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Finance Minister claims economy is back on track …But the ordinary Ghanaians say impact is not being felt in their pockets
Ken Ofori-Atta
There are two schools of thought about a recent statement attributed to the Finance Minister, Ken Ofori-Atta with regards to the economy which he claimed had taken shape following the injection of the first tranche of loans from the International Monetary Fund (IMF) to revamp Ghana’s ailing economy and bring it back on track.
While the government spearheaded by the Finance Minister, who is the exchequer and economic and financial advisor to the President, aided by IMF officials believe that there are concrete signs of improvement in the economy which are beginning to show or manifest, other school of thought particularly the ordinary Ghanaians believe that the government is being evasive, insincere and hypocritical with the truth. They feel that they are being short-changed and deceived by the government and that nothing really is happening because the signs of economic growth are not being felt in their lives, let alone in their pockets. Their thinking was that all the factors that led the country to the IMF to seek economic bailout still persist and that nothing has changed, claiming that the value is still the same.
ECONOMIC WATCHERS AND THINK TANKS PROJECTIONS
The economic watchers and think tanks have projected a slowdown in the economy to 1.5% in 2023 and remain depressed in 2024 at 2.8per cent, but it is expected to recover to its potential growth by 2025. Some of the economic challenges facing Ghana are unemployment, corruption, inconsistent economic policies, poor human capital development, poor health system, crime and terrorism. Our biggest problem is a debt crisis, high inflation and the devaluation of the local currency, the cedi. These are the challenges that led the country to conclude an agreement with the IMF for a bailout.
The Government of Ghana recently reached a Staff Level Agreement (SLA) with the IMF for a first review of the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG). That consensus came after five months of negotiations and paved the way for further progress toward approval of the first review by the IMF Executive Board scheduled for November 2023.
FINANCE MINISTER’S SPEECH
Speaking to the press after that meeting, the Finance Minister Ken Ofori-Atta, expressed optimism about the economic outlook saying: “The economy is responding positively and strongly to the news of government and IMF reaching an SLA for the first review, and we are eager to leverage this momentum to the very moment when the IMF Executive Board approved the first review in November”. He said the SLA was an indicative of the strong performance in meeting end-June 2023 performance indicators – including six quantitative performance criteria and three indicative targets as well as three structural benchmarks. These achievements he said, underscored Ghana’s commitment to economic recovery and stability.
Hear the Minister further: “Year-to-date data reflect significant improvements in economic performance. The gross domestic product has rebounded strongly, averaging 3.2 per cent in the first two quarters of 2023. Inflation on the other hand has been on a relatively downward trend, dropping to 40.1 per cent in August 2023 while the cedi has remained stable with a cumulative depreciation of about 23.5 per cent year-to-date. The fiscal front shows a surplus of about GHc2billion in H1 2023, exceeding the target”.
EMPTY PAPER TALK
Indeed, on paper, these are fine development, especially for the economists since they understand the issue and the corresponding economic language better and therefore can digest and interpret it in the best manner they can. But on a more serious note, the majority of Ghanaians who assess and weigh the performance of the economy with their living conditions, will not side with the government assessment because they don’t feel the transformation of the economy in their pockets since it is not visible. It is the same old story as they find it very difficult to make ends meet. They are still buying food items and other consumables at exorbitant prices, cost of transportation is still high, fuel prices keep escalating, payment of school fees for their children and wards has become so difficult, marriages are fallen apart and on rocks due to financial misunderstandings from couples and a whole lot of economic challenges.
EXPECTATIONS FROM GHANAIANS
Just as the government assured the nation that going to the IMF for economic bailout would solve most of these economic difficulties and improved the living conditions of the people within the shortest possible time, Ghanaians were therefore of the high hopes and expectation that, it would not be long for them to see signs of improvement in their living conditions. However, six months into the programme, nothing is showing and also, they are not feeling the impact of the IMF bailout.
Those so-called economic jargons such as gross domestic product, high inflation, macro and micro economic developments among others, which are difficult to be understood and assimilated and are always foisted on the ordinary Ghanaians make them angry and agitated, because they do not make sense to them in any way. As for the IMF praising Ghana for managing the funds well, that is normal because the benefit they will derive from Ghana in the long run.
Right now, what Ghanaians are expecting from government that will let them feel comfortable with their lives is to lay bare in simple terms the true facts relating to the current situation with the IMF bailout and the corresponding benefits that will reflect their lifestyles. Ghanaians are now discerning and wide awake and, therefore they will not sit down and allow falsehood to be peddled or forced down their throats to swallow. They will rather prefer that the government keep mute on issues concerning the economy instead of throwing dust into their eyes through deceit and falsehood. Ghanaians are noted to be magicians when it comes to how they manage themselves and they will like to remain as such.
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By Charles Neequaye
THE typical itinerant salesman in Sikaman is a herbalist. He is normally a slim macho with the capacity to perambulate the expanse of area covering the triangle of Accra-Tema-Ashiaman. In short, he can walk a total of 60 miles a day, marketing a product that cures every disease, including poverty. 
The door-to-door herbal pharmacist advertises his product by word of mouth. He has nothing to do with the Food and Drugs Board (FDB). After all, his concoctions do not feature on FM stations.
Those herbalists who cannot walk to propagate the herbal gospel, liaise with drivers of mass transportation and their mates. They are, therefore, given the chance to sell their products on Benz buses that ply the routes.
Normally, the herbalist starts his sales message with a prayer and Bible study. He asks the passengers to bow down their heads in supplication to God the father, the son, the Holy Spirit.
When a herbalist asks the passengers to close their eyes and bow their heads, Moslems on board naturally feel offended. They feel that the herbalist has no right to assume that every passenger is a Christian. They think such an assumption is an affront to Islam.
So a Moslem on board will raise the hand for a point of order. He’ll remind the herbalist that it would be in his own interest to mind his language.
“Be careful the way you address people in a public place. Not every person here is a Christian,” he’d state assertively.
Of course, the herbalist will promptly ignore him, but would all the same “watch” his tongue. Who knows whether or not the Moslem brother is inspired by Quoranic zeal to defend the tenets of Islam to the hilt?
When he starts saying, “Wallahi!” and “Inshallah!” it could be the beginning of proclaiming Islam as supreme, a point which must be driven home with talibanic precision.
So the herbalist must tread carefully lest he steps on fire.
The herbalist could even add a measure of mirth to it all, by announcing that Christians on board today have very interesting company on the journey, but that should not detract from the business of the day.
The Moslem brother will weigh the words carefully and offer a wry smile.
He must be careful the occasion does not degenerate into the use of semantics and proverbial oration to deride his conviction that public utterances must be mindful of religious sensibilities. He has made his point very clear and expects that it is taken in good faith in the interest of a peaceful journey.
The herbalist will now open the New Testament and preach salvation, stating clearly that salvation can come only through Jesus Christ and NOBODY else.
The Moslem brother will now start twitching his moustache. The visible and almost revolutionary reflexes of his upper lip can be an indication that sentiments have begun superseding reason, and the outcome could well be tragic now shift uneasily in his seat.
The time has come for him to also express his right to the religion of his fore-bears. He’ll put his hand into his pocket and rise to his feet. The time has indeed come!
This article was first published on Saturday, September 9, 2006
When the cause of a particular problem like sickness, disease, sudden illness, a social issue etc. are not known, it stands to reason that resolving it becomes a huge challenge.
Citizens would understand the government when public announcements are made to the effect that government is trying to find a solution to the issue, even though it is taking a while for it to be resolved because citizens are rational beings.
On the other hand, if the solution to a particular issue is known to everybody but the government for whatever reason, is dragging its feet in resolving it, citizens become frustrated and begin to lose trust in their leaders.
One such issue is the heavy traffic along a section of the Kasoa – Odokor road. A short stretch of bad road between the traffic light at the Weija Government Hospital and the entrance to the entrance of the overhead that leads to the N1, is the cause of the problem but nothing is being done about it, day after day, week after week, month after month. Thus is clearly unacceptable.
Another issue that requires urgent attention is the lack of pavements along a lot of streets in parts of the various Municipal Assemblies. Exercise is a prerequisite for long life and healthy living and for those of us who it has become a way of life, this issue of people putting up structures right to the edge of the drains beside the roads, are making life difficult for us.
We are compelled to walk along the roads, putting our lives at serious risk. Pedestrians should never be compelled to compete with vehicles on our streets and roads. Roads and streets are made for vehicles and pavements are made for pedestrians. That is the norm. Any attempt to normalise a situation where pedestrians are mingling with vehicles is insanity.
It is the road regulations that makes it so and therefore district or municipal assemblies are to take responsibility and ensure that spaces for pavements are not encroached upon. Citizens have rights that must be protected by their leaders and making pavements available to pedestrians, is one of them.
When we hear of teachers having sex with students, it appears it is something recent. It is not a new phenomenon. It has been there since Adam. Perhaps this issue is getting much attention due to the proliferation of social media. It was an open secret in times past when Teachers were in relationships with female students and some married them immediately after completion of school.
Some teachers were also known to be having unholy interactions with female pupils but due to the times that these acts occurred, human rights issues and the awareness around it, allowed such unscrupulous teachers to get away with their crimes.
Now we are in a different era and so a Headmaster is now in hot waters. He is alleged to have raped about 19 female students and as usual, some officials tried to cover it up and are also in hot waters and their actions or inactions in the matter are under investigation.
Why the man has been allowed to roam freely without being arrested is simply mind boggling. It appears that the law applies differently, depending on who you are. This issue came to public attention sometime in August this year, yet the police had not arrested or invited this man for question regarding the rape allegation.
It has come out that he is a Constituency Secretary of the ruling party and the question in the public domain is that, is it because he is a political figure that is why he is still walking around without questioning? I believe in the rule of law so let us hold our breadth and let the proper thing be done.
The police must however be seen to be active in this matter. God bless.
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