The recent Inflation rate of 33.9% for the Month of August 2022 has caused some wild jubilation among the members of the National Democratic Congress (NDC) since such a high inflation rate may create a political advantage for them ahead of the 2024 general elections.
However, the historical data of Ghana’s Inflation clearly VINDICATE NDC as the Worse Managers of the Economy since Independence.
In 1996, NDC won the general elections with an Inflation rate of 46.56% so I am wondering why some members of NDC would think that they can win the 2024 general elections just because of the current Inflation rate of 33.9% for the Month of August 2022.
From Busia to Nana Akufo-Addo, NPP Government has a better track record when it comes to the Management of the Country’s inflation.
The lowest Inflation rate ever recorded in Ghana since 50 years ago was 3.03% under Busia’s Government.
The highest Inflation rate ever recorded in Ghana since 57years ago was 122.87% under Rawlings’ Government.
Inflation Rates under Busia’s Government
Busia’s Government successfully kept Inflation rate under single digit until the exit of power in 1972.
Inflation Rates under Hilla Limann
Hilla Limann maintains hyperinflation throughout his tenure in office, and he exited power with 116.50% Inflation.
Inflation Rates under Rawlings Government
Almost 20 years of PNDC/NDC produced the worst inflation rates in the history of Ghana with 122.87%, 59.46%, 46.56%, 40.24%, 39.82%, 39.67%, 37.26% for 1983, 1995, 1996, 2000, 1987, 1984 and 1990 respectively.
Rawlings exited power with inflation rate of 40.24%.
Inflation Rates under Kufuor’s Government
Kufuor’s Government performed fairly well when it comes to the management of the Country’s inflation rate, exiting power with 16.49% Inflation rate.
The USA/UK invasion of Iraq and Afghanistan coupled with 2007/2008 global financial crisis badly affected the inflation rates under Kufuor’s Government.
Inflation Rates under Mills Government
Mills achieved single digit Inflation for only one year in 2011 and unfortunately dies in July 2012.
There were no Global financial Crisis and Russia-Ukraine War during the tenure of Professor Atta Mills.
Inflation Rates under Mahama’s Government
Mahama’s Government with IMF Programme still struggled with the management of the Country’s inflation.
There was no global COVID-19 pandemic under Mahama’s administration.
There was no invasion of Ukraine by Russia during tenure of Mahama’s administration.
The following policies were Not under implementation during the tenure of Mahama’s administration:
- Free SHS and TVET
- 1 Constituency 1 Ambulance
- Payment of Allowances for Teachers and Nursing Trainees
Within the 4 years mandate of John Mahama, he FAILED to achieve any single digit inflation rate from 2013 to 2016.
Since 1992, John Mahama is the only President who was UNABLE to achieved a single digit inflation rate for Ghana.
Inflation Rates under Akufo-Addo’s Government
2022————-as at August is 33.9%
For four(4) consecutive years, Akufo-Addo’s Government achieved single digit inflation rates for the year 2018, 2019, 2020 and 2021 respectively.
The inflation rate started increasing astronomically to 33.9% after the invasion of Ukraine by Russia and that is a fact.
Most importers who depend on the importation of goods from Ukraine and Russia suffered setbacks due to the ongoing War between Russia and Ukraine.
As such, imported inflation has become a major contributing factor to the 33.9% Inflation rate for the Month of August 2022.
However, I have the greatest confidence that before the tenure of Akufo-Addo’s Government come to end, the inflation rate of Ghana will eventually reduce to a possible single digit again or within an appreciable percentage.