The National Democratic Congress (NDC) has pledged to roll out a $10 billion economic project to fix the “ailing economy” and bring it back to resilient mode.

Termed “The Big Push”, it will form one of the major policy directions of an NDC administration intended to provide a foundation to revive the economy and set it on a path of growth.

As part of the party’s manifesto for the 2024 general election “to rescue the economy from the doldrums and improve all growth and development parameters”, the NDC said “The Big Push” would focus on four pillars, namely the Western Corridor Economic Enclave, the Eastern Corridor Golden Growth Agenda, the Transformational Road Transport Plan, and the Palm Economic Crop Rejuvenation Programme.

These, the party said, would drive the needed focus and investment for economic growth and transformation.

At the event, the party outlined a comprehensive plan to reset the economy, alleviate economic hardships, check corruption and promote good governance.

Speaking to thousands of party faithful who attended the launch in-person in Winneba and millions of Ghanaians monitoring on television, radio and various social media platforms, the flag bearer of the party, former President John Dramani Mahama, promised to restore the country's economy through a series of measures, including a National Economic Dialogue, tax rationalisation and emergency measures to stabilise the cedi.

The atmosphere was charged as the former President made his entry to the grounds, acknowledging wild cheers from party faithful.

In attendance included the Speaker of Parliament, Alban Sumana Kingsford Bagbin, who was for long the party’s leader in Parliament up to January 2020.

And when he took his turn on the stage, Mr Mahama criticised the incumbent New Patriotic Party (NPP) government for its "abysmal performance", citing high inflation, currency depreciation, corruption, state capture and unemployment.

“As I have said before, this government must begin writing their handing-over notes if they have not done so already. This NPP administration has been the biggest political scam pulled on Ghanaians since our independence in 1957,” the former President said.

“And I will explain why. Repackaged with ribbons and sweetly scented with enticing promises, most Ghanaians will agree that Nana Akufo-Addo is, indeed, the President Ghana never got.

“Indeed, I daresay, his much-touted economic whizz kid, Dr Mahamudu Bawumia, is also the economic messiah Ghana never got,” Mr Mahama added.

Restoration

The NDC manifesto focuses on job creation, with initiatives such as the “24-Hour Economy” policy, which aims to boost production, productivity and employment opportunities.

With a wheel chart, Mr Mahama explained that the policy would involve “three shifts for one job”.

“Extraordinary problems require extraordinary solutions for extraordinary results,” he said.

Mr Mahama said the party would also support small businesses, women entrepreneurs and artisans through various programmes and incentives.

In the health sector, he said, the NDC would uncap the National Health Insurance Levy, prioritise health care, and establish a Ghana Medical Care Trust Fund to support persons with chronic diseases.

The party further promised to expand health infrastructure, restore the automatic employment of health workers and construct modern hospitals in underserved areas of the country.

“We will build modern hospitals in Bawku, Yendi and other underserved areas,” the former President said.

The manifesto also highlighted the NDC's commitment to education, with plans to improve the Free Senior High School policy by providing dedicated funding for the policy, and then decentralise food procurement for the schools.

The party further promised to implement a "No-Academic-Fees" policy for first-year students in public universities, provide financial assistance to continuing students and expand infrastructure for tertiary students generally.

Other key areas of focus include modernising agriculture, promoting good governance, combating corruption, transforming education and promoting responsible mining for sustainable development.

“We will reopen investigations into major unresolved cases, including the 2020 election killings, the Ayawaso West Wuogon by-election violence, and the murder of Ahmed Hussein-Suale and Silas Wulochamey,” Mr Mahama said.

Track record

Mr Mahama said when he left office in 2017, he handed over a stable economy to the NPP government, including the energy sector, which had hitherto been a major challenge, with the rapid mobilisation of emergency power, totalling almost 800 megawatts.

He said the Energy Sector Levy Act (ESLA) was established, providing potential revenues of GH¢3 billion per year to pay off legacy energy sector debts.

Additionally, the former President said, the Millennium Challenge Compact, aimed at making Ghana's energy sector the most efficient in Africa, was ongoing, with a commitment of $547 million.

Mr Mahama also highlighted the strong financial position he left behind, including over $450 million from the IMF Extended Credit Facility initiated by his administration.

He said state-owned enterprises were largely breaking even or making profit during his tenure, and that the cocoa sector was thriving, with production at 964,000 metric tonnes with the Ghana Cocoa Board (COCOBOD) making a profit, and owing only GH¢1.5 billion to the central bank in cocoa bills.

He said Ghana's oil production had increased by over 100,000 barrels per day since he left power in January 2017, with additional gas production resulting in increased revenue of over half a billion dollars to the current government.

At the time of his departure, Mr Mahama said, the budget deficit was 6.1 per cent with zero borrowing from the central bank, and that the currency was stable, trading at about GH¢4 to US$1, while inflation was 15.4 per cent, and unemployment was 8.4 per cent, with Ghana's debt as a percentage of GDP standing at 57 per cent.

The former President said these gains had been eroded by mismanagement and other acts of indiscretion by the current administration, thereby setting the country a long way back.

Mr Mahama urged Ghanaians to vote for change on December 7, saying, "this may be our last chance to get it right. It cannot be business as usual. Ghana is a nation in a hurry.

We need to make a change; a change that will usher in a government that is responsive and accountable".

Mr Mahama’s running mate, Professor Naana Jane Opoku-Agyemang, who was one of the speakers who explained key thematic areas outlined in the manifesto, said the intended establishment of the Women’s Development Bank was to bridge the financial gap and empower women in business.

“The Women’s Development Bank will be established to empower female entrepreneurs and small business owners by providing low-interest loans, financial education and sustainable support,” Prof. Opoku-Agyemang said.

“This initiative will create job opportunities and bring down the financial barriers that many women face when starting and sustaining businesses,” she said.

“Additionally, the bank will provide women-led businesses with advisory services and low-interest loans, further supporting their growth and success,” she said.

Other speakers on the day included the National Chairman of the party, Johnson Asiedu Nketiah; the General Secretary, Fifi Kwetey; the Minority Leader in Parliament, Dr Cassiel Ato Forson, and the National Communications Officer, Sammy Gyamfi.