Every now and then, we are all in need of a good cheer in our lives when we encounter letdowns and some form of emotional meltdown. In these moments, we clamor for some inspiration and hope, and while clinging to it, we pray and anticipate an even more glorious outcome in subsequent adventure.
But in the case of what needs healing, being an economy and a nation gradually being starved of oxygen and essential requirements necessary for optimum living and delivery, what then happens?
One thing is certain, Ghanaians are made of sterner stuff, and as they grapple with the daily struggle of solving bread and butter issue, they are also left to choose which side their bread is buttered by way of choosing between the rhetoric of the two major political parties, who have both had turns to carry out their mandates and deliver on promises.
While one justifies the reason for arguably barely surviving under the guise of inheriting a struggling economy, another casually finds solace in the arms of ‘exogenous factors’ which have largely affected the indicators for measuring the health of the country in forms of GDP growth rate, inflation, cost of living and doing business, debt and deluge of taxes impositions.
As the GDP growth rate has canvassed enough attention thanks to the finance minister’s use of the economy ‘turning a corner’ after a tough preceding year during the mid-year budget presentation, one thing sticks out of the entire populist rhetoric – which is the growing sense of discernment among Ghanaians who fail to believe the projected 1.5% growth rate is indicative of an improvement as noted by the finance minister.
Blurring the lines between expectations and reality is seemingly lost on the government as it instinctively strives to react to public agitations in the most aspirational way – without necessarily being considerate of the ordinary Ghanaian who bears the brunt of incessant taxes, high cost of living, an insecure future, as different experts and opinion leaders have jumped on the buzzword to give their own narration of the true state of the economy.
Resuscitating a country on the verge of collapse
The pillars of an economy, which is supposedly meant to ensure the development and progress of a country has been compromised in the starkest manner. It is no new news the imminent energy crisis the country faces as IPPs hover threats of throwing Ghana under the bus and cutting power supply over debts. Talk of the aesthetic ‘haircuts’ in the domestic debt exchange given bondholders, with the pensioner bondholders picketing in the most embarrassing manner as they are made to seem like beggars, while ironically fighting for what legitimately belongs to them.
In the face of the economic crisis being covered up with the most populist remarks from government officials, ailing citizens who due to the pressures in the country can afford to go for treatment are also met with brain drain in the health sector and strike from essential service providers, who are also demanding their ‘pound of flesh’ from an adamant government bent on having its way of facilitating growth while the situation looks grim.
For all intents and purposes, some situations get worse before they get better, and that is the lifeline Ghanaians religiously hold on to as the sun breaks from the clouds. Yes, growth forecast has been lowered from 2.8% to 1.5% in 2023, rising to 4.9% in 2026, but for a country which has almost halved its forecast for growth this year amid a sluggish economy, global headwinds and the impact of fiscal belt-tightening under an agreement with the International Monetary Fund, it is safe to say that this was expected, except for the illusion the government wants Ghanaians to believe which remains unacceptable.
The economy still has some breaths left in it, and a stronger pulse can be put back into it if only government will roll up its sleeves and get to work to addressing the pertinent needs of Ghanaians without playing politics and blame games, which do not hold as a viable reason for Ghanaians any longer.
Arguably, the country has suffered an even worse fate in the past, which should serve as a guiding light for the right fiscal measures to be undertaken, as accountability, transparency and public institutions diligently work without any moneygrubbing antics, which only derails development and tangible headway.
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