• President Nana Addo Dankwa Akufo-Addo

As the father of the nation, President Akufo-Addo could not have looked on unconcerned while the economic situation in Ghana became uncontrollable, making life uncomfortable for people in this country.

For this reason, he made an address to the nation on Sunday, October 30, 2022, to calm the nerves of everyone. The broadcast was necessary to let the people know about the steps the government was taking to address the economic issues the country faced.

What is good about the address is that the government acknowledged that, indeed, economic life had become very difficult in the country. He pointed out that life had become very difficult and that people were finding it difficult to find the means to live as they expected.

MEASURES

He cited a number of measures being taken by the government to address the problems the country was facing. He pointed out that the people in Ghana would have to cut down on their demand for or taste for foreign goods so that some foreign exchange could be saved. At the same time, he stated that there was a need to export more goods and services to other countries so that enough foreign income could be earned for the nation.

This is a valid and important point that cannot be taken for granted. If the country is able to export more to other countries and at the same time cut down on imports, it will result in a favourable trade balance. This is what the country needs, so we all need to work towards it.

BLACK MARKET

The President again said the Bank of Ghana would take steps to sanitise the black market. Those opposed to the government think that this is a fact that is already known by everybody, so it is nothing new that is being presented to the country. A careful look at the situation shows that the black market influences the fall of the cedi, so if nothing is done about it, the situation would continue to be worse. It is on this basis that we need to take serious steps to sanitise the black market in the country so that the pressure on the cedi can be reduced.

This is also a commendable action on the part of the government. However, the Bank of Ghana should not rest on its oars but work harder than before to bring the situation under control.

FOOD SECURITY

Another measure that ought to be taken is to ensure that there is food security. The results of the “Planting for Food and Jobs” initiative are that now the country can boast of an adequate food supply. In spite of this, the high fuel prices have adversely affected the transportation of these foodstuffs, thereby making their prices high in the market.

Some of the traders have taken advantage of the prevailing situation to increase the prices of goods and services. This is making life unbearable for many Ghanaians. It was, therefore, good for the President to have pointed this out and advised all traders to make life comfortable and bearable for all consumers. This piece of advice is in the right direction and ought to be taken seriously.

DOLLARS AVAILABILITY

Another measure announced by the President is the step by the Bank of Ghana to make some dollars available in the economy to ease pressure on the Ghanaian currency. This measure must be implemented and monitored well so that no leakages get into the wrong hands. If such a matter were to be effectively implemented, it would help to bring about better results as far as the economic situation is concerned.

It is important for us to note that the economic situation cannot be addressed immediately, but we need to implement short-and-medium-term measures to address the situation. In addition, we need to look into the future and implement long term measures to make the country export oriented.

EXPORT-ORIENTED

Until the economy of Ghana is export-oriented, it will be difficult to bring the situation under control and make economic life better for everyone in the country. This is what all Ghanaians ought to understand so that drastic measures implemented by the government can be supported by all stakeholders.

The situation whereby one section of the population keeps saying that they are not part of the government and thereby leave all implementation of matters to the government alone is not the best.

PARTISANSHIP 

The government, supported by the people of Ghana, needs to push away partisanship so that togetherness, from all parties, will be the order of the day to encourage and cushion us to attain the ultimate purpose of economic development. The situation whereby one can predictably know the pronouncements of the representatives of the Majority and also those of the Minority over national issues ought to be examined carefully so that thorough discussions can always be carried out in the interest of the nation.

The foundation of every society is the economy. This means that if the economy is weak, socioeconomic development will be shaken. The unfavourable economic trends prevailing in the country show that we need to take serious measures to address economic matters and redirect the implementation of certain programmes to levels that can bring higher and better results for the enjoyment of everyone.

STANDARD OF LIVING

The standard of living must be enhanced. If this is done, the economic welfare of people would be enhanced, and they would be the ultimate beneficiaries. Theoretical concepts from people who parade as experts ought to be thoroughly examined so that only practical and workable solutions can be brought on board to push the agenda of development forward.

The agenda of economic development must be pushed vigorously forward so that the ultimate purpose of a good life can be attained for all people in the country. This situation can only be resolved through practical and workable solutions, not through mere theoretical concepts.

PRACTICAL SOLUTIONS 

Theories are good, but for many people who make suggestions from the perspective of theory, they should be the first to honestly admit that theoretical solutions are different from practical ones. For example, if a suggestion is made that we should increase exports to strengthen the cedi, that is good, but you cannot increase exports within a day or two to get the results we all cherish. It is for this reason that ideas must be brought together for practical oriented solutions to be taken in the short term, medium term, and long term so as to be able to attain the results we all want for the country.

The economic situation is a challenge to all Ghanaians to think about innovative ways of addressing all the challenges. After the Second World War, the German economy was in shambles, and inflation was far worse than we see in Ghana today. This may sound unbelievable, but it is true because it did happen.

GOOD POLICIES

Today, the Germans have overcome their challenges, and Germany is seen as having a strong economy that is now very attractive to all Africans as well as people in other parts of the world. It is so much a matter of hard work, unity of purpose, and the timely implementation of good policies.

The “One District, One Factory”, the “Planting for Food and Jobs” and “Export” as well as many other programmes being implemented by the government are all good and must be improved upon when necessary so that the best results can be achieved for the people of Ghana.

The problems the country faces today are overcomable, so let us work towards them and bring in the needed results so that economic lives can be made bearable and comfortable for all Ghanaians.

Email address/whatsApp number of author:

Pradmat201@gmail.com (0553318911)

By Dr. Kofi Amponsah-Bediako