Ghana’s economy is becoming weak and deteriorating everyday. This is due to huge debts which increases in every term of office of every President who assume position. On watching to Joy business News yesterday, the Ghana’s total debts stocks is about $569.3 billions. This as a result give a threat to The International Monetary Fund to give their support to Ghana looking at this huge debts that Ghana’s economy is facing.
Meanwhile negotiations are ongoing with the International Monetary Fund. to seek for loans about $3.00 billions to redress economic development. Before Ghana is granted this loan the IMF wants to know the External Creditors in order to restructure the debts such as Euro Bond, Bilateral Credit with China. This to help relief the excess debts that the Country is facing. In review of this, there will be some regulations in consensus with the IMF attach to the loans. Among these are reduction of recruitment of job in the public sectors, cutting down of some unnecessary spending. The IMF will soon be calling for Ghana and her External Creditors like Bilateral Creditor with China, International finance cooperation, Japan International Cooperation Agency to come to the negotiation table to fastrack Ghana’s debts restructure. This is major step IMF is taking to reduce the inflation rate the Ghana’s Economy is now facing, while increasing the Gross Domestic Product in the Country.
The International Monetary Fund has been our main pillar when it comes to managing Ghana’s finances. Even though we realize some of the conditions giving to us are too hard to bear, for instance not recruiting personnel in the public sectors for some number of years and the limitations on spending of other expenditure yet, the IMF has our resourceful.
The Causes of Debts Crisis Ghana is facing now
One of the major challenge Ghana is facing now is the low productivities rate to meet the standards of International market. What most Developed Countries have used to stabilize their economy is increased in productivities which are sold in international market for the Dollar which is noted to be “Safe Haven” currency highly recognized in the World market for trading. When we look at USA, China, UK, Canada and many well developed economy, they are into high time productive like oil, Gold, Textiles, construction and other big time businesses fetching them money on daily.
Ghana has many raw resource materials, yet are unable to harness into finished goods which can be sold for higher income. Which lack the experts to convert these raw materials. We don’t have the personnels who can plan properly about how things can be well structured. We don’t have the machines to convert our raw materials into finished good. The situation of lack of technology base machines to process our raw materials has been a major concern and it has existed for decades. We have been complaining about the ways Ghana can restructure things to mitigate this challenges but the situation has since remained the same.
The political races among the political parties has been a menace for Ghana’s development
It is undeniable fact that due to power drunk among the political parties has retarded the Ghana’s economic development up to date. The ideology of who should rule the country and mismanagement of the state properties has caused more harm than good. It hurting to hear that the state’s property like lands for development like dams, factories and and agriculture has been claimed or sold to individuals who have money
I haven’t seen any President who has come to rule the Country having Ghana at his heart or having the vision to move Ghana forward. What they know is to pay lip services to the people of that they would build a lot of infrastructural development and create a lot of jobs for the youth. But in actual fact it doesn’t reflect during their tenure of office.
Embezzlement and Misappropriation of state funds
There are a lot of loop holes in the Ghana’s economy, among these is mismanagement of state funds by Presidents, Ministers and Member of Parliaments. The state funds from the Tax payers monies which are issued for them to develop the nation, the districts and various communities they intend channel the monies into their own businesses and personal gains. There has been many scandal of corruptions and misused of monies which aren’t helping the Country’s development. The reality on the ground is that most Presidents, Ministers and MPs claim for position to enrich themselves and again having the mindset that industries of politics is a profitable venture where one can become a Billionaire. This is really a bad attitudes among most politicians.
Could the International Monetary Fund attempts to restructure Ghana’s debts materialize if we don’t have a change of mindsets? This the questions I throw for my fellow Ghanaians. I this can’t be possible even if they give us the monies that will occupy the whole World. We will finish spending and still request for more money. I believe it’s about time we change our attitude and prioritize Ghana as the precious property that if we lose we have lost a great asset.