Ofori Atta's disrespectful inclusion of pensioners in DDEP threatens Ghana's indigenous knowledge transmission

Disrespect for the law, his kin, other people's opinions, and, somehow, common sense were viewed as a man's fatal flaw in classical myth!

Nothing forbids officeholders from being proud of their work—it's a sign of respect! However, if such pride is not exhibited properly, it might result in terrible embarrassment and disrespect. This is exactly how the Greeks see hubris, or excessive pride, to begin with.

For instance, Aristotle, in Rhetoric (Book II, Part 2), believed that "under hubris falls disrespect, and to show disrespect is to slight." Slighting is any discourteous act or deal that could drive the doer to incur shame. Sometimes, zealously young and rich people in politics are inclined to act disrespectfully, and by so doing, they commit hubris.

There is little doubt that Ofori Atta's infamous handling of the country's fiscal and monetary policies, as well as the unending drumbeat of fear and panic that accompanied the government's domestic debt exchange programme (DDEP), which it inflicted upon all vulnerable pensioners, exemplified modern-day disrespect and hubris.

Our beloved republic has undoubtedly fallen into a bottomless debt pit as a result of the government's big talks, overhyped ambition, and inflated self-love, as well as the finance minister's "own views, own values, own explanations, and own understanding of figures and things," rather than respect for alternate proposals and wise counsel.

Now the chickens have come home to roost. Just yesterday, Ghanaian media outlets were flooded with information from the government indicating it has achieved over 80 percent subscription in terms of the DDEP it has introduced because it can’t fulfill the settlements for the balloon debts it has visited on its citizens. This emerged following the government’s announcement on December 5, 2022, to launch a DDEP for all eligible bondholders, as it urged all investors, including vulnerable retirees, to sign a Memorandum of Understanding by a disclosed date, despite the latter’s petition through several days of demonstration.

Isn’t it depressing that, today, Ghana, the once-upon-a-time prudent country that kept control of its public finances while other governments were losing their heads, now gasps for an IMF bailout because it has justly earned a spot among the 39 highly indebted nations on the IMF list due to its overweening disre spect, diarrheal borrowing, and poor management?

In spite of this, government officials continue to portray themselves as saints; they see no wrong with the haircut deal known as the DDEP and the real threat it poses to pensioner bondholders if the government includes them, even in flagrant violation of UNDP’s goal in terms of social protection . Isn't it essential that the government focus on its fragile pension system rather than taking actions that appear to upset low-income pension contributors?

Being a "third generation" Ghanaian, I do have natural pride in my motherland. But with every passing day, my pride in the country is dwindling owing to the numerous misleading actions and policies the government has adopted in disguise of steering the country toward economic development.

Sadly, I believe that the younger generation should be concerned because this disrespectful inclusion of our grandfathers and grandparents in DDEP is bound to ruin the traditional educational system in our country.

In general, the inclusion of retirees in the DDEP has threatened Ghanaians' point of view on indigenous knowledge custodianship and transmission! And no one should be unaware of the fact that Ghanaian society relies on the elders, including retirees, to teach the young how to survive and live a moral life.

Indeed, in the framework of African traditional education, elders serve as teachers within the family and are crucial in the organization and transmission of knowledge. Therefore, if their request were to be ignored, they would then become destitute, eventually live with avoidable stress, and then go into their early graves because their survival practically depends on their bond savings.

It is obvious that any attempt to take away the savings of the poor pensioners might result in undesirable early post-retirement stress, diseases, and possibly deaths among the pensioner population. When this happens, knowledge bankruptcy results because the transmission process is terminated or disrupted.

The civil struggle of the powerless pensioners is still ongoing, as they continue to picket the finance ministry to advance their cause. But it seems the powerful are determined to have their way. Where is the humanity and truth if a pension scheme that aims to help the poor fails to do so because it is run by the non-poor, who are politically more powerful?

So, for the poor pensioners to get their relief, detachment from reality and overweening disrespect for discerning calls can’t be someone else’s monopoly. I’m confident time will give the true verdict!

Komla Lokoe
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columnist