Prudent fiscal management is the key
I have never ceased being amazed at the sense of humour in the Ghanaian even in the midst of hard knocks from the economy. For, it must be for a good reason that the Traditional Way of Expressing Extreme Anger at Antagonism (TWEEAA), was invoked a couple of weeks ago in the Ahafo Ano South District in the Ashanti Region to sort of release some stress.
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The expression has now gone viral and on the lips of many including even foreigners. Besides expressing anger , the phrase is also used to indicate an end or dismissal to an unpleasing encounter, statement or situation.
That is why talk of some players of the local Black Stars making it into the senior national team could receive the reaction, TWEEAA.
For me, TWEEAA of the week was the command through prayers by Archbishop Nicholas Duncan Williams of the Action Faith Chapel in Accra, that the cedi ceases its fall and begin to rise.
Not that it was impossible for the fall of the cedi to be halted and made to assume its ‘rightful’ level , but that it would take more than just having a desire even if backed by supernatural powers to have the fall of the cedi reversed, if not backed by hard work and prudent fiscal measures.
Much has been said and written about the way the economy has been handled from the ages. The cracks, for me, began in the 1970’s and early 80’s when many of the industries that made up the country’s manufacturing and technological base were sold off for the reason that they were underperforming and had become a burden on the economy.
Industries like the Komenda Sugar factory, Akasanoma, Bonsa Tyre Company, the Various Ghana Industrial Holding Companies and others too many to recount were sold off.
Admittedly, there were some that were costing the nation huge sums unnecessarily, but for many too the establishment of responsible managerial practices could have turned them around.
It is recognised now that despite the production of oil, the lack of a vibrant, sturdy and strong manufacturing sector is affecting the fortunes of the country badly.
A large chunk of what we consume in this country comes from outside our shores. From sewing needle to toothpick to undergarment are all imported and these require scarce foreign exchange to bring them in.
We seriously need to consider undertaking a revolution in self-sufficiency since that is the way to go. We must not watch dourly while the foreign exchange we get is also whittled away.
The Bank of Ghana recently injected into the economy $20 million to shore up the foreign exchange situation in the country. Though a laudable effort, that amount will be exhausted shortly and then we will go back to step one.
The country is ‘sick.’ Let us not be partisan about it. We are in a situation that requires all hands and ideas on board. Look at this country! God gave us what is required to make us live comfortably, but we have not exhibited sound practical judgement in managing what we have. Our situation is reminiscent of the Parable of the Talent as told by our Lord Jesus Christ in Matthew 25 v 14 – 30.
In the parable, a landlord who was embarking on a journey gave his three servants money each (according to their ability). He gave one five talents, another two talents and the other one talent.
He who had received the five talents went at once and traded with them and he made five talents more. So also he who had the two talents; he made two talents more. But he who had received the one talent dug a hole in the ground and hid his master's money.
On his return, the landlord was happy with the servants who had doubled their money and rewarded them but to the one who went and hid his money the master rebuked saying, “You wicked and slothful servant! You knew that I reap where I have not sown and gather where I scattered no seed? Then you ought to have invested my money with the bankers, and at my coming I should have received what was my own with interest.”
As it were, the talent was taken from him and shared among the others. The morality in the parable is that those countries that work hard and use whatever resources they have advantageously, prosperity will come their way and for those who do not, even the little that they have will be taken from them.
As such , we can pray all we like, if we do not work hard and apply good judgement in employing our resources to effective and efficient use, the rise of the cedi may elude us.
In a frightening statistic put out the other day on radio by a social commentator, he posited that since independence the value of the cedi has fallen by as much as 250,000 per cent. If that is to be believed, I say Tweeaa! Aaba! Na adzen.