Features
Economic recovery on course
Ken Ofori Attah
There is no doubt that, in spite of the current economic challenges, the government is working hard round the clock to ensure an effective economic recovery in order to make things better for Ghanaians in the country.
It is an indication of the determination of the government to surmount the obstacle that is affecting the country today. What makes us hopeful is that, in spite of the economic difficulties facing the country, developmental projects in all parts of the country are still ongoing.
Technical, Vocational, Engineering and Technology education (TVET) is going alongside the free SHS being implemented with maximum alacrity. Other projects, such as the new regional and district hospitals as well as the promotion of electricity and water in various parts of the country, among others, are ongoing. Again, electricity supply has been relatively constant compared to what was experienced previously under what became known as “Dumsor”.
In other parts of Africa, for instance, power outages have become a common phenomenon. The cases of South Africa, Nigeria and a few other African countries testify to this fact.
COUNT OUR BLESSINGS
It is for this reason that people in Ghana must be happy and hopeful for happy days ahead. We need to count our blessings one by one.
It is true that economic conditions are very tough, but from all indications, every effort is being made to bring the situation under control. The Debt Restructuring Programme by the government is meant to bring the situation under control in order to push forward positive growth and this is the reason why the government is still negotiating with its creditors to bring the debt level under control.
The Domestic Debt Exchange has been completed successfully. In the same way, efforts are also being made to enter negotiations with our foreign counterparts to bring the situation under control as far as the foreign debt level is concerned.
The debt level has gone up not because of any reckless spending. Rather, they went into the building of schools, both technical and grammar education, the provision of water and electricity for the people, the construction of roads and many others.
This is a country that has proven to be responsible as far as developmental projects are concerned. It is believed that very soon, positive economic results will be encountered.
NEGOTIATIONS ON DEBT RESTRUCTURING
Finance Minister Ken Ofori Atta went to China to have negotiations on debt restructuring with officials of that country. Sources say the Minister went via Addis Ababa, where he attended the UNECA High-Level Ministers meeting on Global Financial Architecture. After that meeting, Mr Ofori-Atta headed to China on March 22, 2023.
The Minister who led the government delegation had bilateral talks with China as well as seek financial assurances for Ghana’s programme with the International Monetary Fund. This is an indication of the great effort being made by government to normalise the economic situation of the country and make it better.
The trip was postponed to the end of March because it coincided with the National People’s Congress of China meeting in early March 2023. The Minister of Finance has already held meetings with officials of Exim Bank China in Ghana, all in the line with re-profiling the country’s debt to China.
GENERATION OF FUNDS
The government is also working hard to derive enough money from Treasury Bills in order to keep things going. We therefore need to be hopeful because all these efforts are yielding the desired results in line with the economic recovery.
The Government of Ghana secured GH¢3.88 billion from the sale of treasury bills in its latest auction held on March 10, 2023. This was an oversubscription of the GH¢1.10 billion it was targeting.
However, interest rates have dropped significantly to 18 per cent. According to the auction results from the Central Bank, the government secured GH¢2.90 billion from the 91-day bill and GH¢972.49 million from the 182-day bill. The subscriptions surpassed the government’s set target of GH¢2.775 million but it sold more than the GH¢3.31 billion secured by the government in last week’s auction. Interest rates, however, reduced to 18.52 per cent for the 91-day bill, 22.8 per cent and 21.27 per cent for the 182-day bill.
CONFIDENCE IN ECONOMY
The oversubscription is an indication of great confidence in the Ghanaian economy. If there had been no confidence, there would have been undersubscription. This goes to show, among others, that things are on course for rapid recovery.
The fall in rates has been attributed to the successful debt restructuring program. According to the government, the Domestic Debt Exchange programme has accounted for the reduction in the rate of Treasury Bills from 35 per cent to 24 per cent.
There is therefore no doubt that things are gradually stabilising and getting better. If this is the case, then let us have confidence that, as long as we are on the right path, Ghanaians will soon smile.
What we are all seeking is for inflation to fall to a level that is lower than what it is now. If this happens, and it will surely do so, the economic recovery programme will move at a faster rate than it is now.
INFLATION
Inflation could fall sharply to below 40 per cent by the end of April 2023. According to a Senior Credit Research Analyst at REDD Intelligence, Mark Bohlund, his base effects analysis indicate that “inflation will fall by more than 10 percentage points by April 2023.”
The fall in inflation will not happen by mere chance. Rather, it will come about as a result of pragmatic steps taken by the government to achieve that purpose.
“The inflation rate has declined for two straight months and may fall more sharply to below 40 per cent by the end of April due to base effects,” said Mark Bohlund, a senior credit research analyst at REDD Intelligence. Bloomberg said the Ghana cedi, which whipsawed in 2022 over concern about its ballooning debt load and then optimism about a provisional International Monetary Fund bailout, has been relatively steady this year, helping to keep inflation in check.
ECONOMY TO BOUNCE BACK
In conclusion, therefore, the economic situation being experienced in Ghana is tough, admittedly, but the government has taken the right steps to ensure that positive results are achieved as early as possible. We must all therefore be hopeful that, as President Akufo Addo has said, the economy will surely bounce back.
Ghana will not continue to stay in this economic situation. We must therefore be hopeful in light of the ongoing recovery efforts that are taking place thanks to the bold economic steps put in place by the government.
The economic recovery is surely bound to occur within a short time, so we must all support the government with prayer and action in our daily practical dealings so that things will be better for all of us.
Email address/WhatsApp number of author:
Pradmat201@gmail.com (0553318911)
By Dr Kofi Amponsah-Bediako
Conflict at work is more common than you might think. According to 2022 research by The Myers-Briggs Company, more than a third of the workforce reports dealing with conflict often, very often, or all the time in the workplace.
Addressing a dispute might feel tense or awkward, but resolving the conflict is typically well worth it in the long run. Whether you are trying to mediate conflict between colleagues or are directly involved. Last week we looked at three and this week is the remaining four steps you can take to manage workplace conflict.
4. Find common ground
The best way to handle workplace conflict is to start with what you can agree on. Find common ground between the people engaging in conflict. If you are directly involved in the conflict, slow down and focus on results instead of who’s right.
If you are the mediator for conflict resolution between coworkers, observe the discussion and help point out the common ground others may not see.
5. Collectively brainstorm solutions
When deciding how to handle workplace conflict, it can be tempting to problem-solve on your own. Sometimes, it feels easier to work independently rather than collaboratively. However, if you want to achieve a lasting resolution, you will need to motivate your team to get involved.
Brainstorm possible solutions together, and solicit input from everyone involved on the pros and cons of each option until you settle on a solution that feels comfortable to everyone. This will help all team members feel a sense of ownership that can help prevent future conflicts.
6. Create an action plan
Once you have created an open dialogue around workplace conflicts, it is time to resolve them. Just like any other work goal, this requires creating a concrete plan and following through.
Create an action plan and then act on it. It does not matter what the plan is, as long as you commit to it and resolve the conflict as a result.
7. Reflect on what you learned
All conflicts offer an opportunity to grow and become a better communicator. Identify what went well and what did not.
Work with your whole team to gather learnings from the conflict so you can avoid similar situations in the future.
Today, I continue with my narration of personalities and their accomplishments as members of the Ghanaian Diaspora in Finland, with a focus on Mr Joseph Osei Amoah.
Mr Amoah is one of the senior members of the Ghanaian community in Finland and a top member of the Ghana Union Finland, an association of the Ghanaian migrant community in Finland.
He is an active and a well-respected person in the Ghanaian community in Finland. Mr Osei Amoah moved to Finland in the mid-1990s, and he has lived in Helsinki all this time.
Accomplishments and honours
It is important to recount accomplishments as part of the success stories of the personalities of Ghanaian descent in Finland in order to highlight their exploits both within the Ghanaian migrant community and in the wider Finnish society.
Mr Amoah holds a Master’s degree in Demography from the University of Helsinki. At the time he came to Finland in 1994, he had majored in Economics at the Bachelor’s level at the Kwame Nkrumah University of Science and Technology (KNUST).
Sometimes affectionately called “Chairman” in the Ghanaian migrant community, Mr Osei is a former Chairman of the New Patriotic Party’s (NPP) branch in Finland, assuming office around 2015, a few months after the branch was formed, until 2019 when he did not run again for the elections. He helped to bring vibrancy into the NPP Finland branch.
Religious life
Mr Amoah is a prominent member of the Global Methodist Church in Finland. In spite of his busy working life and other responsibilities, he remains a committed member of the Global Methodist Church in Finland.
He plays a key leadership role in the church, which is attended by many Ghanaian migrants and other African migrants, Finns, and those of other nationalities.
His position in Asanteman Finland
Mr Osei Amoah is an outstanding member of the Asanteman Finland, where he is the Gyasehene, a prominent position as a sub-chief in the Asante (and Akan) royal hierarchy, in the functioning of the traditional authority systemgenerally in Ghana.
The Asanteman Finland is an association formed purposely with the aim of supporting each other as well as to ensure unity among its members and others outside of the group.
One of its top priorities of Asanteman Finland is to display the Asante culture in Finland. Mr Osei Amoah finds this as very important since by upholding the traditional culture and heritage, the association enables its members and especially the young ones to get the chance to learn and appreciate Asante and Ghanaian cultural values. They do this through rites such as marriage, the naming ceremony, and death and funeral rites, which makes the people to learn more of their provenance and not forget their origins.
“My point is that, by displaying the traditional heritage it helps people to learn more about their provenance. For, I think it will be embarrassing to go home and see that even the young ones have much knowledge about how to perform certain rites whilst those of us in the diaspora may be deficient in understanding those practices”, he argued. It is also very important for the young ones who are born in Finland to learn what the culture of their original society is, he continued.
The Finnish educational system
Mr Osei has a lot to say about the Finnish educational system, which he sees as very good. “When we came to Finland, education was free. There were library books and manuscripts readily available in the library, and one could print or make as many photocopies as possible for your studies. There was more flexibility. One could read books and write exams on them for the necessary grades in order to complete your studies”. In his opinion, Ghana could learn much from the Finnish system, which is one of the best in the world.
He said the only initial challenge he found in Finland was how to master the Finnish language, without which it was difficult to get a job befitting one’s status after the studies. But things have changed today and there are many English courses so it is easy to study and get a job that matches your studies, especially in the area of ICT, he said.
His role in the Ghanaian community
Mr Osei Amoah has been very active in the Ghanaian community, as I have indicated earlier. He is still very active in the Ghana Union Finland, and has played a leadership in many functions organised by the Union, as a non-governmental organisation for the Ghanaian migrant community in Finland.
Mr Amoah has been a counsellor and mentor who has guided many young Ghanaian migrants on their career paths and has also been part in settling various kinds of conflicts between opposing parties or persons. In conclusion, I would say Mr Osei Amoah has succeeded in embossing his name in the golden pages of visionary Ghanaians in both Sweden and Finland.
With Dr Perpetual Crentsil
