Fellow Ghanaians - Pandemics, Wars and a Commentary on the Ghanaian Economy

Fellow Ghanaians,

"l'argent n'aime pas le bruit, to wit, money doesn't like noise..."- Addo D, 2022.

Since the year began, the woes of the Ghanaian economy can be likened to a trotro with faulty brakes driving down a hill.

In less than 12 months, Ghana has endured a severe [agonizing, distasteful, extreme] economic crisis.

Petrol and Diesel prices have jumped by 88.6% and 128.6%, respectively.

Meaning today, you'll be buying a litre of petrol for twice the price it was a few months ago.

Fuel is a vital component of the economy and affects the prices of other goods and services.

Transport prices have almost doubled in a few months, and the goat meat you used to enjoy with your fufu is now 40 cedis.

Some Ghanaian citizens have expressed frustration with online tweets and posts reprimanding the government and even booing the president at the Global Citizen Festival.

Nb: The ruling government was already not a favourite because of the tax law passed for electronic transactions.

The current state of Ghana's economy has given rise to two schools of thought.

A larger group of Ghanaian citizens are comparing the current government to a meal that looks and smells so good but disappoints your taste buds.

They believe the president and his officials are primarily to blame for the economy's free fall because of mismanagement.

* we won't spam you, never.

Mental Health and the Work Life

19-10-2022

Read here

The government, however, has tried to paint the picture from a different perspective. According to them, a more significant portion of the "blame" lies with Covid 19 and Russia's invasion of Ukraine.

The majority counterclaim that this should not be an excuse as other countries were and are being impacted by those two factors respectively.

Earlier this week, the elected head of the Republic of Ghana again came into homes. This time not to give an update on COVID but to ask for support and patience concerning the measures being put in place to restore the economy.

He concurred that the country is indeed facing an economic crisis and a comparison of our financial woes to that of other countries is not to trivialize the impact on the Ghanaian citizen but to appeal to them to view it from the standpoint of global impact and hopefully, " learn some useful lessons about how other economies are coping".

Why the rage?

Let us attempt to draw a timeline for the growing rage of Ghanaian citizens.

During and after the lockdown, the ruling government was lying on a bed of roses; praises were floating in from all corners for how it managed the pandemic and the relief it afforded its citizens.

If my memory serves me right, the first "major" outcry by the Ghanaian citizenry was when the finance minister (yes, I said Finance minister because rumours that he has resigned are false), Ken Ofori-Atta, announced on the 17th of November, 2021, that the government was going to establish a tax on electronic transactions in the 2022 budget to "widen the tax net and rope in the informal sector."

Since February this year, there have been murmurs regarding the slow rise of the dollar to the cedi. Then before an eye could be blinked, in March, the cedi crossed the 6-cedi mark that it had been maintaining for a couple of months. This is where all hell broke loose. The dollar has also not looked back again lest it turn to a pillar of salt.

The dollar has also not looked back again lest it turn to a pillar of salt.

It's almost as if this government cannot catch a break because right from the beginning of its second election into service, it has been plagued with crisis after crisis; The Covid Pandemic, The Russia-Ukraine war etc.

These happenings, especially the Russia-Ukraine war, are causing a cascading effect on all other countries because of their impact on the global supply chain and how they contribute to the driving-up of prices.

Some vendors also take advantage of the unregulated goods and services market to slap high margins on their products.

The prices of goods and services are increasing rapidly; Petrol and diesel prices are set to go further up to 18 and 20 cedis per litre, respectively, by mid-November. Now, the cocktail limit for Friday nights is 2 glasses (unless you want to walk to work on Monday).

Most Ghanaian citizens are frustrated and worried about the economy's progression and have clearly conveyed this message of displeasure.

They believe the ruling government took an oath to protect their overall interests, so if a recent graduate cannot afford a three-square meal, they have every right to be outraged and impatient.

The President attempted to salve the outrage by coming into our homes to assure us that the government has heard their plight and has come up with 12 measures to help battle the economic crisis.

What are your thoughts on the current economic situation and the President's Address to the nation?

Do you think the government is solely responsible for reviving the economy or do we all need to put our hands on deck?

I hope the opposition joins forces with the ruling government to ensure these measures work because, at the end of the day, this goes above the game of politics; it is affecting livelihoods.

Y3n ara y'asasi ni.