Ghana’s economy described as ‘alcoholics economy’

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Kofi Abraham 11 years ago

Thank you Mr Thompson. The fact though is that you assume that those in charge of the economy are interested in the well being of the country. They are pushing their personal programmes as to how to milk the system dry. Do yo ...
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Thank you Mr Thompson. The fact though is that you assume that those in charge of the economy are interested in the well being of the country. They are pushing their personal programmes as to how to milk the system dry. Do you not see all those Land Cruisers with their fat passengers? They do not care. Their only reason for being in politics is to break away from poverty. Did you hear what Fiifi Kwettey said about Dr Bawumia?
PRINCE KWASI ADADE 11 years ago

AUTHOR: EBO QUANSAH---------------Dear reader, forgive me for diverting from the topic I promised yesterday. I have been compelled by Jerry Rawlings’ outburst in Nigeria about corruption, as if he himself is a saint. I am c ...
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AUTHOR: EBO QUANSAH---------------Dear reader, forgive me for diverting from the topic I promised yesterday. I have been compelled by Jerry Rawlings’ outburst in Nigeria about corruption, as if he himself is a saint. I am compelled to do this expose on the former junta head for those who do not know his role in promoting corruption as a national concept. Read on!
In June 1979, eight top military officers, including three former heads of state, were lined up and executed at the Teshie Military Firing range in two batches. Gen. Ignatius Kutu Acheampong, Gen. Frederick William Kwasi Akuffo, Gen. Robert Kotei, Lt-Gen. Akwasi Amankwaa Afrifa, Rear Admiral Joy Amedume, Air Vice-Marshall George Yaw Boakye, Emmanuel K. Utuka and Colonel Roger Felli were accused of corrupting the body politic.
In an interview with New Nation, a monthly magazine circulating in Nigeria and now defunct, the Chairman of the Armed Forces Revolutionary Council, which supervised over the most famous case of extra-judicial killings in the history of the political evolution of Ghana, justified the action of his military junta as a necessary action to rid the body politic of corruption.
“They were jumbo-sized armed robbers whose killings left the world smelling nicer,” Flt-Lt. Rawlings was quoted by the magazine as saying in explanation.
Jerry Rawlings said the officers had to be killed, “because Ghana was faced with their type of thievery breed of criminals who were worse than Nigeria’s armed robbers” in the 1970s.
“Now, I’ll tell you what we have here. We have a breed that is, perhaps, worse than your armed robbers,” he told reporters of the New Nation in an exclusive interview. “They are the pen robbers. These species of vermin have for long perpetrated corruption with impunity.
“They have not only bled the nation white, but as a result of their thievery, Ghana has suffered hunger, loss of national spirit, loss of pride and respect in the military uniform. So, as you can see, while Nigerians have perceived their main social problems to be the proliferation of six Naira armed robbers, we, in Ghana, think that our problem is that of people who take widow’s mite from a bankrupt nation.”
In the words of the ex-junta head: “While you (Nigeria) content yourself at the Bar Beach by watching the executions of mal-adjusted labourers, mechanics or clerks, we in Ghana, have killed the jumbo armed robbers, call them generals or brigadiers – whose going to leave the world smelling sweeter.”
One interesting thing about this claim is that Jerry Rawlings and his righteous AFRC members could not account for monies lodged in AFRC Account 48, which was specially created to lodge huge monies paid by businessmen and other persons and institutions found guilty by a so-called people court to have corrupted the system. Monies from seized goods auctioned to the public at so-called control prices were also lodged in the account.
When President Hilla Limann took power after the AFRC had left the scene on September 24, 1979, the new Head of State complained that there was nothing in the coffers, insinuating that the famous Account 48 could not be traced.
When Flt-Lt. Rawlings, who had refused to accept the new government’s offer to go on course abroad, was questioned on the disappearance of the huge lodgings in the account, he replied that he was not an accountant. Incidentally, the fate of PNDC Account 48, established by the second junta led by the same person, has not been accounted for as you read this piece.
One of the most interesting developments in Ghana’s political evolution was the decision to abolish the General Certificate of Examinations -Ordinary and Advanced levels- by the Provisional National Defence Council. The main reason given was that the old educational system had favoured only the children of the elite class.
At a time ordinary folks of the land were enrolling their children in what became known as the Junior and Senior Secondary schools, whose certificates -BECE and SCCE- were not recognised beyond the four corners of the country, Jerry Rawlings enrolled his children at the expensive Ghana International School in Accra to read subjects that qualified them to sit for the GCE Ordinary and the Advanced levels his PNDC administration had prohibited the mass of Ghanaian children from.
I do not believe corruption is only putting state money in one’s pocket. Exploiting state resources for one’s advantage could even be a worse form of corruption. That is why I have an axe to grind with Jerry Rawlings for enrolling all his children abroad to study with the GCE Ordinary and Advanced levels, acquired outside the formal sector in the country.
What I call Jerry’s Stupid Schools has debased education up to the tertiary level, where lottery numbers, other than real academic work, determines qualification at the first degree level.
To add insult to injury, when asked to tell Ghanaians how he was funding the education of all the three children -Ezanator, YaaAsantewaa and Kimathi- in expensive universities in Britain and Ireland, Jerry Rawlings looked at Ghanaians in the face and answered that unknown benefactors were picking up the bills for their fees.
The Almighty is a kind Lord. It emerged that companies the state of Ghana was dealing with and which were milking Ghana dry, were picking up the bills of Jerry Rawlings’ children. And such a person has the audacity to complain about leaders being corrupt.
I dare state that corruption was elevated into an art under Jerry Rawlings. The circumstances under which he transformed himself from a military dictator into a civil constitutional President smells of corruption all the way to the Castle.
After eleven and a half years of the ‘Gospel According to Jerry Rawlings,’ a period he himself identified as the ‘culture of silence’, Jerry Rawlings and those who claim to believe in him used the resources of state to convert his military oligarchy and the entire governance system into a political party. With the Electoral Commission and the entire process under his thumb, Jerry Rawlings exchanged his military garb for a description as Constitutional President of the Republic of Ghana. God Almighty should remain where he is.
The eight year administration he led, as Constitutional President of this Republic, eulogised corruption as a state-sponsored event. State asserts were transferred to cronies under the guise of divestiture. As you read this piece, Nsawam Cannery, one of the flagship projects of the now defunct Ghana Industrial Holding Corporation, belongs to Caridem, a company floated by Mrs. Rawlings’ 31st December Women’s Movement, in a purchasing agreement that parceled the company to Caridem for a pittance.
Under the Government of the National Democratic Congress Mark One, corruption festered on a large scale. It would take volumes to chronicle corruption under the NDC. But four prominent issues stand out. Getting to the end of the first term of office, newspapers that had been freed from the bondage of the culture of silence began chronicling evidence of corrupt deals by leading members of the regime.
In 1996, the Commission for Human Rights and Administrative Justice investigated one matter and established massive corrupt deals against Ibrahim Adam, then Minister of Agriculture, Colonel E.M. Osei Owusu, a former Minister of the Interior, P.V. Obeng, a Presidential Staffer, and Dr. Adjei Marfo, a Chief Executive Officer of a state-run company.
Instead of prosecuting them, the Government of Saint Rawlings rather issued a While Paper exonerating the corrupt elements, and rather indicted the media for highlighting the issue.
In Britain, Mabey and Johnson was prosecuted not too long ago for corruptly influencing Ghanaian politicians between 1994 and 1999 to gain bridge contracts, The news in these contracts is that barely one year after completing two bridges in Ghana, including one over River Oti, the Ghana Government had to contract experts from Britain to repair them as they threatened to cave in.
In 2002, the former Managing Director of Ghana Rubber Estates Limited, Mr. Etienne Arthur Marie Popeler, told an Accra Fast Track High Court that he gave millions of dollars to Mr. Dan Abodakpi, then Deputy Minister of Trade and Industry, Ms. Shirley Ayittey, then Treasurer of the 31st December Women’s Movement, in bribes before his French company, SIPH, could secure GREL.
The case of Ms. Cotton, an unemployed American, secured $20 million of scarce state cash from compromised state officials, ostensibly to grow rice for Ghanaians at Aveyime in the Battor area of the Volta Region. Even when Ghana’s Ambassador to the United States had sent a warning letter about the background of Ms. Cotton, and intimating that she was incapable of undertaking the task, state officials paid the money. As it turned out, the main motivating factor was the cut they all stood to make.
If corruption is endemic in the body politic after the so-called June 4, uprising, the genesis could be traced to Jerry Rawlings who executed eight Ghanaians officials on unproven trivial charges, and out-doored full- blown corruption as a state policy.
In other exposé next week, I intend to draw the link between the free for all looting that assails the body politic in the Mills-Mahama regime, and the adventure of Jerry John Rawlings as Head of State of this Republic. I shall return!
facts 11 years ago

Incompitence is the cause of the problems. It is in ghana where a minister is appointed because he is young or because of his ethnic background. some were even appointed because they can talk and insult, so we suffer.

Incompitence is the cause of the problems. It is in ghana where a minister is appointed because he is young or because of his ethnic background. some were even appointed because they can talk and insult, so we suffer.
KB,LONDON 11 years ago

This is gross incompetence. The government can simply NOT get anything right.

This is gross incompetence. The government can simply NOT get anything right.
Sethoo 11 years ago

Soon our beloved cedi will be called Apio,interest will be known as Agya Appiah.GH¢1=1 Apio,15% interest rate means 15% Agya Appiah hahahaaa what an alcoholic state?

Soon our beloved cedi will be called Apio,interest will be known as Agya Appiah.GH¢1=1 Apio,15% interest rate means 15% Agya Appiah hahahaaa what an alcoholic state?
insight to the bone 11 years ago

Ken is the MAN i have always said so even though he is much milder than most of us and is in my opinion too tolerant of the foolishness of this political useless oligarchy destroying the country . Mahama and NDC can never do ...
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Ken is the MAN i have always said so even though he is much milder than most of us and is in my opinion too tolerant of the foolishness of this political useless oligarchy destroying the country . Mahama and NDC can never do the right thing as they are burdened by their tribalism and corrupt souls . They think winning election gives them the right to the spoils of war so they can loot and ransack anything they can lay their hands on but they forget you got to actually do battle and shed blood first . coup de tats do not justify such wanton pillage and the sooner we organize our bloody uprising the better
Bonne 11 years ago

Talking too much and complaining will bring up nothing. what can u do about it bring up your reasoning

Talking too much and complaining will bring up nothing. what can u do about it bring up your reasoning
GHANAIAN 11 years ago

BONNE, THIS IS A Y'ENTIE GOVERNMENT. WHERE WERE YOU WHEN MANY PROMINENT ECONOMISTS, PARTICULARLY BAWUMIA, WERE OFFERING SOLUTIONS; DID YOU NOT HEAR THE RESPONSES OF THIS "Y'ENTIE OBIARA" GOVERNMENT?

BONNE, THIS IS A Y'ENTIE GOVERNMENT. WHERE WERE YOU WHEN MANY PROMINENT ECONOMISTS, PARTICULARLY BAWUMIA, WERE OFFERING SOLUTIONS; DID YOU NOT HEAR THE RESPONSES OF THIS "Y'ENTIE OBIARA" GOVERNMENT?
Kwasi Asante , Providence, R.I. 11 years ago

Barima Bonne,
This government believe in self interest. They do not want to invite anyone outside their dome to bring in any ideas to help solve the economical situation. They shut the door in the face of all other than NDC ...
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Barima Bonne,
This government believe in self interest. They do not want to invite anyone outside their dome to bring in any ideas to help solve the economical situation. They shut the door in the face of all other than NDC members. And it has been proven from JJ's 18 years reign and Atta Mills tenure that, NDC lacks the ability to do anything economically successful. What they know best is self interest by looting Ghana coffers dry.
Pelicles 11 years ago

When Mahama toured the Ashanti Region, what music was he playing to taunt the opposition? Yentie Obiara. What is the exact meaning of that song? Nobody will offer any help to this government. When Bawumia warned them about ...
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When Mahama toured the Ashanti Region, what music was he playing to taunt the opposition? Yentie Obiara. What is the exact meaning of that song? Nobody will offer any help to this government. When Bawumia warned them about the huge borrowing and unchecked inflation which will lead the government to go for IMF bail out, what was the response from the government? He was vilified to the point of being labeled a fool coming from the NPP camp.

Mahama was warned when going for the Chinese loan but did he listen? Now, you the loan has tied Ghana's hand behind her back with stringent demand. Why are we paying interest on the principal loan instead of the actual amount received from the Chinese? Does it make sense? Tell your president to listen attentively because a good listener learns more.

ADWOA TAWIAH 11 years ago

KWAME NKRUMAH KNEW THAT WE HAVE ALL THE RESOURCES IN GHANA TO PRODUCE. WHAT DID RAWLINGS DO? HE SOLD ALL THE FACTORIES TO HIS CRONIES WHO ABONDONED THEM. NOW GHANAINS ARE JOBLESS, HOMELESS, UNEDUCATED AND HUNGRY. PLEASE EDUC ...
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KWAME NKRUMAH KNEW THAT WE HAVE ALL THE RESOURCES IN GHANA TO PRODUCE. WHAT DID RAWLINGS DO? HE SOLD ALL THE FACTORIES TO HIS CRONIES WHO ABONDONED THEM. NOW GHANAINS ARE JOBLESS, HOMELESS, UNEDUCATED AND HUNGRY. PLEASE EDUCATE OUR CHILDREN AND OPEN BACK SOME OF THESE FACTORIES FOR OUR YOUTH.
Kpenyigba Kwesi 11 years ago

Cedis must continue to fall to help EXPORTS. IMPORTS must be drascally reduced and controlled.

Cedis must continue to fall to help EXPORTS. IMPORTS must be drascally reduced and controlled.
Kpenyigba Kwesi 11 years ago

Read DRASTICALLY

Read DRASTICALLY
GHANAIAN 11 years ago

WHERE WERE YOU WHEN MANY PROMINENT ECONOMISTS, PARTICULARLY BAWUMIA, WERE OFFERING SOLUTIONS; DID YOU NOT HEAR THE RESPONSES OF THIS "Y'ENTIE OBIARA" GOVERNMENT?

WHERE WERE YOU WHEN MANY PROMINENT ECONOMISTS, PARTICULARLY BAWUMIA, WERE OFFERING SOLUTIONS; DID YOU NOT HEAR THE RESPONSES OF THIS "Y'ENTIE OBIARA" GOVERNMENT?
MAHAMA - DOING MY JOB 11 years ago

NDC DO BELIEVE THE ECONOMY IS IN EXCELLENT SHAPE .

NDC DO BELIEVE THE ECONOMY IS IN EXCELLENT SHAPE .
BALO 11 years ago

So what is the writer's suggesting to be the
remedy

So what is the writer's suggesting to be the
remedy
Pelicles 11 years ago

During the campaign leading to NDC coming to power, what was their message? They say they have the men to deliver and make lives better for all. What are we seeing?

No one should offer any solution for this government.

During the campaign leading to NDC coming to power, what was their message? They say they have the men to deliver and make lives better for all. What are we seeing?

No one should offer any solution for this government.
Kofi, Kabul, Afghanistan 11 years ago

The writer is not paid by the state to manage the economy. Let those who ran the economy down in just a few months work to solve the shit they have created.

The writer is not paid by the state to manage the economy. Let those who ran the economy down in just a few months work to solve the shit they have created.
BALO 11 years ago

What did Dr.BAWUMIA say was the solution,GHANAIAN?

What did Dr.BAWUMIA say was the solution,GHANAIAN?
KWAA 11 years ago

Mahama and those responsible for our money knows all these solutions,but they have said already they will not listen to anybody.They say now is their turn,so they do with Ghana what they like.
Why should they care about the ...
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Mahama and those responsible for our money knows all these solutions,but they have said already they will not listen to anybody.They say now is their turn,so they do with Ghana what they like.
Why should they care about the depriciation of the Cedi?If Mahama`s Wife goes to Switzerland for shopping,do you think she go to Cowlane to change Dollars,never,She takes what she wants,after all husband is incharge.
But nothing,they say,remains the same forever,oneday Ghanaians shall be free from the schakles of the NDC.

Lord Tennison 11 years ago

FOREX 101 for John Mahama.
The US economy is improving.Unemployment is down.The Fed is scaling down its open market operations to strengthen the economy.This will strengthen the USD.
Since the GHC is indexed to the USD,and ...
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FOREX 101 for John Mahama.
The US economy is improving.Unemployment is down.The Fed is scaling down its open market operations to strengthen the economy.This will strengthen the USD.
Since the GHC is indexed to the USD,and the currency pairs move in opposite directions,a strong USD means a weak GHC.The GHC must,of necessity,depreciate.Ghana can take advantage of this situation and export more to earn more foreign currencies.
This external occurrence is uncontrollable.Ghana can only do the following:
(1)Be vigilant and pay attention to economic news from the USA and respond appropriately.
(2)The Bank of Ghana can only pump more USD to meet demand for the dollar and prop up the GHC.
(3)Imports should be controlled aggressively.This should complement the BoG's monetary policy on the Forex market
(4)An export drive to net in more foreign currencies, especially,the USD.
(5)Pressure from foreign loan
servicing of principal and interest can be diffused through loan restructuring(from short term to medium/long term.Also can borrow to retire matured loans for new loans with longer repayment terms.It should be done without affecting the current high debt/GDP ratio.
(6)Export proceeds repatriation to boost supply of foreign currencies.
(7)Incentives to encourage the transfer of currencies from Ghanaians in the diaspora.
(8)Go beg for foreign grants and aid.
(9)Deregulate the Forex market to reduce the exchange rates and promote new financial products.
zak 11 years ago

Whether it is Bawumia, Botchway,Tekper or Mahama , the measures required to tackle the problems are well known. The problems include current account deficit(about 12% of GDP),fiscal deficit(overspending the budget by 10.9% in ...
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Whether it is Bawumia, Botchway,Tekper or Mahama , the measures required to tackle the problems are well known. The problems include current account deficit(about 12% of GDP),fiscal deficit(overspending the budget by 10.9% in 2013),cedi losing value compared to other major currencies,high inflation(13.5% at end of 2013),govt wage bill of 70% of expenditure, high interest rates.deceleration of growth to about 4.55 from target 7%. These are the problems that have filtered into peoples lives. The basket of measures to tackle all these are broadly the same whatever country is faced with problem. Current account deficit-increase value of exports,reduce imports,bring in quotas for imports,increase tariffs for imports.Budget deficit-cut spending by laying off staff,freeze contracts and recuitments,increase income(widen tax base increase taxes,cut subsidies increase grants etc), cut out the ghost workers , reduce waste,take out sustainable loans even revaluation in extreme cases.

The problem is that a lot of these maesures take time to bear fruit. Check that it has taken major economies like the US and UK at least 4 years to begin to see light at the end of the tunnel following economic difficulties of 2009.Others like Greece and Spain are still not out of it. Apart from time it requires fiscal and monetary discpline,success in explaining things to the public,less of the partinsanship that characterise our politics,stakeholders support (organised labour,business community,development partners etc). Also some of these measures are tricky to put together, for instance the relationship between interest rate and inflation when you want to boost the economy.

As I said at the beginning the maesures are not new but the devil is in the combination and discipline with which they are implemented.

Our politician,s like to protect their positions by making understanding of the challenges a mystery.They are not.They need to explain more, cut out the bland statements that have no basis. Our so called commentators often are no better.For intstance saying Bawumia and Botchway are right may well be so but where is the evaluation and analysis of what they said that leads the commentator to say so. We are not told.
We need to take better interest in what affects us without being led by the nearly sighted
Atambile USA 11 years ago

Government must sit up for the Ghanaian economy, it is becoming too worse from day to day

Government must sit up for the Ghanaian economy, it is becoming too worse from day to day
The Mask 11 years ago

The Bank of Ghana (BOG) has no Eastern Regional headoffice. The BOG must ask the King of Akyem (the Okyehene) for land in constructing this building. I don´t believe that the BOG has accurate data of the economic activity in ...
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The Bank of Ghana (BOG) has no Eastern Regional headoffice. The BOG must ask the King of Akyem (the Okyehene) for land in constructing this building. I don´t believe that the BOG has accurate data of the economic activity in the at least 12 Akyem districts which make up more than half the population on the region. The GDP and GNI of these Akyem districts are very high. They stem from:

Gold mining
Diamond mining
Cocoa
Oil Palm (the largest in West Africa)
Timber
Software development
etc

The money supply and capital in the at least 12 Akyem districts are wholly inadequate. BOG must remove impediments to the setting up of rural banks in these districts and encourage ADB and GCB to open branches in these districts.

The government must further ensure that wholly owned Ghanaian banks, including rural banks, get at least 80% of the banking revenue.
BURKINA AKONFEM 11 years ago

SHALL GHANAIANS STILL SIT DOWN AND ALLOW THIS COUNTRY TO FINALLY FALL INTO THE DITCH? OR SOMETHING DRASTIC SHOULD FORCE THESE STEALERS OUT BEFORE THE STEAL EVERYTHING--IT IS NOW LEFT WITH ONLY BONES SHOULD WE SIT DOWN AND LET ...
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SHALL GHANAIANS STILL SIT DOWN AND ALLOW THIS COUNTRY TO FINALLY FALL INTO THE DITCH? OR SOMETHING DRASTIC SHOULD FORCE THESE STEALERS OUT BEFORE THE STEAL EVERYTHING--IT IS NOW LEFT WITH ONLY BONES SHOULD WE SIT DOWN AND LET THESE LOOTERS POUND THE BONES AS WELL???? YEEEEE GHANA PAAAAA NI? UNBELIEVABLE!
TEE 11 years ago

GHANAIANS ARE REALLY FUNNY PERIOD

GHANAIANS ARE REALLY FUNNY PERIOD
TEE 11 years ago

IMPEACH OR IMMEDIATE REFERENDUM PERIOD

IMPEACH OR IMMEDIATE REFERENDUM PERIOD

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Ghana’s economy described as ‘alcoholics economy’

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