Features
Economic Performance: Some Indicators
• Much work has to be done in all sectors of the economy to establish a
strong base for rapid growth
The economic performance of every country, whether sound or unsound, depends on a number of factors which may indicate whether the economy concerned is resilient or fragile.
An economy may be very strong or resilient and will be able to withstand unfavourable pressures from external sources. In the same way, a very weak economy may not be able to withstand pressures from unfavourable external conditions.
Similarly, an economy with an average performance may be able to withstand some shocks coming from both internal and external sources but at the same time, able to lay a strong foundation that can stimulate growth in the economy in the coming years. Such an economy may not be described as very resilient but will be seen as strong enough to generate adequate growth and on the average show that the economy is not weak after all.
Various descriptions have been given to the economy of Ghana. While some so called economists have described Ghana’s economy as weak, others, on the contrary, see it as strong or above average and can perform better going forward into the future.
Is the economy of Ghana weak or resilient, taking everything into consideration? When we speak of taking everything into consideration, we are referring to its industrial base, the agricultural sector, transportation, education system and the nature of other sectors that can influence economic performance.
Any objective mind that looks at the economy of Ghana will agree that for now, the economy is not strong enough to withstand external pressures such as the effect of the Russia-Ukraine war as well as the impact of the COVID-19 pandemic. In spite of this the economy of Ghana cannot be described as weak.
This is because a good foundation has been laid for the economy despite the numerous challenges the country faces. It is these challenges that have led to inflation and the depreciation of the Cedi a few months back.
If for nothing at all, the implementation of 1 District 1 Factory in line with government’s industrialisation agenda is meant to lay some strong foundation for the country. The problem is that the effect of this programme cannot be felt immediately but, rather, in the future. If people look at the future and conclude that conditions are not good, they will be making a miserable mistake. Thus, in this sense, a strong foundation has been laid for the country and this will bring in the needed positive result in the near future.
Another strong foundation that has been laid for the country by the Akufo-Addo led government can be found in the health sector. We believe that Ghanaians have not forgotten about the numerous drones that have been brought into the country to help in the distribution of medicines to remote places in the country.
Until the drones were brought, areas that were far away suffered from numerous deaths due to lack of essential drugs to fight against snake bites and also absence of blood needed by certain patients at very critical points in their lives. The drones have been brought in for a good purpose and they are playing a positive role in the health sector.
As if this is not enough, efforts are also being made to ensure that there are enough hospitals in all parts of the country, whether urban or rural and whether at the regional level or at the district level. Again, 307 ambulances have been brought in to strengthen the health sector and save precious lives that could easily have been lost if such ambulances were not available.
As we speak today, every constituency in this country has at least one ambulance while at certain regional places, the ambulances available are not less than three or four. This shows that under such conditions, the health sector has been made stronger than before and going into the future, things will be very comfortable compared with previous times.
One other factor that cannot be overlooked is the introduction of Free Senior High School as well as Free Technical Vocational Education and Training for students in our second cycle institutions. Students are not just going in for the general type of education as was seen previously but also technical and vocational training which will help to build a strong technical labour force to meet the needs of the country.
When the labour force is made varied in this way, it means that the technical and vocational needs or otherwise can be met at any point in time. This is what will lead to strong growth in the coming years.
A strong foundation has also been laid for the agricultural sector. The implementation of programmes such as Planting for Food and Jobs and also for export has made things favourable to the country as far as food security is concerned.
Under the COVID pandemic, people in this country were easily fed because food was available compared with other countries that had to beg other nations to get food to meet the needs of their people. This is another indication showing that as a country, Ghana has done well in this direction.
To be able to facilitate rapid economic growth, there is the need to build a sound transportation system to help in the movement of goods and services and people across the length and breadth of the country. Under the agenda of “Year of Roads”, massive infrastructure in form of roads have been put up in areas of the country more than any other government has been able to do in this country.
However, we still need to do more in this sector and this calls for the building and rehabilitation of roads in the food growing areas. When this is done, food items can easily be transported from the food producing areas to the food consuming centres.
All in all much work has been done in all sectors of the economy to establish a strong base for rapid growth in the country. Economic development is a process that takes time and ought to be carried out in a consistent manner to establish a bright future for the economy. This is what is being done so the fundamentals of the economy have been set right.
When the Vice President, Dr. Bawumia, made the point that “if the fundamentals are weak, the weaknesses will be easily exposed”, he was quoted out of context and unfairly attacked by his political opponents who see nothing good about what the government is doing. Now that these fundamentals are being built and strengthened for our future lives, we need to commend the Vice President as well as the President himself and the entire government for a good work done.
Seeing in this light, therefore, a good foundation has been laid for the country compared to the previous shaky government that was in existence previously for which reason the Vice President made that statement.
Today, government has decided to cut down on imports by 40 per cent with effect from this year and it is believed that this will continue until the imports are reduced to an insignificant percentage to make the economy of the country very strong.
With the laying down of a strong foundation it will be wrong to say the fundamentals are weak as was seen in previous times and that as we go into the future, rapid economic growth will be attained to make life far better. It is in light of this that every citizen in the country ought to play his/her part in order to help move the country forward and make economic life better for all.
By Dr. Kofi Amponsah-Bediako
*Contact gmail address/ whatsApp number of author:
Pradmat201@gmail. com/0553318911
Features
Fix It Fast or Lose Them Forever: The Ever-Rising Importance of Service Recovery in Competitive Industries
Yes, in literature and in practice, differences exist regarding customer service, service failures, and service recovery.
But have you ever considered the latter (service recovery) and its potential impact on service experience, brand building, and sustainable growth?
Well, in today’s fiercely competitive service economy, customer experience has become one of the most powerful determinants of business survival and long-term success.
Across industries, from aviation and banking to telecommunications, hospitality, healthcare, retail, and digital platforms, customers now expect fast, seamless, and reliable service delivery at every touchpoint.
Yet despite technological advancements and operational improvements, service failures remain inevitable.
Systems experience downtime, deliveries are delayed, reservations are misplaced, payments fail, customer inquiries go unanswered, employees mishandle interactions, and digital platforms experience disruptions.
In the midst of these, what increasingly separates successful organisations from struggling ones is not whether failures occur, but how quickly and effectively they recover when they do.
Service Recovery
Simply put, it is the process of fixing a service problem and restoring customer confidence after a failure has occurred.
Examples of service recoveries are; an airline offering compensation after a flight delay, a telecom company restoring interrupted service and providing bonus data, a restaurant replacing a wrongly prepared meal at no extra cost, a hotel upgrading a guest’s room after a booking problem, and finally a bank reversing an erroneous transaction and apologising promptly.
As competition intensifies and customer expectations continue to rise, service recovery is rapidly evolving from a routine customer service function into a critical strategic capability.
Businesses are discovering a hard truth of the modern marketplace: fix customer problems quickly, or risk losing them permanently.
Customers are More Powerful Now Than Ever
Customers now possess more power than at any other time in business history. Digital technology, social media, online reviews, and mobile connectivity have fundamentally changed customer behaviour.
Consumers now easily compare competitors instantly, publicly share negative experiences, switch providers with ease, and influence the purchasing decisions of thousands of others online.
This evolution has made customer loyalty increasingly fragile. A single poor experience can quickly damage years of brand-building effort.
In highly competitive sectors where products and pricing are often similar, customer experience has emerged as one of the few sustainable competitive advantages.
Modern customers no longer evaluate organisations solely by product quality or pricing. Increasingly, they judge businesses by their responsiveness, reliability, transparency, empathy, and effectiveness in resolving problems.
Why Service Recovery Matters More Than Ever
Failures are no longer viewed as isolated operational incidents, especially in competitive service sectors. They are moments that directly influence customer trust, brand perception, and future purchasing behaviour.
Research across service industries consistently demonstrates that customers are often willing to forgive mistakes when organisations respond quickly, communicate honestly, show empathy, and resolve issues effectively.
Conversely, poor recovery experiences frequently create stronger dissatisfaction than the original service failure itself.
For many businesses, the greatest reputational damage does not arise from operational errors, but from delayed responses, poor communication, lack of accountability, and unresolved customer frustrations.
This has elevated service recovery into a central component of customer relationship management and competitive strategy.
Speed, a Competitive Weapon
In the modern service economy, speed is no longer merely operational efficiency; it is a basic customer expectation.
Consumers increasingly expect: immediate responses, real-time updates, fast complaint resolution, and proactive communication. Delays are often interpreted as incompetence, indifference, or organisational inefficiency.
Consequently, organisations are redesigning their service recovery frameworks to prioritize rapid intervention and customer reassurance.
A cursory assessment revealed that some businesses now operate dedicated customer experience teams, 24/7 support systems, AI-powered service platforms, automated escalation systems, and real-time issue monitoring dashboards.
The ability to resolve customer problems quickly is now a major source of competitive differentiation.
Technology Is Transforming Recovery Strategies
Technology is fundamentally reshaping how organisations manage service recovery. Across industries, companies are leveraging artificial intelligence, customer analytics, chatbots, predictive monitoring systems, and integrated digital support platforms.
These tools allow organisations to identify service failures earlier, monitor customer dissatisfaction, automate responses, personalize engagement, and accelerate resolution timelines.
Some organisations now proactively contact customers before complaints are formally lodged, using analytics to identify service disruptions in real time.
This means that the future of service recovery is increasingly preventive rather than purely reactive.
Service Recovery as a Brand Strategy
Forward-looking organisations are now treating service recovery as part of brand management strategy rather than operational damage control.
The logic is straightforward because, acquiring new customers is expensive, dissatisfied customers influence others, and loyalty is increasingly experience-driven.
Businesses are therefore measuring customer satisfaction, response times, complaint resolution rates, customer retention, and net promoter scores more aggressively than before.
In many industries, service recovery performance is now discussed at executive and board levels because of its direct relationship with profitability, reputation, and long-term growth.
A call to action
As industries become more digital, interconnected and customer-driven, service recovery will likely become even more important.
Therefore, organisations that succeed in the future will likely be those that respond rapidly, communicate transparently, empower employees, leverage technology intelligently, treat customers fairly, and place their (customers’) trust at the centre of recovery strategies.
Remember, customers now have more choices, less patience, and greater influence than ever before, a clear message to forward-looking organisations that when service breaks down, recovery is everything. Fix it fast or risk losing customers forever.
Writer: Mohammed Ali
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.
