Features
Ghana-IMF meeting
Since July 2022, when the Government of Ghana decided to go to the International Monetary Fund (IMF) for assistance, many varied opinions have been expressed concerning this move with the Minority saying that they have been vindicated because the government should have indicated its intention far earlier than it did.
Since 2017, the Akufo-Addo Administration has been able to manage the country very well, ensuring that GDP growth for 2017, 2018 and 2019 were very impressive. Introduction of policies such as One District One Factory, Planting for Food and Job as well as many other programmes have all put the country on course towards rapid economic recovery. It was thought that this would be the general trend in the ensuing eight to 10 years for the country.
UNFAVOURABLE CONDITIONS
Unfortunately, this was not to be and the entire world was hit adversely by certain unfavourable economic conditions. These unfavourable conditions brought economic difficulties which made life unbearable for the country.
The outbreak of the COVID-19 which affected Ghana and the rest of the world forced the world to spend huge sums of money to fight the pandemic. President Akufo-Addo made it clear that he would prefer to fight hard and save lives rather than lose these lives. To him, once lives are lost, they cannot be brought back, so it was better to use available resources to fight the pandemic.
Even if all resources are depleted while lives are saved, there would be an opportunity to fight for economic recovery and improve upon the lives of the people in order to bring the standard of living to a satisfactory level. This appears to be what is happening now and this is one reason the government has been forced to go to the IMF for assistance.
HIGH CRUDE OIL PRICES
Another reason Ghana has been forced to go to the IMF is the outbreak of the Russia-Ukraine war which has brought untold hardships to countries in the world. Crude oil prices rose far above 100 dollars per barrel and countries in the world, both developed and developing, had no choice but to pay for unbearable fuel prices.
In Europe, Canada, America and elsewhere in the developed world, inflation rose very high and made economic life extremely difficult. The situation was even worse in developing countries whose incomes were generally low. In both developed and developing countries, this trend of unfavourable economic life has continued till today.
IMF BAILOUT
As a result, over 100 countries from various parts of the world had to go to the IMF for assistance.
This is the fundamental reason Ghana, like many other countries in Africa, had to turn round to the IMF for economic and financial bailout. Seen in this way, the reason for Ghana’s decision to deal with the IMF is not due to mismanagement of the economy. Rather, the unfavourable external economic conditions are the factors that have pushed the country from its economic growth to an area of unbearable pressure which has forced the government to go for IMF bailout.
COMPREHENSIVE DSA
The Government of Ghana commenced discussions with the International Monetary Fund on Monday, September 26, 2022. According to the government, a comprehensive Debt Sustainability Analysis (DSA), which is a key requirement for securing an IMF-supported programme is currently ongoing.
This is a necessary requirement to ensure that Ghana’s debt is on a sustainable path. A release by the Ministry of Finance on September 26, 2022, said, “The Government of Ghana is putting together a comprehensive post-COVID-19 economic programme which will form the basis for the IMF negotiations.
The COVID-19 bailout programme has become necessary because Ghana was forced to deplete its entire resources in combating the disease. Having gone through this experience, it has become necessary for government to put down a programme to justify why the country needs a bailout from the IMF.
WHAT IMF PROGRAMME SEEKS TO ESTABLISH
The programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection. The IMF mission that arrived in Ghana on September 26, 2022, is currently in talks with the Ministry of Finance and the Bank of Ghana.
If the IMF team leaves the country, negotiations will still continue between Ghana and the Fund until an agreement is reached. It is this agreement that will be implemented by the government of Ghana under the supervision of the Fund.
The Debt Sustainability Analysis (DSA) is an IMF-supported programme which is anchored in the analysis of a country’s capacity to finance its policy objectives and service the ensuing debt without unduly large adjustments, which could otherwise compromise its stability.
IMF FORMAL FRAMEWORK
To this end, the IMF has developed a formal framework for conducting public and external Debt Sustainability Analysis (DSA). This serves as a tool to better detect, prevent and resolve potential crises.
Here, the framework has been made operational since 2002. The objective of the framework is threefold. In the first place, it accesses the current debt situation. Here, it looks at its maturity structure, whether it is huge, small, bearable etc.
Secondly, the framework identifies vulnerabilities in the debt, that is, whether there are loose ends or other conditions that will result in repayment difficulties. This also helps to access the debt situation.
Finally, the framework helps to examine cases where such difficulties can emerge to create problems in terms of the restructure of the debt and whether payment can be smooth or difficult. At the end of it all, the Fund would be able to know the position of the debt of a country.
FRAMEWORK IMF TO DETERMINE DSA
Ultimately, this framework would help the IMF to determine the Debt Sustainability Anslysis of a country and come up with solutions for the way forward. The Debt Sustainability Analysis (DSA) is not applied to all countries in the same way. The Fund examines each country on case by case basis.
What this means is that two countries may have similar situations but the IMF may apply different programmes to different countries, depending on available conditions and programmes and their justifications. When all these things have been done, the nature of the bailout programme would now be made available to the country concerned.
As of now, no one knows the nature of the programme to be implemented by the IMF. Negotiations would have to be complete before the IMF programme and its conditionalities can be made available. Thus, members of the Minority and their cohorts cannot assume that they know what the outcome would be. If this is the case, then their exaggerations of the situation must stop since it would not serve the interest of anyone in the country.
Email address/whatsApp number of author:
Pradmat201@gmail.com (0553318911)
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. The same report found that managers spend an average of four hours per week dealing with conflict, and nearly 25 per cent of people think their managers handle conflict poorly or very poorly.
Addressing a dispute might feel tense or awkward, but resolving the conflict is typically well worth it in the long run. Whether you’re trying to mediate conflict between colleagues or are directly involved, here are seven steps you can take to manage workplace conflict.
1. Don’t put it off
Facing conflict head-on is hard. However, waiting too long to address it can negatively impact your emotional well-being, focus, and the entire office environment. If you’re feeling angry, letting that emotion fester can also escalate it over time. This can make you less responsive to other points of view and make it harder to resolve the issue.
The sooner you can address the conflict, the better it will be for you, the person you disagree with, and your entire team.
2. Learn all you can about the problem
It’s important to determine the type of conflict you’re dealing with. Begin by considering the cause of the conflict. For example, ask yourself whether someone said something that upset you or if you have emotions of anger and resentment that stemmed from something that happened.
Then try to identify if it’s a task, relationship, value, or team conflict. Once you know what type of conflict it is, you can work to resolve it with specific tactics for that situation.
If you skip this step, you may waste time or escalate the situation further by trying to address issues irrelevant to the real conflict.
3. Actively listen
Listen attentively when people share their side of the story. Active listening is one of the most valuable professional skills you can possess. This type of listening involves not only hearing what the other person is saying but also listening to understand their point of view.
No matter your role in conflict, it’s easy to begin sharing your opinion with little regard for the other people involved. However, it’s important to learn about all sides of a disagreement to make well-informed decisions before drawing conclusions.
To reach a resolution, you must step back and prioritize listening over talking. Ultimately, that will encourage the other person to do the same when it’s your turn to speak. –source: betterup.com
Today, I focus on the Temple Of Praise Ministries International (TOP Church) in Helsinki, as I continue my description of personalities or institutions and their accomplishments as members of the Ghanaian Diaspora in Finland.
The TOP Church in Finland has seen significant strides and accomplishments that must be made known to the public. 
Some history
The Church was established in Finland in September 2016. Since its inception, it has steadily grown both spiritually and numerically, by the grace of God, as disclosed to me by Mr Matthew Anini Twumasi, the Presiding Elder of TOP’s branch in Finland. The TOP Church has other branches across Africa, Europe, and America.
The Church in Finland was founded with a vision to create a welcoming and dynamic community where people could experience God’s love and grace (see, www.topchurchfinland.org). According to Presiding Elder Matthew, the TOP Church operates within a unique environment where Christianity coexists with what is seen as a largely secular society.
Despite this, he submits, there are significant opportunities for outreach, unity, and demonstrating the love of Christ through service and community engagement.
Activities
Church services at the TOP Church are typically held on Sundays for the main worship. In addition, there are mid-week prayer sessions, Saturday prayer services, and a half-night service held on the last Friday of every month. “We also organise quarterly programs”, Elder Matthew added.
His impression of the Church so far has been positive. “It is a vibrant and welcoming community where members are committed to worship, fellowship, and supporting one another in faith”, he stated.
In sum, Elder Matthew said the Church continues to grow by God’s grace. “We remain hopeful and committed to spreading the Gospel, strengthening the faith of our members, and making a positive impact in society”, he continued.
Achievements
The TOP Church has a number of achievements and achievements. Some of the strengths include strong community bonds, cultural diversity, and deep commitment to spiritual growth.
I also remember that during the COVID-19 period, I heard that the TOP Church was one such bodies that hugely supported its members and others to cope with the situation.
According to Elder Matthew, the challenges facing the church include “adapting to cultural differences, engaging the younger generation, expanding outreach in a secular society, and securing a permanent place of worship”.
Role in the Ghanaian community in Finland
The TOP Church plays a prominent role as a religious group that serves Ghanaian migrants and others in the Finnish society.
Thus, the TOP Church is a religious body for Ghanaian migrants in Finland and other nationalities who want to worship with them for diversity and better intercultural and multicultural understanding.
The Church also has mechanisms in place to support its members who are bereaved as a way to commiserate with them in times of death and funerals.
The Ghanaian community has played a vital role in the growth of the Church. Their strong sense of fellowship, dedication to worship, and active participation have helped build a solid foundation and attract others to the ministry, according to Elder Matthew.
Integration
By its activities, the TOP Church is helping to ensure integration of its members well into the Finish society.
This is important since social interaction and citizens’ well-being are an important part of the integration process.
The role of migrant associations and groups such as TOP Church acting as bridge-builders for the integration and inclusion of migrants through participation in the decision making process and by acting as a representative voice is highly appreciated in Finland. Thank you!
GHANA MATTERS column appears fortnightly. Written in simple, layman’s terms, it concentrates on matters about Ghana and beyond. It focuses on everyday life issues relating to the social, cultural, economic, religious, political, health, sports, youth, gender, etc. It strives to remind us all that Ghana comes first. The column also takes a candid look at the meanings and repercussions of our actions, especially those things we take for granted or even ignore. There are key Ghanaian values we should uphold rather than disregard with impunity. We should not overlook the obvious. We need to search for the hidden or deeply embedded values and try to project them.
With Dr Perpetual Crentsil
