The Ghana Cedis is depreciating by the hour, and President Nana Akuffo- Addo defending his cousin, the Finance Minister, daily. Databank is owned by the Minister and takes a 9% commission of loans passing through his bank that is for the nation. IMF knows the balance sheet of the country Ghana and shared it with investors and nations around the world.
Behind the scene, International investors get concerned and remember President Busia the time he was financial in trouble and kicked out all foreigners. They still think of Xenophobia in 2016 after the Gold mines were closed in South Africa and black Africans from Mozambique, Nigeria, Ghana, and Ethiopia were attacked by angry and hungry South Africans. Nigerian President Buhari sent a plane to rescue his people from being attacked by violent demonstrators.
When a currency goes down to its knees it is because the International business community has no trust in the country any longer and the people of the nation suffer even more.
The International business community knows the EU has a bill drafted to be signed in 2023 to ban the import of Ghana and Ivory Coast cocoa due to chemical traces found in the beans not targeted and solved since 2021 when the warning was given. This will spiral the downfall of Ghana even faster and further.
The International business community knows the former President of Ghana JD Mahama and his track record based on which they do not see him as a creditable helper to turn around the sinking ship. Listening behind the scenes to strong men in the financial sector no one that is serious trusts anyone in NDC or NPP nor the political system as such.
Ghana is only kept alive and on its toes by foreign nations begging the business community to still support the nation Ghana as otherwise the financial and political costs back home would be enormous and political rivals like China and Russia would take over.
Like the exodus of Whites 31 years ago after the end of apartheid in South Africa which currently seeing a revival, Whites in Ghana looking for a way out of the country as begging gestures by their home governments have lost momentum. As they remember Busia and SA in 2016 they wish to be out sooner than later.
Ghana depends not on sweetness from foreign investors and smiles from the Whites but the mirror on the wall...ready to be broken.
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