dollars and other currencies like that of Madam Cecilia Dapaah’s case recently shows that the cash hoarding in the system could badly destroy the ailing current Ghana’s economy.

Because the Ghana cedi has been pummeled by the US dollar due to the mismanagement of the economy by the Finance Minister, Ken Ofori-Atta and his team under this regime, cash hoarding by those in high authority now has the potential of creating cataclysmic economic ramifications for the next government in 2025.

With the haphazard implementation of the Domestic Debt Exchange Program (DDEP l) and possibly DDEP ll later coupled with highly weak economic fundamentals, the Cedi performance, as well as local economic conditions for the ordinary Ghanaians, might even become much direr for the next government in 2025 to handle.

This government is creating enormous socio-economic problems for the next government without careful management of Ghana’s economy coupled with astronomical national debt already accumulated with the past 7 years and counting.

All of us, as Ghanaians, should continue to keep this Akufo-Addo-Bawumia-led government on its toes to not crush the economy and wreck the whole nation before they exit office in 2024.

What we are experiencing regarding this cash hoarding situation amid the Cedi volatility in the market is symptomatic of poor management of our national resources and abysmal governance by this regime and needs to be voted out in 2024.

The soul of our dear nation requires restoration and rebuilding after the 2024 general elections. We will all, as Ghanaians, be blamed if our dear nation Ghana completely collapses through this kakistocratic rule under this Akufo-Addo Bawumia-led government. We need to speak out as citizens but not just look on as spectators.