“Turning the corner”; the new catchphrase on the lips of many, as politicians and economists try to find the usefulness of the word, in comparison to the reality faced by Ghanaians.
Finance Minister Ken Ofori-Atta in Parliament during the reading of the Mid-Year Budget, used the word, which caused an uproar. Some have supported the claim, whiles others stood their grounds to point out the many wrongs that considered his statement an error.
Who then do we believe; the words of Finance Minister Ken Ofori-Atta that the economy of the nation has “turned the corner” or the reality that knocks at the doors of Ghanaians in this day and age?
In a reality check, one would assume the Finance Minister lived in another country when he made that statement because this amount to the fact even after the IMF bailout, the youth run around unemployed, the Dollar to Cedi rate still hangs and the cost of food and other commodities is still on a rise.
However, it is believed that after the IMF loan, the dollar decreased in relation to the Ghanaian Cedi, yet it is not established whether the dollar would be stable for a long period of time. Yes! The Dollar’s decreasing effect does support the statement “turning the corner”.
Moreover, the decrease in fuel pricing, proves that the corner truly has been seen, due to the fact that transportation fares have either reduced or been stable for some time and aided in the movement of people from one place to another without any reason to fight with bus conductors over fare issues.
Basket Of Goods
Once the prices used to gauge Ghana’s inflation rate are stabilized through its consumption of goods or services, the country will have “turned the corner”.
Over the years, Ghana has depended on more imported foodstuff, especially grains, rather than the locally grown foodstuff; which in the long run, could reduce the inflation on food imported from countries outside.
Due to this addiction to commodities from outside, Ghana’s inflation would be influenced highly by the situations in countries it imports from. As a result of a rise in inflation, commodities become difficult to be imported because of the upshot of high import taxes to generate revenue.
Yet, it is claimed that the corner has been turned when these problems still linger around in the system. In the end, the consumer suffers, since there is no positive impact of the situation at hand.
In support of the claim that the economy is “turning the corner,” prominent men expressed their satisfaction that the progress has been significant because they had noticed an improvement in the inflation data.
But then again, given that the country’s citizens have not noticed a material change in the cost of food items, how relevant is this turning point in the data?
Everyone must make their own judgments about whether the nation has indeed “turned the corner” or is simply at a standstill based on the evidence provided. Determining whether a country has “turned the corner or not” depends on significant change in a variety of contexts and circumstances.
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