08.10.2022 Feature Article

Six Steps to Solve Ghana’s Economic Problems

Six Steps to Solve Ghanas Economic Problems
08.10.2022 LISTEN

There are some who have suggested that only Economists have solutions about a nations Economy. I say they lie and don’t know what they are talking about!

Ghana has appealed to the IMF seventeen (17) times in the post Independence era- to help us solve our problems of Financial Survival- a better term than using the term Economic. No nation and her people were born to succeed and loan money to others. No! We claim to be a proud people! We must accept that our leadership have all failed to solve the financial survival problem of life. It is time to listen to other views.

Ghanaians survive anywhere in the world. For over 54 years this writer has survived from his youth as a University student on scholarship in the competitive American society, as an Engineer and Manager in Corporate America, as a home owner, a Business owner, and invested in helping family members to migrate to America as also many in Ghana, including many charity works. This is not unique to this writer but applies to a lot of our friends overseas many of who have done even more.

There is an estimated 2-3 million Ghanaian migrants in the West not counting their offsprings. A potential capital of $20 billion annually resides with the Diaspora Ghanaians.

It should be obvious and is conclusive that our Economists are not Businessmen and are not problem-solvers! Period! Without businesses there is no job for economists! There is no argument about this. We need to produce and generate business before we talk to our economists.

Ghana’s inflation rate as also Bank of Ghana policy interest rates, are in the 30% range. In response to my position that inflation rate as a measure of policy rate increase is not scientific and does not work well for our Ghanaian society, a writer added that in Australia, as other Western nations like America, most people buy houses, furnishings and even clothing on credit.

High inflation rate therefore leads to a higher cost of spending and hence less cash left to spend and grow the economy. The central Bank therefore increases interest rate to discourage that kind of spending to stabilize the economy.

Ghanaians should also evaluate our society and model our own solutions after our problems. Why don’t we reduce interest rates and make it easier to borrow to build our houses, to build our businesses, and hence create jobs and grow the economy!

I hereby make the following proposed Solutions to our President, Parliament and the government based on years of debate of our problems among various professionals, academicians and traditonal chiefs on the Ghana Leadership Union forum:

1. Let Ghana Government CUT DOWN EXPENSES and learn to BALANCE the BUDGET.

A country in financial distress cannot be allowed to have the President appoint more than 900 Staff members, 110 Cabinet Members, 16 Regions and 275 Districts, and thousands of Agency Heads, as well as MMDCEs, as well as fly chartered Jet at $19,000 per hour on global travels. No!

What is wrong with us black people!!

Ghana does not need more than 20 Cabinet Ministers, 10 Regions and 50 Districts.

The President should be made to pay for all such ostentatious Royal lifestyle on his own. He should refund all such expenses he has made.

2. Give the Ghanaian in civil service a SEVERANCE PACKAGE - or a loan of $10,000, and trust me most, especially the women, will never seek a job again! They will bring the yams from Akumadan to Accra, process some of them, and sell to survive and take care of their children!

Of course the Post Office should take a lead to develop a proper street addressing system where every property should have a number, in a logical manner, on a named street.

Lands Department in every town should have a database of such homes that can be used for tax planning as also for identifying people to their exact residence location for granting them credit.

Let’s be humble enough to learn from America and not leapfrog! Let’s forget the digital address system. Some of us talked about their limited value and we have been proven right.

3. Hire detectives in the civil service and catch and punish the public service employees who are thieves and /or taking bribes!

Provide cash incentives to whistleblowers who report public theft or home-builders who build the magic mansions in few months. It is not an embarrassment to be asked to show one’s source of income.

This will reduce the thieves buying things they could not afford otherwise!

And reduce inflation rate!

4. Have every public official and those who build houses in record time show their tax returns or source of funds.

Where did the money come from?

Between 2018 and this year 2022, I have never seen such rapid development of buildings as I saw in East Legon off Boundary Road- my own area.

In my own interviews as I took Uber and Bolt and Yango, and other investigations, there seems to be the spending of money that is not being explained! We need to be honest!! The average person knows and believes the politicians own these buildings!

5. ETHICAL CONFLICT OF interest should be clearly defined. Parliament should make a Law to make it illegal to take a gift of more than Ghs 5, in performing any public job. No public officials should be allowed to use a company he has shares or interest in, to bid on Government jobs. Stiff penalties should be imposed for violations. What Ken Ofori Atta and Charles Adu Boahene have done using their companies as brokerage houses to broker Billions of dollars as take a commission would be illegal in any modern civilized law-abiding society.

6. Introduce the DEATH PENALTY for Public financial crimes!

Let everybody work for what they earn. No elected or appointed Official- MPs or Ministers, should be allowed to become wealthy while in public office.

Let us all agree that Ghanaians in the Diaspora work extremely hard to get money to invest in Ghana. Let those in Ghana do the same and those in public service not use their positions as a means to wealth! No!

Let’s all agree to be steadfast and eliminate the public thieves and redeem our nation from economic and financial collapse and global disgrace! Period!

Long Live Ghana.

Dr. K. Danso - (Oct.7, 2022)

Intn’l President- Ghana Leadership Union