Let’s halt the decline

The country has begun the journey into the last quarter of the year with worrying signals about the economy.
The heated economy has been attributed to the slow down in business activities in the first eight months of the year.

Specifically, some people have blamed the challenges of the present on the election petition that had gone to the Supreme Court.

They may be right, as investors who were not too sure of the direction of the judgement held back their investments.

In retrospect, the performance of the economy in election years has been anything but satisfactory.

There appears to be a tendency among our governments to overspend their budgets in order to retain power, and 2012 was not an exception.

The huge deficit of election years has always been carried forward into the first year of the new administration, even if the government hands over to itself.

It is puzzling that the government that took over from itself is struggling to balance the books in order to mobilise resources to honour its obligations to the people.

The picture is worrying and alarming, as many fear that if drastic measures are not taken to shore up the finances of the state, there could be a shutdown of some government activities.

Last Wednesday, the Minister of Finance and Economic Planning, Mr Seth Terkper, responded to criticisms of the government by explaining the challenges facing the economy to the people.

Frankly speaking, the country is at the crossroads because there is no denying the fact that the economy is in dire straits.

Mr Terkper told journalists two days ago that “the economy of Ghana is still facing liquidity challenges, with revenue receipts falling below their targets, nine months into the year”.

We are also told that the wage bill has put a strain on the budget.

The Daily Graphic calls on the managers of the economy to take the necessary actions to pluck the loopholes in the system that serve as a drain on the economy.

It is unfortunate that despite the challenges, we are still in denial of the fact that some people who earn their keep from the taxpayers’ sweat are the cause of the country’s economic challenges.

In many instances, public officials who have profited from corrupt practices are not punished to serve as a deterrent to others.

Reports from the sittings of the Public Accounts Committee (PAC) and the Judgement Debt Commission indicate that the system and the generality of the people have acquiesced to the dictates of corrupt officials.

The Daily Graphic acknowledges the positive gains that were made in the past with the adoption of austerity measures involving the governed and the governors.

The situation where the ordinary people suffer, while the leaders of our society demonstrate profligate spending and lifestyles, will not motivate anybody to accept calls for the tightening of belts for a better future.

The Daily Graphic calls on the Finance Minister and his economic team to introduce measures to arrest the decline in the economy and set it once again on the path of growth to reflect our status as a middle-income country and a producer of oil and gas.

Daily Graphic/Ghana