Features
Any justificationfor Ghana’s rising public debt?
One of the countries in the world that owes a lot in terms of public debt is the United States of America which is about the richest and the most powerful country occupying the surface of the earth.
Even though the United States owes a huge debt to many countries in the world, it cannot be said that it is threatening the existence of its citizens because it uses the money in a manner that helps to cater for the interest of the American people. In other words, as long as a country that owes huge public debt is able to invest its resources wisely and undertake productive ventures with the money borrowed, it will go a long way to solidify the lifestyle and standard of living of its people.
It is only when money that should be well invested is wasted that we can say the future will become bleak for the country concerned. If money is borrowed in huge quantities but utilised to undertake tremendous development projects which go to enhance the productive capacity of the economy, it will not be seen as waste, but a form of investment that will ultimately influence the country’s direction of growth in a positive manner.
Developmental government programmes
If this is the case, then we need to be careful about how we crucify certain governments for going in for money for developmental purposes. If a country, like Ghana, borrows so much money without a corresponding record of investment, then people must begin to show concern about this trend. But, if on the other hand, what is borrowed, even if high, is used to undertake programmes that will be in the interest of the country, then we need not be worried over such a situation.
Due to the over-politicisation of issues in this country, matters concerning borrowing have always been overstretched beyond reasonable limits of analysis such that sometimes, we wonder whether to sit and fold our arms while we could have gone in to borrow money to stimulate growth in certain parts of the economy. There is no doubt that we need to be careful about borrowing but if it is used to resuscitate and strengthen the economy for a more positive productive growth, we need to embrace it.
Free SHS and TVET
If more debts are contracted to add to our total debt stock but there is no basis for such a development, then we all have to show concern about it, but if the debt stock is going up because of investment in areas such as road construction, strengthening of the health sector, building of educational infrastructure, especially the free SHS and TVET, then we need to put aside all jokes and analyse issues in the right way so that we would all come to the right and acceptable conclusion.
Current debate
A current debate ongoing among certain individuals and groups of people in the country is the rising public debt which has hit a high level of GH¢286.9 billion. This figure appears to be very high but did not come out by chance. Rather, it is the result of a combination of factors which have brought about this huge public debt.
A number of reasons can account for rising public debt. One such factor is that if in the past things were not managed well, the result will be a rapid rise in the debts facing the nation. Debts may be accrued in form of investment or rapid construction of infrastructure to facilitate socio-economic development.
When this happens, the development that has taken place can help to generate extra incomes which in turn may cover the debts previously incurred. On the other hand, if previous accumulated debts are not put to good use in form of investment the result will be escalating the level of public debt. Again, some of the debts came about as a result of judgement debts and unreasonable interest rates incurred in connection with some deals connected with some of the power agreements contracted in the past.
Current public debt
Ghana’s current debt of GH¢286.9 billion represents 74.4 per cent of the country’s gross domestic product. On the face of it the debt looks too high but did it just rise like that? Certainly, no.
Available records show that the country’s public debt more than tripled between 2012 and 2016. It will, therefore, stand to reason that the numerous debts that were incurred between 2012 and 2016 could not be invested well as a result of which the public debt level kept getting higher and higher.
In a way, this unfavourable economic situation greatly impacted on the lifestyle of the people in the country and this together with non-availability of adequate electricity made economic life unbearable, hence the massive votes against the then NDC led government in December ,2016.
Surviving economically
The people in this country must continue to survive economically and live well. For this reason, the Akufo-Addo administration has negotiated for more loans to help construct more roads and other forms of infrastructure in form of schools, hospitals and other development projects.
The implementation of the free secondary school system which is good for the country has also affected the debt stock of the country. The free SHS, free Technical schools and free Vocational schools have led to the accumulation of some billions of Ghana Cedis.
Some of these covered water and electricity extension projects in various parts of the country. For example, for the first time Tamale in the Northern Region can now boast of a beautiful interchange. Such interchange projects have been duplicated in places such as Tema, Obetsebi-Lamptey Circle in Accra and Nsawam area.
COVID-19 pandemic
Just as things were moving on well under the Akufo-Addo administration, the pandemic known as COVID-19 hit the world including Ghana, throwing out of gear all infrastructure programmes that had been planned for the country.
The COVID-19 further affected the revenue base of the country and increased expenditures to further higher levels. This is what has led to the debt to GDP ratio of 74.4 per cent as of November 2020.
These and many other challenges have contributed to the economic problems facing the country. For many countries in the world, including France, Britain, USA, Germany and others, economic conditions have not been easy. What this means is that things are not easy. Thus, the situation calls for prudent economic management and implementation of programmes.
In spite of all these, Ghana as a country has done well in managing its economy, especially in the light of the COVID-19 pandemic which has led to the collapse of many economic and business activities in the country. Small businesses for example are being supported by the National Board for Small Scale Industries (NBSSI).
Mobilisation of resources to carry out development projects in the country has not been easy but with great determination and commitment, irrespective of the challenges, the Akufo-Addo administration is likely to make it to the admiration of all Ghanaians.
Dr. Kofi Amponsah-Bediako
THE state of feeling rejected, could be a terrifying experience especially for those who have become used to fame. If not properly addressed, it could lead to depression and the consequences, could be disastrous.
When you are on top of your game in whatever profession you find yourself such that you become famous, a lot of people try to associate with you. The phone never ceases to ring and one is tempted to feel loved and very important.
When a disaster strikes and the fame or the money which was the source of the attraction fades away, the circle of friends and fans begin to shrink and the phone will start to stop ringing until the call stops voting completely.
You will be shocked at how people you considered friends, will no longer be calling you or pay casual visits as they used to. You will begin to notice that messages you leave after calling them and not getting a response are not replied to and that is when you begin to know who your true friends are.
One of the most popular movie stars was an actress called Sharon Stone. In an interview with one of the media houses that was published, she spoke about how people who should have come around to encourage her in her moment of depression, shunned her. The calls stopped coming.
This is what the Bible admonishes that the arm of flesh will fail you and therefore we should put our trust in God. It could be a very frightening experience and can easily lead to depression.
Human nature being what it is, people will want to get close if things are okay. Everybody wants to associate themselves with interesting things, famous people, rich people etc for mainly selfish reasons.
We need to develop the habit of putting our trust in God and relying less on human beings. The lesson we have to take along in life is that, no one marries his or her enemy so how come people who took vows that they will love each other become so hostile to each other that they want to go their separate ways in life? Such is the reality of life.
It is therefore prudent for people to recognise that, life is full of uncertainties and so there is the need to prepare your mind for uncertainties so that when they occur, they do not disorganise your mental sanity.
A lot of people have experienced situations where people who they could have sworn will never betray their trust have disappointed them when they were through challenging moments.
If there is one thing famous people should desire, it should be the ability to identify who are true friends are. Countless stories abound regarding incidence of celebrities who have lost their shine and their wives divorcing them soon after.
It is sometimes useful as a famous or rich person to sign a prenuptial agreement before marriage to safeguard or protect yourself from any future unpleasant surprises.
People can be very pretentious these days, it goes both ways. There is this real life story where a man married a divorced wealthy woman and convinced her to sell her house so they could build a new one together, with the excuse that people are gossiping that he is being housed by a woman.
The woman agreed and they put up a new building. After a few years the man asked for a divorce, only for the woman to realise that the land on which the building was situated, was bought in the man’s name.
This can drive a person insane, if you are not mentally tough and this happens to you. When people hear that you are homeless, a lot of your so-called friends will stop calling, so that you do not become a burden on them.
By Laud Kissi-Mensah
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‘But, er …. I don’t even know your name’.
‘Paul. Paul Allotey. I’m Sarah, by the way. Paul, why don’t you leave me here, since this is the last important thing I’m doing today’.
‘Okay. Now Sarah. I was just thinking. You will be here at the cafe for about an hour. By then it will be about twelve thirty. Then, you would be thinking of buying yourself some lunch, to eat here or to take home. So if you would please allow me, I will take you to one of the nicest eating places in town, and after you have sorted that one out, then I can drop you home. Just that one errand, then I won’t bother you again’.
‘You are not bothering me at all. You are being very kind to me. And I just realised you are a mind reader too. The last item on my agenda was lunch’.
‘I’m so glad I appeared at your doorstep, just in time’.
‘Okay. Now Paul, since you say the cafe is a comfortable place, let’s go in together, and you can do your work while I get my application done’.
‘Okay, Sarah. Thanks. Let’s go’.
We got back in the car at eleven forty-five.
‘So where are we going, Paul?’
‘To Royalty restaurant. It’s a twenty minute drive away’.
‘So, do you enjoy your job?’
‘Most certainly. I won’t change it, not even to be President. And am I right to say that you are preparing to enter the university?’
‘That’s my plan. I hope it works’.
‘It will, if you are determined, and disciplined. You look very much like a disciplined person’.
‘Thank you very much’.
We arrived at Royalty in twenty-five minutes, ‘You are joining me for lunch, Paul’.
‘Thanks for the honour, Sarah. But the bill is on me’.
‘Aren’t you taking on too much for one day?’
‘I never do anything that is bigger than me, Sarah’.
Over the next hour and a half, we discussed fashion, local and international politics, and sports, as we ate and relaxed. Finally, he drove me to the shop.
‘I will never forget you, Paul’.
‘I’m glad to have been helpful. But if you don’t mind, I’ll say it again, your husband is extremely lucky. You are really beautiful’.
‘Thanks again. But do you mind if I call you sometime in the future?’
‘Certainly not. Let me write it here. I will not ask for your number, for obvious reasons. But I will be looking forward to hearing from you. And hopefully, I will see you next month, when I call to drop your bill’.
‘Okay Paul. See you then’. What a lovely day, I said to myself as I opened the front door. I closed the shop and got home by seven. I went straight to the bedroom, stood in the mirror and took a good look at myself. ‘You are a very beautiful woman, Sarah. Never forget that’. I will not forget that, again.
Over the next several weeks, Martin and I had very little to do with each other. In the morning he ate his breakfast and after a shabby ‘I’m going’, he left. He came home around eight at the earliest, ate his dinner and, already soaked in beer, went off to sleep.
He spent the greater part of the weekends at the club house with his friends, playing tennis and partying. My mind was focused on furthering my education, so I didn’t complain to him, and didn’t bother to inform my parents about what was happening. I had decided that I would only take action if he lifted his hand against me again. I spent my free time reading all manner of interesting stuff on the internet, and chatting with my sister on WhatsApp.
One evening, he came home at about eight, rushed to the bedroom and rushed out. An envelope, obviously containing money, dropped out of his pocket, and I picked it up and followed him. I was going to call him and give it to him, but I noticed that there was a young woman in the car, so I went back in, counted it and put it in a drawer in the hall. He came back after some ten minutes.
‘Excuse me, I dropped an envelope containing money. You must have seen it’.
‘Yes, I saw it. Actually, I followed you, and was about to call you and hand it over to you when I realised that there was a woman in the car, so I came back in. I counted it. One thousand cedis.
‘Well let me have it. I have to be going’.
‘I will let you have it if you will tell me who the woman in the car is, and why you are going to give her that amount of money’.
‘Listen, if you waste my time, I will teach you a lesson you will never forget. Give me the money now!’
‘Here’s what we will do, Martin. I know you will give money to her anyway, so I will give it to you, if you will withdraw the threat you just issued. But I want you to know that I will be taking some steps from tomorrow. Things are getting out of hand’.
‘Okay, I’m sorry I threatened you. Can you please give me the money’. I handed it over to him, and he ran out’.
The following morning, I waited for him to finish having breakfast, and told him I wanted to have a word with him urgently.
‘You better be quick. You know I’m going to work’.
‘Well, I want to inform you that I will inform my parents, and your parents, about the situation in this house. As I said yesterday, things are getting out of hand. You spend most of your time drinking. You get drunk every evening, and through the weekend. And you are also spending your time and money on a prostitute’.
‘How dare you? One more stupid word from you …’
‘Am I lying, Martin? You have just started life, yet you are behaving like a rich, elderly man who has already seen his children through university, and can afford a life of fun. As I said, I’m going to inform our parents. Maybe your parents can straighten you out before it is too late’.
‘Look, we can talk this evening. It’s nothing like what you are saying’. He walked away, shocked.
That evening, I was expecting to have a meaningful discussion with him, but his mother called early in the evening to offer me some ‘advice’. Her son had called to say that certain developments at home were disturbing him so much that they were beginning to affect his work.
And, ‘as a loving mother to her daughter’, she was advising me to submit to my husband, and support him in prayer, and not ‘drive him from home’. Men would always be men, and she was telling me ‘from experience’ that no matter how much time Martin stayed away from home, he would always come home to me.
She had been a young wife before, so she understood the challenges I was facing. So I could be assured that if I followed her advice, all would be well. And, of course, she didn’t allow me to tell my side of the story.
Martin came home very late, and very drunk. And from the next morning, he carried on as before. With some hesitation, I called my dad and told him all that had gone on.
‘Well, my daughter. I’m not going to say “I told you so”. I was only trying to protect you. So here’s what we’ll do. Continue doing the best you can, and try not to give him any excuse to harm you, but if things continue to deteriorate, I will take you back.
A couple of days later, my cousin Dinah arrived in Accra from Brussels, having completed her medical course. With Martin’s agreement, I went to Koforidua and spent a couple of days. I spent most of the time chatting about her experiences in the US, but we also discussed my relationship with Martin, and she endorsed Dad’s decision to take action if Martin’s behaviour did not change after two weeks Elaine informed Mom and Dad. We endorsed Dad’s decision to take action if there was no change in two weeks.
Dinah returned with me to Takoradi. Her plan was to spend a couple of weeks, and return to Accra to be posted. I called Paul Allotey, and asked if he would meet her for lunch and, if possible, show her some interesting spots. Delighted, he suggested that we meet at Royalty the next day.
I told Martin about it, to remove any possibility of future disagreement over ‘going out with men’.
‘It’s fine with me’, he said, ‘if, of all the people who could show your sister round this town, you chose a borla man. Doesn’t that indicate the kind of person you are?’
‘ First of all, Martin’, I’ve spoken to him a few times, and he comes across as a decent guy, so I think it is rather unfortunate that you are writing him off when you don’t know him’.
By Ekow de Heer
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