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Visual proof of how Covid-19 & Russia-Ukraine war have broken the UK economy

Coronavirus File photo: Coronavirus

Mon, 7 Nov 2022 Source: Rockson Adofo

On Saturday, 5 November 2022, some people in Britain embarked on a day demonstration against the severe conditions of living in the country.

There is currently high inflation in the country resulting in unaffordable higher food and utility prices. This has had an intervention by the Bank of England with a culmination of higher mortgage payments.

This difficult condition of living in which the citizens of Britain find themselves at the moment has come about as a result of the obvious lethal Covid-19 pandemic that occasioned the nationwide closure of businesses with the subsequent introduction of payment of furlough to all British workers for over a year.

What is furlough? “Furlough is where you a worker is paid, without them actually working. The government will fund up to 80% of monthly wage costs (maximum £2,500) for each worker”.

The situation was only to get worse by the Russia-Ukraine war. Conditions of living in the United Kingdom, or Britain as known to many a Ghanaian, have become unbearable to almost everyone, especially, the poor masses. No wonder then that within a year, Britain has had three Prime Ministers – Boris Johnson, Liz Truss, and Rishi Sunak.

It will take time and a lot of government borrowing, increases in taxes payments, reduction in public expenditure, etc., to be able to solve the devastating economic situation in which Britain currently finds herself.

The current bad economic situation in Britain is not unique to her but a worldwide phenomenon. The same is happening in France, Germany, Italy, Canada, the USA, Ghana, and Nigeria, just to mention a few.

Economic hardships in Britain

Therefore, it will be erroneous on the part of any Ghanaian to say that the economic crisis that Ghana, or any other country, finds itself in is wholly down to the mismanagement of that country’s economy by their Finance Minister or government.

It is only an insane person who is not abreast with current world issues that will pin the problem on their Finance Minister or president as it is currently the belief of many a Ghanaian hence calling for the sacking of Finance Minister Ken Ofori Atta and the impeachment of His Excellency Nana Akufo-Addo.

1. Can the world leaders force Russia to cease her invasion of Ukraine? No.

2. Can the world leaders compel Russia to export the much-needed natural gas, the life source of the European economy, to the countries where they are needed most? No.

3. Can the world leaders oblige Russia to allow unhindered passage for the shipment of Ukraine wheat and cereals to the parts of the world where they are needed most to reduce the prices of food? No.

4. Can the world leaders force OPEC (Organization of the Petroleum Exporting Countries) to augment but not curtail their oil production for export? No.

5. Can the world use force to halt the devastating ongoing Russia-Ukraine war to bring peace and normalcy to the two warring countries and the world? No.

As long as the world cannot do the above five mentioned things with many more left out, it will take time for the current economic crisis to be resolved. Therefore, Ghanaians should not pin the economic crisis the nation is sailing through on any bad management of the economy by the Finance Minister or the president.

The president can partly be held accountable for the excesses of his appointees. It is not any good economic management to have two or three deputy ministers in a ministry. What a duplication or overlapping of work which is unnecessary and expensive to the poor nation?

You can hold him accountable for his flagship policies and programmes. However, are the programmes not essential to the development of Ghana? You tell me. Be honest with yourself.

You may blame him for running a perceived “friends and family” government and the alleged conflict of interest by the Finance Minister. However, the bearing of the same surname should not be taken for such persons being from the same family. I shall discuss this in detail later.

All in all, let my fellow Ghanaians bear in mind that it is not only in Ghana that the economy has turned upside down at the moment but also, in Britain and in many other world countries.

Rockson Adofo, the proud and fearless son of Kumawu/Asiampa, will always tell you the absolute truth because he cares about you, his people, and the country Ghana.

Columnist: Rockson Adofo