Light at the end of the tunnel
It is heartwarming that we are finally seeing light at the end of the tunnel with regard to the ongoing engagements on Government Domestic Debt Exchange Programme (DDEP).
Coming events, they say, cast their shadows. It is a sign of huge relief that the country has made a step forward to avoid a possible economic crunch.
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The agreements reached with the financial services sector over the past week mark a very significant milestone towards economic consolidation.
A step that pushes the economy inches closer to the IMF bailout, which is badly needed as the country’s moves to restructure its unsustainable debts which currently stand at about 100 per cent to Gross Domestic Product.
We have come a long way with this DDEP project. Government’s lack of clarity on a number of issues, unilateral decisions and the lack of broader consultations nearly marred the success of this very important national exercise. Without this programme, however, we could not begin to imagine its devastating impact on the lives of the ordinary Ghanaian.
Even though there are still lingering issues with regard to the Individual Bondholders, who insists that they are spared the brushes of the entire DDE programme, Graphic Business expects a consensus agreement to be reached as the deadline expires today (Tuesday).
It is certainly not out of place to commend the financial services sector for their forward looking response to the DDEP in the midst of the huge challenges the sector faces and its impact on their very survival as a going concern.
They are an example of what we all as nationals and or patriots should follow; that they have chosen to rise above their individual comfort to support a national distress call. They see the bigger picture of a financial sector that may crumble and chose to be part of the solution rather than being part of the problem.
In the same vein, we urge all those sitting on the fence to be part of the solution. Irrespective of the outcomes of the engagements and how they are affected, the bigger picture is an economy that will stabilise than one that will make all of us losers.
The lessons are all over for us to learn. That extreme partisanship in national discourse, the pull-him-down syndrome, ineffective communication and engagements with various constituents have the tendency to undo everything we have achieved in this country.
The challenges facing this country are enormous. The increasing rate of changes in prices of goods and services, high cost of doing business, expected increases in fuel prices, dwindling incomes, soaring energy cost, school fees and many others are some of the challenges facing the ordinary Ghanaian.
Once we cross this bridge, never to return, hopefully, we should get on to doing the things that will bring relief to the ordinary Ghanaian.
Times are indeed tough. Ghanaians are saying this every day.
He who feels it, knows it.