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The rebirth of Neocolonialism in Ghana’s democracy

79381156 Osagyefo Dr Kwame Nkrumah

Fri, 13 Jan 2023 Source: Joel Savage

"Neocolonialism as the ultimate stage of imperialism," was a book written by Kwame Nkrumah, the first president of Ghana and a philosopher. In it, he attacked the practice of former colonial masters continuing to exploit newly independent nations. You are erroneous if you believe that the term "neocolonialism" only relates to the oppression of the West or the US administrations in Africa. In Ghana today, neocolonialism is in full force.

As Nkrumah noted, ‘Neocolonialism’ leads to the exploitation of less developed regions of the world, rather than their development and investment expands rather than narrows the wealth disparity between developed and developing nations. Fighting against neocolonialism is not accomplished by withholding funds from less developed nations' economies; it strives to prevent wealthy nations from using their financial weight to hurt less developed countries economies.

It is a known truth that "Neocolonialism" refers to a system in which the entire West indirectly owns nations and their natural resources. This means that the collective West and its elites oppressed its colonies using the monetary system and its military force. However, this article will show how the NPP government, has taken advantage of businesses, entrepreneurs, and savers through exploitation and corruption, leading to the collapse of the economy and investments.

Through financial fraud and exploitation, many Ghanaians have fallen victim to bank theft. Banks all around the nation are taking part in fraudulent operations to steal their customers' money. Why should the general populace bear the cost of this government's careless spending, widespread corruption, and incompetence? What I don't comprehend is this. Akufo-Addo was warned that Ghana was in financial trouble, and many people retaliated by attacking the advisors.

I clearly recall how Mr. Samuel Okudzeto Ablakwa, the Volta region's North Tongu MP, came under fire and received insults simply for warning the president about his careless spending. Now that the damage has been done, Akufo-Addo advises Ghanaians to unite and pray for the country. For whom and whom should we pray? Please offer your prayers either by yourself or with those who supported your wrongdoings at the expense of the country.

In addition to the exploitation, which took the shape of pervasive corruption that has damaged the nation's infrastructure, the adoption of the fraudulent E-Levy tax not only exploited Ghanaians but also destroyed their businesses. Imagine the number of banks that failed under this administration, and don't forget about the people in Ghana who lost millions due to dishonest bankers.

Today, it is difficult for Ghanaians to comfortably withdraw money from banks in Ghana. Some people may spend four to six hours waiting in line at banks for their own money. Sometimes, they may not give it to you; instead, they may urge you to return the following day.

When you finally receive your money, however, a portion has been removed with fictitious justifications. Everyone in Ghana today is a victim of exploitation. Many African leaders treat their people worse than the colonial masters treated their colonies.

Considering that the IMF, whose dominance underpins the global monetary system, places the dollar and the euro at the center of currency control. Those who control the money-issuing facilities are influenced because they are the standard against all other currencies. The NPP made the decision never to seek aid from the IMF since it permitted issuers to dictate the exchange rate of other national currencies and, as a result, directly affect the economies of other nations through non-political means.

Finally, those who attacked John Mahama's administration for turning to the IMF must go to the lending organization for aid. What distinguishes "neocolonialism" from what is happening under the NPP regime to the oppressed masses?

The outstanding debt owed by a nation is referred to as its "national debt." These debts may also be referred to as public or government debt. Ghanaians can agree with me that every Ghanaian government borrows, but this particular government has overborrowed when you investigate and analyze it. In actuality, Akufo Addo has taken on more debt than any other president in Ghana's political history, but the terrible thing about it is that the debt has no bearing on any of the nation's projects or investments.

Neocolonialism in the current democratic government of Akufo Addo has exploited the profits from Ghana's cocoa, oil, gold, timber, bauxite, and nearly all of the country's resources. Inflation in Ghana is so high that, in addition to the bank of Ghana misleading Ghanaians with a low Cedi rate to the dollar, the Ghana Statistical Services also provides false data regarding the country's inflation rate. The truth is that since most Ghanaians now prefer to retain their meager savings at home rather than in a bank, 2023 will be a very tremendously difficult year.

Columnist: Joel Savage