The CEO of Dalex Finance, Joe Jackson, has launched a scathing attack on the previous Akufo-Addo-led administration, accusing it of nearly destroying Ghana’s cocoa sector.
Speaking on TV3’s Keypoints on Saturday, March 1, Jackson claimed that the government’s failure to fulfill cocoa deliveries for last year’s loan season has had devastating consequences.
“Cocoa has been the bedrock of this economy. We’ve watched the cocoa sector practically destroyed. We are doing less than 30 per cent of what we were doing in 2016,” Jackson said, highlighting the sector’s drastic decline.
He also emphasized that Ghana’s inability to fulfill last year’s cocoa loan deliveries has resulted in the country already mortgaging its cocoa for this year.
This, according to Jackson, has severe implications for Ghana’s economy, particularly in terms of stabilizing the value of the cedi.
“When you say you are going to hold the value of the cedi, the biggest fear I have is, the world’s hold the value of the cedi is cocoa and what has been done to the cocoa sector is almost criminal,” he warned.
Jackson’s criticism didn’t stop there. He also accused the previous government of leaving Ghana financially broken, unable to settle its debts. “Ghana is broke and we continue to be broke. If you can’t pay your debt are you not broke?” he asked rhetorically.
He also pointed to the alarming fact that Senior High School (SHS) students are fed on less than 2 Cedis a day, highlighting the dire state of the economy.
As a vocal commentator on Ghana’s economy, Joe Jackson’s concerns echo those of many experts who have expressed worries about the country’s economic prospects.
With Ghana’s economy facing significant challenges, Jackson’s warnings serve as a stark reminder of the need for urgent action to address the country’s economic woes.