PS: Before reading this post, please note that this article was not influenced by any political school of thought but clearly from an unbiased economic perspective based on empirical evidence and facts gathered on Ghana delivered with a little bit of humor.
The economy of Ghana has been a rather interesting tale. Following it’s rise and fall trend, there have been more falls than rises. Some time ago, talking about the economy, we could actually pin point certain sectors that needed immediate attention. But now there is a 99.7% probability that the section to pin pointed will be the entire map of Ghana. This means every aspect of our beloved nation under the siege of unwellness. In plain language the nation is sick.
If you haven’t been listening to the news lately then this is your chance to have them delivered to you. In addition to the economy being sick, the economy is also broke.The Bank of Ghana revealed that the country’s public debt including both domestic and external debt hit 58.4billion cedis. If you are for the whole record breaking shenanigan no matter the direction insert ‘Hooray’ here.
On the other hand, what the government makes as revenue and the grants we get was just GH¢9 billion making up only 8.5% of the total output of the nation in a year which is our GDP. Now interestingly, of this money the government gets as revenue, GH¢7.1 billion of it was from taxation while just GH¢1.9 billion. This means the government is just like a lazy worker who probably hates his boss and is inefficient. Just that in this case the same government is the boss.
To be completely honest and without any background in economics or rocket science, it is not that hard to deduce that the government is milking us on a low-key. I mean if the nation’s tax rate is currently at a whooping 25%, we are definitely bound to catch up with UK in terms of taxation in no time( hold tight UK).
OK so maybe I am being too hard on them when it come to the numbers. So let’s take a look at the other sectors such as infrastructure. There have been a lot of sod-cutting going on for many projects. The real question is how many of these sod-cuttings have been seen through to the end. Let’s shift to utilities. Telecommunication is the most competitive aspect of the nation from my assessment and this can be attributed to the private competition in that sector.
Now with regards to electricity, they say “Dumsor” has ended. The temporal power cuts we experience are only ‘minor glitches’ hence bonus to us. We have been translated to a much subjective regime of “Mensor” where you determine if you want to keep your electricity on or not. With regards to water supply, you also decide if you want to keep your taps running. All of these regimes are strongly held by the pillars of taxation again.
The better Ghana agenda focus has shifted. Today, the promise is to “change lives and transform the economy.” It appears our current government did’t think a better Ghana could be achieved so they shifted to something easier. Changing lives could either be for the better or for the worse but I am hoping it’s for the better. Maybe they have a plan. For all we know we haven’t seen the ‘bigger picture” yet!
We have gone through many challenges as a nation, but our defining spirit as Ghanaians is that we have picked ourselves up each time we have fallen and continued to walk on. And as we pick ourselves up I will be right here to keep you updated in the best humorous of ways possible in this new segment called EQOW-NOMY as your EQOW_NOMIST. I mean I have to make use of my university degree somehow *wink wink*.