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Need to rebuild the economy – role of Central Bank

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Economic growth does not come by chance but through deliberate and systematic implementation of sound economic programmes that help to bring about the desired economic results.

Ghana’s economy had problems in recent times and as of 2016, the economy was not in a very good shape. For this reason, the beginning of 2017 saw the implementation of programmes and policies by the Akufo-Addo administration aimed at arresting the economic decline, restore confidence and propel some growth as a way of improving upon the welfare of the people.

ECONOMIC PROGRAMMES AND POLICIES

In fact, 2017 went very well. As a result, economic programmes and policies put in place began to yield results.

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The years 2018 and 2019 also went well and by the end of 2019, the economy had begun to take a strong shape to the admiration of many Ghanaians and external observers many of whom praised the country for a good work done.

SUPPORT BY CENTRAL

In all this, the Central Bank had to lend relevant support to the government to encourage it to achieve its aim. This means that the Bank of Ghana has a crucial role to play to normalise economic conditions and ensure that there is effective growth in the economy.

If this is the case, then what role has the Bank of Ghana played so far to help the government realise its ultimate goal of economic growth in the Ghanaian economy?

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SOUND ECONOMIC POLICIES

The year 2019 ended with some positive results as a result of sound economic policies being implemented by the Akufo-Addo administration. Some of the positive results are a decline in the rate of inflation and robust build-up of International reserves of the Central Bank.

If inflation keeps rising, the value of the currency would be thrown out of gear and as a result economic management would become difficult to carry out. Thus, the decline in the rate of inflation poses a good opportunity for the country to rebuild its economic system and forge ahead towards the realisation of its economic goals.

INTERNATIONAL RESERVES

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Similarly, the building up of International reserves by the Central Bank was positive since it helped to strengthen the economy. Without International reserves, the least disturbance in the economy would throw things out of gear and the country may find it difficult to support itself over a period of time.

The implication here is that increase in International reserves at the Central Bank tells the Bank of Ghana to support economic programmes over a higher period than would usually be the case if international reserves are depleted.

It is equally important to note that all these methods help to establish stability in the rate of exchange. Stability in the exchange rate helps to strengthen the economy and enables the country to withstand pressures from external sources.

COVID-19 PANDEMIC

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As the country was cruising along appropriate and desirable economic path due to sound economic programmes by the government and rigidly supported by the Bank of Ghana, the world was struck all of sudden by the COVID-19 pandemic. The pandemic affected all countries including Ghana.

The impact of COVID-19 was tremendous. To begin with, it affected commodity prices. Secondly, tourism and International capital flow were also affected.

FIGHTING FOR FINANCIAL INTEGRITY

To be able to withstand these pressures, there was the need for the Bank of Ghana, under the governorship of Dr. Ernest Addison to fight hard towards maintaining financial integrity. In addition, there was the need for tremendous financial and economic growth. The period saw increase in mobile money transaction.

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As a result of all these, the country began to experience confidence in financial sector earnings, liquidity and capital adequacy all indicating significant improvement of economic trends in the country.

The Bank of Ghana need not rest on its oars. This means that it must exert constant regulatory and policy attention to mitigate any risk that may arise. The quality of the governorship of Dr. Ernest Addison is good because he is ensuring the implementation of policies that are likely to ward off any weak economic segment that may be seen in the financial sector.

GOVERNORSHIP OF DR ADDISON

It is under the governorship of Dr. Addison that the Bank of Ghana was able to identify any weaknesses in the banking sector and take drastic measures to overturn the non-performance of some of the banks leading to the revocation of licences.

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The weak banks exhibited symptoms such as “poor asset quality, lack of profitability, loss of capital, excessive leverage, excessive risk exposure, poor conduct and liquidity concerns” as stated by Dr Addison in the 2020 annual dinner of the Chartered Institute of Bankers held at the Accra International Conference Centre on November 28, 2020.

All these indicate that without the role of the governor of the Bank of Ghana and his officers, the programme of the government would not be able to achieve its purpose.

If this is the case, then Dr. Addison needs to be highly commended together with his hardworking team so that they will always be encouraged to come out with good programmes and policies to keep matters going as expected.

By Dr Kofi Amponsah-Bediako

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Features

Trigger-happiness and the human liver

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Ghana Police Logo

THE POLICE force has produced some of the country’s best dancers, but when it comes to shooting, I cannot vouch for all of Peter Nanfuri’s men. Most of them are excellent marksmen, but as for some, they whimsically believe that a warning shot must be targeted at a human jaw to make it effective. The shot must warn the jaw not to misbehave.

Coming back to dancing, I must stand at ease and doff my hat to the police force. I do not know whether Honourable Peter dances stylishly. But I have attended at least two parties organised by policemen and I was doubly impressed by the rare showmanship of inspectors, superintendents, commissioners, constables and all. I called a corporal friend aside and asked whether dancing was part of the syllabus at Police College.

Indeed, I was overwhelmed, even awe-inspired at the high quality of individual choreographic spins, jerks, twists and turns. As the climax approached at one such party, a sergeant, determined to steal the show, almost ‘took to flight’ in one of Sıkaman’s most celebrated choreographic exhibitions. Virtually airborne, he combined traditional dance styles with Pentecostal boogie and ended up break-dancing, triggering off a standing ovation.

But it was a lady corporal who finally sent the crowd into a frenzy. She did not only belly-dance; her body was vibrating as if it had been connected to electricity. It was a marvel. I have never been so much impressed in life.

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Actually, I do not know why police staff do not contest in national dance competitions. They can have a try at it, why not? Just like journalists planning to try their hands at boxing part-time, to supplement their income.

We’ve got some pen-pushers whom you could mistake for fierce welter-weights or formidable super-featherweight, Azumah Nelson type. We are also privileged to have a few southpaws and I’m thinking about getting into the heavyweight division and ask Kofi Coomson to be my sparring mate. The only problem is that I can’t guarantee the safety of his ribs, taking into consideration that he is not quite macho.

He’d have to ‘beef up’ before we meet.

Yes, returning to the palaver of the police, I must say unreservedly that some bad nuts are embarrassing the force. It is for very good reasons that the Police Administration is about to institute a special judicial tribunal to try its personnel who resort to rampant and careless use of firearms, to the extent that a warning shot into the air can mysteriously wind up someone’s liver.

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On many occasions, I have been surprised  because the police are well-trained and remember they once won a shooting contest, they beat the army and navy to second and third  places. So how come that some of them mishandle weapons so childishly as to cause injury when there should be no cause for it?

The Inspector-General of Police’s embarrassment is evinced in his words. He observes that various accidents resulting from now indiscriminate “stray” bullets and warning shot give the impression that the police aren’t properly, trained in weapons handling.

 “Members of the public have become so aggrieved and intolerant that they are not even prepared to listen to official explanations on how the accidents happened, “he said.

Well, until the police sort themselves out as to those who are hopelessly incompetent in handling weapons aim who are not, I do not think it would be prudent to make policemen use live ammunitions in public unless the situation really demands it. Other means of subduing recalcitrant are available – rubber bullets, blank shots, tear gas, etc.

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When tear gas was recently used at Legon during a students’ demonstration, it was quite effective in dispersing them.  I didn’t know student could run that fast on empty stomachs. Some did not eat breakfast before joining the demo, but when the tear gas came, they exhibited excellent footwork, taking off in Olympic fashion, Bravo!

In any case, the topic cannot be exhausted without reflecting on another aspect of the IGP’s speech at the opening of a refresher course for Police Inspectors. He noted that even if a police Officer suffers any form of death at the hands of a criminal in the course of protecting life and property, the tragedy of the policeman’s death does not evoke any sympathy whatsoever from the public.

I think that is a good point to ponder, and it brings into question the idea of self-defense on the part of policemen. Should a policeman, for instance, kill a criminal who is out to cause harm or death to him? It needs to be debated because both the policeman and the dangerous criminal have the right to life.

Anyhow, the embarrassment being caused to the IGP by some careless policeman is well expressed. The problem is that when a policeman fires a warming shot that causes injury, people do not blame only the policeman. They also blame the government. It is just like someone who blamed the government when his mother-in-law slapped him hard in the eye. I don’t know whether he wanted the government to receive the slap on his behalf.

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At any rate, customs officers who are also trigger-happy and misuse weapons in the performance of their duties will be sanctioned. In fact, they’ll be sacked! Sounds deterring isn’t it?

This article was first published on Saturday November 14, 1998

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Migrant health, wellbeing in Finland  

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Helsinki university central hospital

Today, I focus on the theme of mental health and wellbeing among Ghanaian migrants in Finland, a move away from the topic of personalities or groups and their accomplishments within the Ghanaian community in Finland that I have been writing on.

In recent times, I have been thinking about the mental health of Ghanaian (and other) migrant parents’ social environments and the impact on their children’s wellbeing in Finland.

According to research, childhood disadvantage is associated with adult psychological distress, although the role of behavioural risk factors around it may be unclear.

Mental health is a huge problem in the world, according to the World Health Organisation (WHO). Studies have also shown that maternal, paternal and parental distress (i.e. both maternal and paternal distress) are associated with reduced linear growth of the children.

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When things go bad, social child welfare interventions ensure that children are taken away (child removals) from the parent or parents for safe keeping.

In Finland, studies have examined how behavioural risk factors mediate the effects of childhood disadvantage on adult psychological distress. There is a correlation between parent and infant psychotherapy on maternal mental health and psychological functioning and children’s welfare. The question is: what is the situation with Ghanaian migrants and their health in Finland?

The focus of NGOs and migrant associations

The World Health Organisation (WHO) defines health as “a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity” (see www.who.int).

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Finland has a very good healthcare delivery system and social services accessible to all residents in the country. Many migrants, including those in the Ghanaian community, are aware of these opportunities and are expected to take advantage of such chances.

As I wrote some time ago, a healthy migrant community is beneficial to the society as a whole. In Finland, public agencies, migrant associations and other non-governmental organisations (NGOs) have been giving health information in various channels— webinars, mass media (radio, TV, as well as the new media and others). Such actions are very helpful to the people.

It has been pointed out that factors that improve mental health and wellbeing must be supported. Migrants’ mental and general health or wellbeing are affected by many factors, including cultural ideas of health, illnesses, and the prevention, treatment and symptoms of illnesses (see www.thl.fi). 

Advocacy by the civil society sector

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I have recently been making inquiries about migrants’ health generally and wellbeing in Finland. Many people see the need for advocacy, to intensify education and create more awareness about health and wellbeing of migrants in Finland.

NGOs and other organisations as part of the civil society sector play a crucial role in supporting migrant health in Finland, completing public services by offering legal advice, mental health support, and specialized services for vulnerable groups. Such NGOs and social groups, including migrant associations, offer specialized support for migrant women, while others are involved in activities that address social exclusion issues that impact health.

Research and other reports indicate that NGOs and other social institutions advocate for the involvement of individuals and communities in health decision-making. It has been pointed out that migrants’ involvement in health decision-making requires explicit national policies that are implemented evenly across policy-making. 

Integration

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According to the Finnish health department, health and wellbeing are an important part of the integration process. Hence, it is accepted that factors to improve health and wellbeing must be supported.

Generally, migrant associations help the health authorities and formally create awareness among their members and other migrants, usually in collaboration with some Finnish institutions, and are thus an important tool for several migrants to be positively active and to get their interest and concerns heard.

As I wrote previously, the role of migrant associations 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.

The social media outlets have become an important means for disseminating information and it could be a key medium through which migrant groups or associations and other institutions could educate people.

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A positive outlook on the Finnish healthcare system

As I keep saying, Ghanaian and other African migrants in Finland generally have a positive mind and hope for the best in life. They know that the Finnish healthcare system, one of the best in the world, has a comprehensive healthcare service that caters for every resident in the country.

Migrants know that as residents they can count on and readily access good healthcare service delivery in Finland. All they need to do is to go for regular medical checks and counselling since early diagnosis is key in the treatment of any illness. Adhering to treatment at the hospital is the key. Assigning spiritual interpretations could be detrimental. 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.

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With Dr Perpetual Crentsil

perpetual.crentsil@yahoo.com

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