Deputy ranking member of parliament’s defense and interior committee, James Agalga, has revealed that Ghana is at a serious risk due to the current economic challenges the country is experiencing.

According to him, there are existing indicators which portends the looming crisis the country is likely to endure. He revealed that historically, all the political upheavals the country has had, particularly anytime the military intervenes in the politics, there has been some form of economic meltdown in the country.

Mr Agalga noted that comments made by former Chief of Defence Staff, Brigadier General Joseph Nunoo-Mensah, in which he observed that if “serious action” is not taken to address the challenges, “we might have a serious situation on our hands” early next year which might lead to riots, should not be taken lightly.

“Many people will think that Brigadier General Nunoo Mensah is probably engaged in scaremongering… But if we have our country at heart, I think we should take his comment in good fate because those comments clearly find expression in the national security strategy this government launched recently… So, if you consider what is happening right now, you can draw the comparison between what is happening in Ghana and Sri Lanka. Look, we are in a country where Ghana is at serious risk…
James Agalga

Mr Agalga highlighted on some statistics analysis churned out by Bloomberg which showed that “Ghana is number two after El Salavador that stands the risk of going into a default position with respect to payment of interest on our loans and the amortization” of the loans themselves. He explained that should it happen, then the country is in big trouble as government will not be able to import.

“You will find that our shelves in major stores will become empty [and] the economy will be in total meltdown should that happen.”
James Agalga

Parliament’s deputy ranking member on defense and interior committee emphasized that the citizenry will not sit down when situation gets worse as “they will take the law into their hands”. He stated that when this happens, naturally there’ll be chaos, demonstrations and they will spiral out of control.

“When that happens, General Nunoo Mensah’s warning clearly would have seen the light of day. The indicators are very worrying…”
James Agalga

Security meltdown unlikely

On his part, Dr John Osae-Kwapong, a CDD fellow, revealed that although economic signs are nothing to write home about, he does not foresee a security meltdown happening. He expressed that the economic challenges are worrying as there’s been reference made to the protests in Sri Lanka.

“I am sure they are looking at the economic agitations that led to the outburst and the security implications that came with it. So, I’m sure when you look at them, then I’m sure you have to say to yourself if we are facing similar challenges and conditions, then we also need to be on the alert.”
Dr John Osae-Kwapong

Dr Osae-Kwapong indicated that Ghanaians have tried to cope in moments of distress in economic challenges, as it has been seen with protests organised in the country such as ones from FixTheCountry and OccupyGhana. He emphasized that generally, peaceful protests have been the avenue for Ghanaians in registering their dissatisfaction and discontent with the economic challenges the country is facing.

“So, if I look at our historical experiences and the way we have expressed our discontent, that is what makes me say is not that we should gloss over the economic challenges and the economic reality that citizens face, but I don’t think I am at the point where I want to make that stretch to say it will literally result in a security meltdown. Yes, it does have security implications if we don’t put in the right measures and all that…”
Dr John Osae-Kwapong