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This week, three important reports on Ghana’s economy were published by Bloomberg, Reuters and Fitch respectively.
The Bloomberg story, published on 13th January 2022 was titled “Ghana’s debt moves into deeper distress as investors lose patience” It stated that “Government debt climbed to 81.5% of gross domestic product at the end of last year, from 31.4% a decade ago”
The Reuters story, also published on 13th January 2022 was titled “Ghana at growing risk of debt crunch, investors warn” It claimed “Interest payments alone will absorb 46% of the government’s revenues according to credit rating firm S&P Global – the second highest ratio in the world behind Sri Lanka”
The Fitch story, published on 14th January 2022 and circulated widely on social media, speaks about a downgrade of Ghana to “B-” with a negative outlook.
The 3 inter-related stories paint a worrying and very concerning picture about Ghana’s economy, and this should be of concern to any Ghana-loving individual, irrespective of political party affiliation.
The trend in rising debt simply cannot continue. It is unsustainable. Reading that only Sri Lanka has a worse debt to GDP ratio than Ghana is very depressing.
If we have been borrowing and borrowing and our debt to GDP ratio keeps rising, then the solution to our problem certainly cannot be more and more borrowing alone.
And if we have continued to mobilise more resources locally through taxes year after year and we continue to see our debt to GDP ratio rise and rise, then, even the addition of the E-levy will not solve the problem.
I may not fully understand the “model” we are operating currently but I do understand from our numbers that, this model simply aint working for Ghana.
There are fundamental issues, our leaders must confront. For example, Government expenditure is not comensurate with our resources as a nation. Government appointees continue to drive gas-guzzling V8s and V6s fuelled by the State. We have seen people enter Government and become very rich after only a few years. Going into politics is now almost synonymous with becoming rich to the extent that an individual who serves in Goverment but has little to show for it, often becomes a laughing stock.
In 2020, the Auditor Generals report stated that “there were financial irregularities amounting to two billion, fifty-three million, one hundred and seventy-six thousand four hundred and forty-nine Ghana Cedis and eighty-five pesewas (GH¢2,053,176,449.85). We will be surprised if anyone is prosecuted for these loses. These irregulaties will continue and be added to those of 2021 and those of 2022 and the trend will continue.
Leadership must arise. Leadership must show, it is in the lead and on top of the situation. Leadership must acknowledge the status quo aint working in our favour as a nation. We call on our President and his team to take bold and decisive action to turn things around.
Its time we cut our coats according to the size of our wallets. We must demonstrate a bold commitment to reducing our expenditure.
Its time we see Government leading by example. As a people, our ability to follow is easier when we see good examples in Government.
Its time to seal the holes in our leaking bucket. Increasing the volume of water from the tap without sealing the holes and leakages in the bucket is neither efficient nor sustainable.
Its time we declare corruption and wastage as the Nation’s number one enemies. We must declare zero tolerance for corruption and wastage in our system. We need leadership in championing these priorities.
Its time for the boldest and most courageous leadership ever seen in Ghana. A major turnaround in our economy requires a major turnaround in the decisions of leadership.
And to those of us privileged to be educated and to belong to the middle class of Ghana, the very least we can do is to hold our leaders accountable. This is not politics. It is patriotism. Too often, we are passive and minding our own business in the typical “Fa Ma Nyame” Ghanaian style or blinded by our political affiliations. Irrespective of our political affiliations, we must hold a Ghana – first viewpoint.
May we all play our part to make Ghana the greatest nation on earth. And yes, it starts with LEADERSHIP.
Our nation can change course again but for that to happen, our leaders must be bold to change course.
Peace
Kofi Amekudzi
เพื่อนๆคงจำได้ว่าในอดีตการเดิมพันกับเจ้ามือตัวใหม่ไม่ได้มีความสนุกสนานมากนัก เนื่องจากในบางครั้งเจ้ามืออาจใช้ท่าทางกากๆหรือที่ผู้เล่นไม่ถนัดในการนับไพ่ อังกอร์ได้ด้วยความเหนียวย่นของเจ้ามือ สิ่งเหล่านี้อาจทำให้การเดิมพันเป็นเรื่องน่ากลัวและน่าเบื่อตามมาเป็นประจำ
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