Features
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.
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?
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
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
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.
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.
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
Features
This sanitation issue!
Some things do not change in this country. The rains shall fall in May, and June and even July. That is out of our control. It is an act of God and he decides how often and the intensity. Who are we to question God?
However, there is something man-made that is gradually becoming something that is also not changing and it is worrying. A week ago the President initiated a national clean up campaign to address the issue of sanitation in the country, especially in Accra.
Citizens enthusiastically got involved and engaged in cleaning their environment and other places but afterwards, the issue that is becoming a permanent feature resisting change, reared its ugly head again.
The rubbish and the silt that were dug out of the drains, were heaped on the shoulders of the drains and left there. Any little rain will render the whole effort futile because the rubbish and silt will be washed right back into the drains.
This is what is not changing in the country and the various assemblies must ensure that this issue is dealt with and must become a thing of the past.
There is the need to engage the citizenry across board, in connection with mindset change, as far as sanitation is concerned. At this juncture, I must acknowledge the thoughtful initiative of the current crop of Abenfo (i.e. students both present and past) of SUTESCO of Suhum, with support of the school administration for decorating the area under the overpass on the Accra Kumasi highway, near the school, with fascinating paintings. This is an example worthy of emulation and makes me proud as one of the Abenfo.
An example not worthy of emulation is an eyesore currently existing behind a cemetery along the Atta Mills link as you branch left, off the main Accra-Cape Coast road at Old barrier and head towards the beach through Aplaku, Bortianor, Oshiyie, Korobite through to Tuba and beyond.
The drain along the walls of the cemetery also lying astride the road, is choked with silt and rubbish. This has created a problem near the end of the cemetery wall just before you enter Bortianor.
Water has accumulated at that point, creating potholes and also gradually creating a channel across the road, creating a nightmare for motorists using that route. This route is the main link between parts of Kasoa and the Accra – Cape Coast road and whenever it rains and the Atala stretch of the road is blocked, that is the route most motorists from Kasoa uses.
It is also the route used by tourists going to the beaches along the sea of the towns stretching from Bortianor to Kokrobite and so it does not speak well of us, as a nation at all.
A few days ago, I had to pass through Tema Station, the place where a major clean up exercise was conducted just fews days ago and it was very shocking to see the level of wanton littering that had taken place.
One begins to wonder if this whole exercise initiated by the President was worth it. People just do not care and are not willing to change their attitude towards sanitation.
We cannot continue like this and to win this battle against insanitary conditions in our environment, the NCCE must be resourced to embark on a serious educational drive. The MMDCEs must also be held accountable for sanitation lapses in their administrative areas, by making sanitation part of their KPIs among other innovative policies. This is one of the surest ways to overcome this sanitation challenge confronting us. God bless.
By Laud Kissi-Mensah
Features
Disqualified — Part 1
THE discussion lasted only ten minutes. Mr Philip Sampson, Eunice’s father, had asked to see him, and he was led to the sitting room for the first time. Mr Sampson indicated that he should sit down.
‘Yes, Kakraba. I know that you have been, er, friends with Eunice for some months now, and naturally, as her father, I thought it would be important to meet you, and to reach an understanding with you on, er, some basic issues. So, I hear you are a graduate in building technology. Now, tell me about what you do’.
‘Okay. I worked with the Electricity Company for two years after National Service. During that time I interacted with some lawyers and land surveyors on our project sites, so I suggested to some of them that we take some dilapidated buildings in some parts of Accra, rehabilitate them and find new owners. Soon after starting that I got a job as Project Manager with a group of development agencies who are executing projects in the Northern Region, so I have been balancing the two positions’.
‘I see. That sounds like a bold step. So is it going well, financially?’
‘Well, sir, I absolutely enjoy what I’m doing now. Financially, I would only say that I am a work in progress. A lot of what I’m doing now involves some risk taking, as it involves trust issues with land and property owners.
I am partnering with prominent lawyers and land surveyors, so I am not taking any serious risks. So currently I am doing okay financially, but it will take me some time before I reach the level where I can say I am comfortable financially.’
‘Okay. Now tell me about your parents’.
‘My father was an Agricultural Extension Officer, so we spent some time at several locations with him. He is now enjoying his retirement. And my mother is a retired nurse. I have three elder sisters, all married’.
‘So you live with your parents?’
‘Yes and no. My dad built his home on one acre at Pokuase, so he gave me one plot, and I have done a three-bedroom house, where I live’.
‘Okay, fine. Thanks for the answers. You see, in addition to my position socially, I spent many years in the diplomatic service, so I’m sure you will understand that I need to ensure that my kids, especially my daughters, maintain suitable relationships. For now I think it is fine that you and Eunice are friends. I’m sure you understand what I mean’.
‘Yes sir. I understand perfectly well.’
‘Great, okay, that would be all.’
Kakraba stood up, bowed and said thank you to Mr Sampson, and walked to the garden where his girlfriend Eunice, her mother Mrs Elaine Sampson and her two elder sisters, Yvonne and Emma, were seated, busily discussing some dresses being offered for sale online.
‘So,’ Mrs Elaine asked him, ‘you and Daddy had a good discussion?’
‘Yes, Ma. We certainly did. I really appreciate Dad for the discussion. It was really good.’
‘Great. Although he has met you here on quite a number of occasions, I think it is good that you have met for a chat.’
‘Yes indeed, Ma, and I really appreciate it. So Eunice, I will be on my way. I will call.’
Eunice led him to his car, and after driving off he exhaled and shook his head. Although he had long concluded that Eunice’s family were so snobbish that a future relationship with her would be problematic, this discussion, or was it interrogation, had virtually cancelled any likelihood.
Mr Sampson just told him, in no uncertain terms, that the Sampson family was so prominent and socially connected that a union between his daughter and him was undesirable.
He had a good relationship with Eunice. They shared some beautiful moments together, and often went out to entertainment joints, often with her three friends Marian, Patricia and Amanda. But Kakraba was often uncomfortable with their preferences.
Eunice regularly spoke about her family’s experiences during her father’s postings in Europe and Asia, and her three friends were always discussing the latest fashion trends, always noting the importance of placing themselves among the best-dressed ladies in town.
Eunice, her mother and siblings had indicated in several ways that he did not quite fit into their social standing. They had only said a mild ‘thank you’ when he brought them a goat or sheep and a generous amount of foodstuffs from the north every month.
But Kakraba did not really take it to heart, because they were quite inexpensive up north. Moreover, he always went to the food market and arranged with the truck drivers for a big package which was picked up by his buddy Paa John and delivered to his family and a few others, including the Sampsons.
By Ekow de Heer




