Some few weeks ago, the Finance Minister Dr. Mohammed Amin Adam whiles in the United Kingdom stated that, the economy was getting better and that Ghanaians will “see some improvements in the days to come”.

He stated that, Ghana would achieve $2 billion savings through the “successful” negotiations with external creditors and the effect will be felt by the business community and Ghanaians at large.

Dr. Adam further stated that, the impact of this negotiation will reflect on the exchange rate, adding it will lead to stabilisation of the local currency, which will bring some relief to businesses and traders. At the time the Minister made these pronouncements, the exchange rate was USD1 to GHC14.32 and GBP1 to GHC18.43.

Today the exchange rate is USD1 to GHC15.67 and GBP1 to GHC20.64. Moreover, the national debt stock has risen from GHC600 Billion to GHC742 billion and counting since the minister’s announcement in June 2024.

After all these assurances and rhetoric, postulating that the economy is getting better, the figures suggests otherwise, recently, the government has sent an offer to private banks and contractors who it owes about $2.8 billion for a possible restructuring of the debt. In simple terms, the government is widening and continuing with its “hair cut” program.

After negotiating a deal with bilateral and Eurobond holders, the government in its desperation has now turned its attention to private banks and suppliers as well as local contractors. It is evident that, the economy is worse than we thought, hence the government’s desire to plug any low hanging fruit.

Turning to indigenous businesses who are already struggling is the most heartless and vicious move by any government. However, this shouldn’t surprise us, because they have already done it to poor pensioners, therefore it is to be expected.

The government claims that, the negotiations with these local creditors who form part of the country’s commercial creditors are aimed at providing some debt relief to the country, but this is just a desperate measure necessitated by greed and incompetence on the part of this Akufo-Addo-Bawumia government.

The government has also concluded negotiations with five of the seven Independent Power Producers, which will lead to a saving of some $6.6 billion over the lifetime of the Purchasing Power Agreements (PPAs).

This comes weeks after the government’s deal with Eurobond holders to restructure a $13 billion debt. The government claimed that, the deal with holders was expected to lead to a debt cancellation of $4.7 billion and debt service relief of $4.4 billion between 2023 and 2026 and bring some relief to the citizenry.

It also comes months after the government formalised its agreement with bilateral creditors to restructure its $5.1 billion debt, claiming the deal was also expected to result in a debt service relief of $2.8 billion between 2023 and 2026.

However, the ordinary citizen is still bearing the brunt of the harsh economy, the standard of living is falling, cost of living is still rising, foreign businesses are still folding up and leaving the shores of the country leading to rise in unemployment.

Clearly, the economy is not getting any better, realistically, it is worsening on daily basis, and the government is only managing the economy with propaganda and lies. This is the perfect description of “you can engage in all the propaganda you want, but if the fundamentals are weak, the exchange rate will expose you” according to Dr. Mahamudu Bawumia.

The Ghanaian currency is depreciating every single day, the National Debt Stock is ballooning, yet the government is claiming things are getting better, indeed “the exchange rate will expose” propaganda.