Minister Of Economy, Ken Ofori-Atta; Are You Kidding Me?
I believe minister of economy, Hon. Ken Ofori-Atta was not entirely speaking the truth. When he used his biographical folklore to set the tune for what was going to be his take on the compact summit. The impact and his managerial quality to bring the economy on its footing. The revelation of his past personal life records was aimed - am alleging - at touching the sympathy spot or angle of the stakeholders of IMF. Made in the presence of director of IMF Christine Lagarde, prominent world leaders and bureaucrats at the UN global summit. Apart from his grotesquely curled-ball ploy, the minister of economy somehow indirectly called for bigger role of rich countries in building Ghanaian economy
Well, it depends individual understanding of "rich countries bigger role call". Nevertheless the theory of his unflagging mother strategy and demand for world players to transform the our economy went flat. The question is whether it was necessary to bring forth that family dirty, little secret out in that important world forum? Apart from the vagueness of the theory, the minister may well be just a bit naïve. The truth of the matter is, while we do not need a soothsayer to tell it to us the empirical aspect of it. That until we are able to mobilize ourselves to do somethings for the country we will continue to lag behind.
That is, our socio-economic and political emancipation may not be in the interest of these rich countries at all. Because history has it that rich countries are largely invested ( pardon the pun ) in their individual country's economic gains as foreign policies. In other words, the more precarious and deplorable our economic situation is the easier it is for the them to dominate us. In essence it is so ridiculous for the minister to come out with out-of-wedlock monologue in such important platform meant to inspire good leadership around the globe
More so, l haven't seen a thing like this before. I mean, a minister who is supposed to selling Ghana to the international world out there, he unconsciously painted a gloomy portrait of the country instead. Using the country's debt as basis to court investor's confidence only puts us in tight corner of beggars with counterproductive consequence of scaring them away.
Needless to say it is time to experience the economic savvy capabilities of NPP team of which Dr. Bawumia is part of, Vice President touted to be economic wizkid. After all Ghanaian economy currently undergoing IMF credit infusion facility. But that is not to say that the economy is in that bad shape. NPP's reluctance or wrestling with the decision to extend IMF deal can attest to that! Moreover our economy is not in recession in comparison with countries like Nigeria etc.
The economy is growing already to create jobs after it is recovering from the 2013 - 2016 crash. The economy is projected to grow at 6.3% by this year and 8% next year. These are huge economic growth ratio enough for job creation. The main reason, there is no room for Highly lndebted Poor Country ( HIPC ) grading by world economic indicators. Translating the 73.6% debt stockpile to GDP, that will not exceed $27 billions.
The countries like Senegal that do not have that much as we do in natural resources, burdened with the same amount of debt but are not all over the places creating unsavory national and international embarrassment. Let Dr. Bawumia not say that we didn't warn him and his boss that austere government is the key to save money prior to colossal ministerial appointment!
Finally, the theory-oriented ( the so-called book long ) assessment of economy is unnecessarily exaggerated. We aren't full-baked economist anyway but very important and fundamental aspect of the economy, per my opinion, has been ignored all these years. And without addressing that submerged part of the economy it won't attract investors not to talk about flourish and create jobs at its full potential. Sustainable electricity power generation and permanent solution to drinking water vital for economic growth
So, minister Ken, grass is greener at your feet!
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