Upon December 15, 2013, Ghanaweb. com reported His Excellency John Mahama as saying “Ghanaians have very brief memory”. With some qualification, I actually agree with you, your Excellency. I crave your luxury to modify the statement to learn “some Ghanaians have really short memory”. On this we now have a perfect agreement. Indeed, “some”, not “all” Ghanaians have got very short memory. Your own recent statement (February seven, 2022) on how to solve the particular multiples of problems dealing with the Ghanaian economy potential clients me to think that you may become among the Ghanaians that have brief memory. And given that you might be suffering from this debilitating illness called “short memory” your own latest statement will be safely saved for the future, in the event that you feel President again. Your Excellency, you are right that the Ghanaian economy is troubled upon many fronts. The debt degree has risen astronomically; spending budget deficit is high; pumpiing is rising, and living costs is soaring. As you place it, urgent interventions are needed. Your own recommendation for a Senchi-style conversation on the economy is hard in order to disagree with. I have at all times thought of governments of establishing economies beset by structural problems, including ethnic sections, to do all in their capabilities to seek and foster nationwide consensus. It helps minimize needless tensions and focus nationwide attention on the critical problems. But , Your Excellency, just before we get to Senchi, essential issues in your statement are worthy of closer scrutiny. That evaluation should allow us to determine consensual frame and framework before we get to one more “Senchi Consensus”. The 2022 troubled economy is greatly different from the economy a person ran between 2009 in order to 2013 as Vice Leader and Head of Financial Management Team and 2013 to 2017 as Mind of State. The first problem I want to address is the financial growth dynamics. In 2013 when you became President, financial growth (7. 1%) decreased to half of what it is at 2011 (14. 4). From this level, the economy went into volitile manner, reaching a low of three or more. 4% in 2016 once you suffered the most crushing electoral defeat of the Fourth Republic. In 2015, when you lastly crush landed the economic climate into the arms of the IMF, growth was only second . 2%, the lowest since 1984. Your Excellency, you do not have to describe to us what was taking place. You may lack accurate memory space of events – since be among our compatriots who suffer from “very brief memory”. Fortunately, some of us remember that nothing catastrophic got happened. We do remember that will between 2011 and 2015, your government had obtained more than US$2 billion through crude oil export. Eventually, the particular oil bonanza fetched your own government US$3. 4 billion dollars between 2011 and 2016. And we do remember that the planet had exited the economic crisis. Your Excellency, despite getting such hefty amounts through oil, you ushered all of us into the era of employing freeze. Trained Teachers plus nurses, having struggled by means of their training without the normal allowance implemented since the 1972s, also faced, for the first time, the blockade from the public provider. Your time in office offered this country and the globe the terminology DUMSOR, which usually Wikipedia, (the free encyclopedia) defines as a persistent, abnormal, and unpredictable electric power outage. The effect of Dumsor upon businesses and households is constantly on the linger on. The ever-rising joblessness directly emanate through the combination of Dumsor and the freeze out on public service work. Your Excellency, under your view from the period 2013 in order to 2017, more than half a million Ghanaians became poor (GSS, 2018). This was the first time since 1992 that the absolute number of the indegent increased in Ghana. It was the economy you remaining for Ghanaians. Your Excellency, the idea of organizing a nationwide dialogue on the economy much more economic difficulties is attractive. But the specific mention of Senchi makes it harder for me to visit along, especially when you want the present managers of the economy to consider “a page from it”. As a citizen, the Senchi Forum was a complete waste materials of scarce national assets; and for the participants, In my opinion it was a waste of time. Let me explain. Your Excellency, those who participated in the conversation did not know that it was the prelude to acceding for an IMF programme. Interestingly nevertheless , your government had generally insisted that the great tips shared at Senchi crystalised into the so-called Homegrown Financial Consolidation programme which you shown to the IMF for assistance. This is curious and almost definitely untrue. I have read the 22-point Senchi consensus many times. I possess also read the IMF Prolonged Credit Facility document. Your own Excellency, where in the Senchi Consensus was there a for your government to deep freeze employment in the public industry; and where was right now there a consensus to reduce actual wages? Your Excellency, definitely, the Senchi Consensus included great ideas. However , your own government failed to implement all of them. Point 15 of the General opinion read as follows: An investment program to deal with the energy crisis should be put in place as a matter associated with urgency in order to propel development, employment, competitiveness, and macroeconomic stability. A year later, Dumsor had intensified. The famous people held the Dumsor demo on May 17, 2015. Obviously, your government did not follow the “investment programme to cope with the energy crisis”. Like a number of other things under your watch since President, the Senchi General opinion was already moribund before frustration led you and your government in to the cold arms of imperial IMF. In the first in support of progress report on the General opinion presented to you, in December 2014, the Implementation Advisory Team (IAG) hosted by the Nationwide Development Planning Commission (NDPC) conceded that implementing the particular Senchi Consensus was experiencing difficulties because of the inability from the Ministry of Finance (MoF) to provide cash, and because of the lack of data. Your Excellency, point 14 of the Senchi Consensus asked your federal government for “amendment of the Financial institution of Ghana Act to create a ceiling on the lending to government which is based on government’s revenue selection in the previous year, rather than the present year as is currently that will case. This should be divided from the ceiling on complete net domestic borrowing simply by government”.
Also this simple amendment, which usually did not require funding, you can not do. Instead of restricting borrowings from the Bank associated with Ghana, your government within 2016 borrowed 65% over you had said you will from your BOG. This is how you and your federal government trashed the Senchi General opinion; and this is the Consensus that you want the current government to understand from. We hear a person!
Your Excellency, in your latest and most current epistle, you asked: “How come we do not have the much-needed post-COVID-19 Economic Recuperation Plan that would lay down a strong blueprint for fiscal combination in the face of a worsening financial situation”? This question is essential for a couple of reasons. First, it offers evidence of your seeming brief memory or hypocrisy or even both. You and people of the ilk have deliberately did not recognise the times in which this particular country and all other nations find themselves. This is 2022, 2 yrs after COVID-19 was announced a pandemic and just one year the virus mutated directly into Omicron. Without underrating or even ignoring the mistakes from the current government, I want to help remind you, Your Excellency, that will COVID-19 happened, it has not really completely abated, and its implications continue to reverberate around the world. The chunk of current financial difficulties is COVID-19 caused!
The increasing debt you referred to holds true, but it has happened around the world including but not limited to created and advanced countries such as the United States, United Kingdom and even the particular Vatican of all places. In case you google you will see that America’s financial debt has hit $30 trillion. Global public debt improved by nearly 30% within 2020. You mentioned increasing inflation, which is also true. Somebody that the current inflation is usually 12. 6%, compared to fifteen. 4% in 2016 once you were the President; and it also was 17. 7% whenever you threw in the towel plus handed the country to the IMF. Also be reminded that internationally inflation is on the rise. America’s inflation has hit the 40 year record higher. You talked about E-levy, that you described as “neither adequate neither viable as a sustainable reaction to the crisis”. This, we are going to certainly save for great grandchildren. Your Excellency, let me finish with the following Italian terms: “Chi poco pensa
molto erra” [He who thinks little, errs much] respectfully
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Hwɛ fom!!
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