The vice president of IMANI Africa, Bright Simons, has provided details on the economic variables of Ghana when President Nana Addo Dankwa Akufo-Addo led the famous ‘Kume Preko’ demonstration against the government of the late Jerry John Rawlings in 1995.
In a tweet shared on Monday, November 14, Simons intimated that Ghana’s economy is in a far worse position now compared to the time the current president led the ‘kume preko’ protest.
“The massive Kume Preko protests in 1995 have been in the news lately as some observers compare the current economic crisis in Ghana to what existed then. But how do 1995 & 2022 REALLY compare? Well, some things are eerily similar, a few are better & more, esp debt, are worse,” parts of the tweet read.
The details he shared showed that the depreciation of Ghana’s currency to the US dollar, which is currently 52 percent, was a little over 27 percent in 1995.
Also, the ratio of Ghana’s debt stock to its GDP was worse in the “Kume Preko” era than now.
The rate of inflation, however, is better now, compared to 1995.
Background on “Kume Preko”:
About 27 years ago, the biggest demonstration to have occurred in Ghana’s history took place.
Those at the forefront of this protest were Nana Addo Dankwa Akufo-Addo, Dr Charles Wereko-Brobby, Kwasi Pratt Jnr, Dr Nyaho Tamakloe, Abdul Malik Kwaku Baako, Akoto Ampaw, Victor Newman, Kwaku Opoku, Napoleon Abdulai and was also joined by some 100,000 people.
What was termed as the high cost of living and particularly, the imposition of Value Added Tax (VAT) on items fuelled the demonstration against the then Rawlings administration?
According to reports, it was a period in which able-bodied and hardworking citizens could not afford one decent meal a day for a family.
In addition, the drop-out rate in educational institutions was said to be rising at a very alarming rate.
However, what started as a peaceful protest turned gory when some unidentified assailants opened fire on the demonstrators.
Many sustained severe injuries and others died from the attacks.
Source: Complex.com