In spite of the economic difficulties encountered all over the world including Ghana, various efforts are being made by serious and people-centred governments towards rapid economic recovery and as a country, Ghana is one of the republics that is putting things in place for rapid economic recovery for the overall benefit of the people of Ghana.

When an economy is shattered by COVID-19 pandemic and worsened by the Russian-Ukraine conflict, the effects are likely to engender repercussions that are likely to create turmoil to create disaffection among the people. Here in Ghana, the meaningless talks going on among political opponents is an evidence that shows that without zeal and commitment, economic disorders can be created to worsen situations in the country.

We have already heard of Mr. John Mahama, former President, claiming that if his party should come to power in 2025, he’s likely to cancel the E-levy law passed by Parliament and assented to by the President. This is an empty talk in the eyes of many people because in their view, the former President is saying something to appeal to his friends within the NDC. The reality is that Mr. Mahama will not be able to do this because replacing the source of income generated for the country will not be an easy task to overturn. In 2008, when the Kufuor-led administration introduced the Communication Service Tax (CST) at an ad valorem rate of six per cent, the NDC kicked against it and promised to abolish the tax. Surprisingly, when they came into power in 2009, they retained it until they were booted out of office in 2017. So, the former President should refrain from such meaningless statements that come from him from time to time.

Looking at economic development in the country, it is becoming increasingly clear that the economy has already started recovering and the value of the Cedi will soon begin to appreciate against foreign currencies having been able to stabilise for some time now. Apart from local observers, some sections of the international community have also realised the promising nature of the economic development. It should, therefore, not come as a surprise to people when the Cedi begins to appreciate in value.

An economy that is not recovering cannot have its currency appreciating against other currencies. Thus, Ghanaians must render their support to the Akufo-Addo administration, so that the government and people can move forward in unison to achieve progress for the entire country.

SIGNS OF ECONOMIC RECOVERY

There is no doubt that signs of economic recovery will be felt by people in this country not long from now. The Ghana Cedi has been projected to record some modest gains in the coming months of this year.

This is according to global research arm, Fitch Solutions. An analyst with the Sub Sahara African Department at Fitch Solutions, Ben Weaver said the outlook for the Ghana Cedi is somewhat promising despite Ghana’s persistent depreciation of the currency in the first three months of 2022.

GOOD NEWS

This is good news for all Ghanaians so we need to render support to the Akufo-Addo administration to carry the economy to the promised land. Indeed, Rome was not built in a day so with careful analysis of economic trends and purposeful policies, Ghana as a whole will begin to expand and grow to ensure improvement in the welfare of all residents in the country.

According to Ben Weaver, who is an analyst with the Sub Sahara African Department at Fitch Solutions, “Our outlook for the Cedi, I think we’ve seen quite a lot of weakening in the first few months of this year. But we expect modest appreciation to kind of continue in the coming months and to the end of the year as much of the weakening has already happened.”

This means that the Cedi has already seen some depreciation in the early parts of this year. However, the signs are that sooner than later this year, the currency will begin to reflect by appreciating the good policies being implemented by the government.

This appreciation of the Cedi is likely to create some inflationary trends due to the influence of external economic factors. Even though prices will rise slightly, it will not be too much to result in unbearable pressures on people.

INFLATIONARY PRESSURES

In the words of the international analyst himself, “…this will of course increase inflationary pressures. But we don’t expect inflation to accelerate too much high the way it is. Ghana’s inflation rate accelerated quite aggressively and this is due to rising gold price as well as the weakening of the cedi.”

In conclusion, therefore, Ghanaians should look forward with hope since the Cedi will soon be able to appreciate due to good policies being implemented to salvage the economic plight of all Ghanaians. With determination, the country will soon overcome its economic difficulties so no one should be in despair.

ENCOURAGEMENT

Rather, everyone should be encouraged to play his/her part to support government to ensure that the ultimate economic purpose of good life and sanity is attained for the common good.

We should all know that we are not in normal times. However, with determination and a positive attitude towards the attainment of the national goal, we will be able to overcome all the challenges we are facing.

Contact email/whatsApp address of author:

Pradmat2013@gmail.com (0553318911)

By Dr. Kofi Amponsah-Bediako