Is Ghana in Economic Comatose?

Thu, 17 Oct 2013 Source: Sakyi, Kwesi Atta

By Kwesi Atta Sakyi

16th October 2013

It is often said in Economics with reference to the J-curve effect that it should get worse before it gets better. Are we in a similar mode in Ghana right now? Ebe yie or Ob3y3 yie syndrome. The massive haemorrhage in the depreciation of the cedi against the dollar is symptomatic of our parlous economic predicament. Prices of food items and other basic items keep escalating against the backdrop of huge increases in tariffs and sundry taxes.

A case in point is the recent hike in energy prices, which evokes memories of the’ Kumi pr3ko’ era. This economic maelstrom is in the midst of high levels of unemployment. As we patiently await the 2014 budget, we are yet to see the palliative measures that the Mahama/Amissah-Arthur administration will roll out to combat the gnawing pangs of poverty currently afflicting Ghanaians. Ghana’s administration for the past 5 years has been anything but lukewarm and mediocre.

It seems we have witnessed a lot of ‘sound and fury’ but very minimal performance on the ground despite contracting huge loans from within and without. While the national debt keeps spiraling upwards on the one hand, on the other hand the quality and standard of living have nosedived. These days, many Ghanaians have taken to herbal and alternative medicine because of poverty. Precious state resources are being drained by dubious judgement debts. What the heck is wrong in Nkrumah’s Ghana today? Has Ghana become one big joke or a big cash cow?

Who would lead us out of our dire economic quagmire? NPP or NDC? President Mahama should set up a National Economic Crisis Commission (NECC) to investigate the current state of the economy and proffer solutions. Truth be said, Ghanaians are now swimming in a morass or sea of destitution and hopelessness. The Ghanaian cedi has lost its value due to foggy direction and indecisive economic trajectory.

All this boils down to the fact that we lack control over our natural resources, besides the fact that some of our leaders have no vision. Are we worse off under the current dispensation or we were better off under JJ and Kufuor? I begin to conclude that Ghana‘s economic plight is worse off under the current “do-little” NDC regime. Period! They lack qualified and dedicated people to deliver to the needs of the people.


Columnist: Sakyi, Kwesi Atta