A FIXED BUT BROKEN ECONOMY.
Interesting right? But I hope I have not confused you even from the beginning, A Fixed But Broken Economy. "Ghana is a strange country" as said by a Kenyan Professor Prof. P.L.O Lumumba. We have an economy that speaks very well on paper but in the living standards and pockets of the people, the economy has kept mute. Leaders in the country for whatever sake always try so hard to improve the economy on paper rather than in the lives of the people - perhaps they will keep it as a tangible evidence.
Both current and past governments have all boasted at some point of a promising economy due to the drop of inflation, decline in fiscal deficit, steady rise in GDP and an industrial growth. Indeed, even though I am not an economist, I sure do know that these things mentioned are the backbone of development and a beacon of hope for a strong economy. So I ask, with all these promises, why is the Ghanaian economy lurking behind in the race for better standards of living for her people.
The Vice President, a PHD holder in economics Dr. Bawumia spoke fervently against the economic strategies of the past government even though that administration was heaping praise on its own economic policies. The wheel of power has turned, and the opposition is criticizing this administration for same. We have heard "a promising economy" for sometime now, but at this moment, the economy is not well.
On 11th September, 2016, Citi Fm's website reported Dr. Bawumia made a 'prophecy' of 8 banks being on the verge of collapse. I do not know whether the said 'prophecy' was a classical or an apocalyptic one. The previous administration seemed clueless of what was going on. I believe Dr. Bawumia and his economic team had (or should have had) a solution to the problem. However, the 'prophecy' was fulfilled as the government could not do anything about it. Yes, they did great by stepping in to control the damage; but the damage was already done.
After the collapse of the 5 banks, there have been rumors of other banks following in that sick tangent. MenzGold and its issues are still pending and Papa Kwesi Nduom's GN Bank is in trouble now. It is no secrete banks play crucial roles in the stabilization and growth of an economy and that, states will need banks to operate to aid its economic development. This should not be happening under a "promising economy". But as they say, perhaps, things are to get worse before they get better.
The banking issues causing collapse of other petty trading activities and huge unemployment is a problem the government will have to deal with before focusing on campaigns for next year. Solving it completely might prove impossible, but efforts must be directed towards the improvement of the living standards of the people. This in itself will be campaign enough for them when it is done. Howbeit, they will need to show their economic prowess to addressing these challenges.
I believe government has the men and resources to deal with these issues and so, they should. well, perhaps they are, and I am the only one not feeling it. At least not yet.
posted by Adu Kofi Patrick. A proud newghforum member
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