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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

The eye is indeed the lamp of the body

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There is a scripture that is found in Matthew 6:22 which says that the lamp of the body is the eye and therefore the eye must see well to enable the body to get to its destination.  

What most people do not know is that behind the scenes, there is a strong interaction between the eyes and the brain before a picture becomes clear.  The state of mind therefore is crucial to the eye seeing clearly to enable the body to process accurately the information the eyes are feeding it for proper identification of what the eyes see. 

This is similar to how a person behaves i.e. what informs the decisions that forms in the mind that results in the actions that a person performs.  The actions of a person does not therefore just happen but is as a result of things that went on in the mind, which in most cases resulted from information passed on to it by the eyes either consciously or unconsciously.

There are so many issues that affect our society which makes one wonder, whether the people who displayed such acts were created by someone or something other than God. 

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How can a person see a beach created by God with beautiful beaches and fresh air blowing all around, decides to defecate at such places, and therefore desecrate the environment?  lt is simply mind boggling? 

When other people in other countries who dwell on the coast are using their beaches for tourist attraction purposes as a means of livelihood and also to promote environmental health, some people living around our beaches, have turned them into rubbish dumping sites and toilets. 

It is a very sad situation and the earlier we did something about it the better.  It is a national emergency that must engage the attention, first of the government and then the citizenry, where religious bodies and NGOs must play a critical role.

The things we focus on in this country, needs to be addressed.  Our minds which processes the info the eyes send to the brain, must be disciplined.  There are certain behaviours that a disciplined mind can ignore even when the eye has provided info to the brain.  One of the things a disciplined mind does, is the avoidance of a second look, which is critical for every person who wants to avoid adultery or fornication. 

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Once a person is not blind, he will see things.  The boobs, the ‘shankus’, the coca cola shapes, the light complexioned, the dark complexioned etc. the eyes will definitely see and report same to the brain.  What the brain or the mind decides to do or instructs the eye to do is the issue. 

It can decide to instruct the eye to take a second look and let the mind drool over it or say ignore it and that will be the end.

If the mind becomes trained to focus on environmental issues like clean environment, the eyes will automatically be reporting on insanitary conditions to the brain as and when it sees them.  The mind will pay attention to such data and begin to process them and to identify solutions to deal with the reported insanitary conditions. 

There is the need to encourage citizens to train the mind to focus on the right thing so that in tandem with the eyes, focus will be maintained.  When the mind is so trained, it communicates with the eye to also focus on hood things that helps in both are spiritual life and our secular lives, for indeed the eyes are the lamp of the body.  God bless.

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 Arming the Sikaman journalists to the teeth

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THE relationship between New Times Corporation (NTC) and African Concrete Productions (ACP) is based entirely on matters of the stomach. Each depends on the other in a dietary symbiosis, reinforced by the close proximity of each other

At lunchtime, you’d see a particular set of Times workers marching regimentally to ACP to face the wall. You’d think they are soldiers. It has long been declared that the company manufactures the best kokonte in the Greater Accra Region. ACP is, therefore, a culinary haven for those NTC kokonte fans, both male and female.

As the NTC kokonte warriors cross the border to ACP, you’d see some ACP banku fanatics dancing joyously to NTC. They are lucky folks because they do not have to obtain visa to enter into ‘Times’ to attack the balls of banku with precision and accuracy. They also claim that the lightsoup at ‘Times’ is arguably the best in West Africa.

So the relationship between the two entities was quite cordial and based practically on stomach palaver, until ACP workers staged an industrial revolution, whereupon the managing director, accountant and estate manager were allegedly stripped naked and locked up in a room. An insurgency had began in earnest.

An ACP worker came to ‘Times’, this time not to eat banku and okro. He had come to inform newsmen that juicy stuff awaited them at ACP. It could make a front page lead story.

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A camerawoman and a female reporter were accordingly dispatched to go and bring back news, juicy news as juicy as kokonte and groundnut soup.

Sikaman Palava
Sikaman Palava

I was driving to work when I espied the familiar camerawoman clicking away outside the ACP premises. I didn’t see any ‘Times’ reporter but angry workers who were on the verge of getting violent. I slowed down and the driver behind blew his horn at me like a lunatic. I drove on.

Later, I heard the reporter and camerawoman were harassed and brutalised. The report came,. “The camerawoman, Mrs Salome Adonu-Agbottah and reporter Mrs Doreen Allotey, in an attempt to retrieve the camera which the workers had seized from them were severely beaten. They were manhandled and almost pushed into a big gutter opposite the company’s premises.

BRUISES

“….The camerawoman had bruises on her body, her hand bag was destroyed and the money in it stolen. Mrs Allotey’s watch was also snatched and her feet stamped on.”

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Luckily, it was not her nose that was trampled upon. She has a beautiful nose.

The bad news was received with extreme sorrow. If the victims had been men, it would not have seemed too bad. But to brutalise women is just unacceptable. The New Times Corporation has not stopped mourning the incident which has been condemned in many circles.

Some people keep asking me why Times sent females to cover a potentially violent demonstration. I tell them they might as well ask why CNN’s amazon, Christina Amanpour, is assigned to cover the carnage in Bosnia-Herzegovina and Rwanda. She is always on the frontline in jeans and jacket.

Journalism is a potentially hazardous profession, and once you accept to study and practise the trade, you might as well bone up to face any assignment as long as your superiors feel you are capable of handling it or you have demonstrated the capacity to handle it. Both males and females can be assigned anywhere, anytime just like policemen and women are assigned.

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The only difference between cops and pressmen is that the latter are armed only with a pen and the former with a gun. The question is should newsmen also arm themselves so that in any event of an assault they would not be found wanting in self-defence? They can’t adequately defend themselves with a pen and a jotter. A pen cannot even disfigure an opponent’s upper lip.

Photo-journalists have particularly suffered violence. Spectator ace-cameraman Vincent Dzatse was severely assaulted by AMA men when he attempted to take pictures of their indiscretions.

Sports cameraman, P. K. Arthur has been beaten more than once at the sports stadium when riots errupted and he wanted to capture it on his lenses.

Some sports journalists have been banned from entering the Accra Sports Stadium by supporters because in their comments, they didn’t write “sense”. Some supporters once nearly lynched Christian Abbew, Spectator Sports Editor, near a courtroom. He was stoned like the biblical Stephen. He had gone to defend a contempt charge.

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I think it is time journalists met and discussed how best to defend themselves in any event of an attack by individuals or mobs. In the pursuance of their duty, they must be free from harassment and assault.

Some journalists go to work and return home with a black-eye or a double fore-head. It is just not right. Something has to be done about it. I think journalists should be armed. But first we must be trained in the use of firearms so that our warning shot do not hit below the belt. What about training in Kung Fu?

This article was first published on Saturday, October 17, 1998.

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