Ghana's Historical Economic Template of Failure

Abstract

We have for decades tolerated naked economic terrorism by our various Governments and these are no mere words; starvation of our people, lack of medical facilities, poor roads, majority of our population under the poverty-line and the hopelessness of our youth in the system of Governance. We have blamed our economic challenges either on the system of governance or those in power. And we took steps to change the situation by changing the system of governance or changing those in power; we are yet to find a lasting solution. I believe as people, we have failed to understand the challenges confronting us due to our inability to appreciate our local economy and where we belong in the global economy. More degrading, the Ghanaian is unaware of the burden of economic hardship they have endured, or the evil Governments have perpetuated on them. It is time to demand solutions that will pave way to reduce the burden of economic hardship our people face, to develop hope in themselves, to compete fairly on the global-stage and to win by the same level of gratification enjoyed by other nationals. Until we appreciate the reason why our economy keeps failing with a currency unable to store value over time, misplaced fiscal and monetary policies landing us in unsustainable debt, leading us into a parallel tax regime that kills entrepreneurship and weakens our financial sector unable to support production; we will forever change governments but we shall fail on the economic front every six-years. Why has debt engulfed us, and we cannot find fiscal space to take on production, build new orientation and compete on the world market as equals? These are the questions I expect our people to ask those who seeks to lead us. And if the people are unable to adequately ask those that seeks t leadership our journalism should be able to ask the right questions for the people. Our Nation bleeds, yet none is prepared to stop the economic bleeding that helps the few and subject the majority to untold hardship. I am highly disappointed; our national conversation is not about the economy and how we will get it back to life but policies that will end up demanding debt for us to be able to implement same. Those in power do not bring back lives and have failed to bring back the economy as they promised and those wanting to come to power are too careful to mention a comprehensive programme that has no coordination with the current International Monetary Fund (IMF) programme under implementation. What I look to do with this article is to bring the economic conversation back to where it belongs and get us to understand the background of our economic failures and what we can change or do right to bring back life into this economy for the prosperity of the majority.