Eroding Purchasing Power In Ghana: A Consequence Of Corruption And Negligence

In recent years, Ghana has witnessed a disconcerting erosion of the purchasing power of its citizens. This alarming trend, which has been gaining momentum since 2017, can be attributed to a confluence of factors, including blatant corruption, visionless borrowing, sheer negligence, impunity of public leaders, and a blatant disregard for citizen welfare. These issues have culminated in a financial and social crisis and backward growing economy, placing the burden squarely on the shoulders of the Ghanaian people.

One of the most pressing issues is the blatant corruption that has permeated various levels of Ghana's government and institutions. From misappropriation of public funds to embezzlement scandals, this widespread corruption has drained valuable resources from the nation's coffers. The result? Fewer funds available for essential public services, causing the average Ghanaian's purchasing power to dwindle. Boarding students in Ghanaian secondary schools are battling to get three meals per day. For basic school infrastructure especially textbooks and furniture, the least said about it the better.

Visionless borrowing is another concerning issue. The government has borrowed heavily without a clear, sustainable plan for managing the resulting debt. While external loans can fund important infrastructure projects, lack of effective management and long-term economic strategy has created a debt crisis that threatens the nation's economic stability.

The sheer negligence of the authorities is evident in their lack of foresight and planning. Neglecting critical sectors such as healthcare, education, and agriculture has put an additional burden on the populace. The absence of a robust social safety net has made life increasingly challenging for the average Ghanaian, especially in these times of economic instability. Leaders have focused attention on their own luxurious, expending huge budgets to their offices while cutting the budget to crucial state institutions.

Public leaders, seemingly shielded from accountability, continue to act with impunity. The lack of consequences for actions that directly harm the citizenry reinforces a sense of disillusionment and powerlessness among Ghanaians. This impunity further exacerbates the problems of corruption and negligence.

Perhaps most distressing of all is the blatant disregard for the welfare of citizens. While public funds are siphoned off, the very individuals who are supposed to be served by the government are left to grapple with high inflation, unaffordable healthcare, and inadequate public services. The erosion of purchasing power of Ghanaian is a reflection of the government's failure to prioritize the well-being of its citizens.

Addressing the economic challenges and erosion of purchasing power in Ghana requires a multifaceted approach. First and foremost, Government must accept to take responsibility for the downward grow in the Ghanaian economy and STOP blaming external factors such as COVID 19 and Russia-Ukraine war. Colin Powell once said, “Leadership is solving problems. The day soldiers stop bringing you their problems is the day you have stopped leading them. They have either lost confidence that you can help or concluded you do not care. Either case is a failure of leadership.” Therefore, “a leader who takes accountability for their mistakes earns the respect of their team.” – Peter Drucker

The government must commit to tackling corruption head-on. Implementing transparent and accountable financial practices will help safeguard public funds and ensure they are used for their intended purposes.

A vision for borrowing and debt management that takes into account the long-term sustainability of the nation's finances is crucial. Ghana Government must also invest in sectors such as healthcare, education, and agriculture to build a stronger social safety net and support the population.

Public leaders must be held accountable for their actions, and the rule of law should be upheld without exceptions. Citizens' welfare should be at the forefront of decision-making, and public leaders should be guided by the principles of service and responsibility.

The erosion of purchasing power in Ghana is a critical issue that demands immediate attention and decisive action. By addressing corruption, improving financial management, and prioritizing the welfare of its citizens, Ghana can reverse the current trend and build a brighter, more prosperous future for all. It is a call to action, not just for the leaders but also, for every Ghanaian who aspires to see their nation flourish once again.

Abu Ibrahim Azebre
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