GHC60,8 Billon of Bank of Ghana’s sags, revelation of the weak state of the economy

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Bank Of Ghana
Bank of Ghana

GHC60,8 Billon of Bank of Ghana’s sags, revelation of the weak state of the economy of Ghana ,the Deceit, the Dishonesty the hypocrisy and incompetency, of some of our Politicians, Intelligentsias and Lawyers, hence need to Commend BOG’s Governor for the facilitation of the IMF Bailout for public good.

Firstly let me state clearly that the Economy of Ghana has been basically a weak one because not effective production to improve on the fundamentals as import substitution so any external factor like external supply shocks (disruption of supply chain), external financial condition like USA interest rates, hike in the price of crude oil could cause the economy to go into serious recession or “coma” state.

This assertion was confirmed by research work in 2019 by the Research Department of Bank of Ghana through a Working paper of Bank of Ghana on the effect of External Conditions on the economy of Ghana by Dr Philip Abradu Otoo and Bernard Jarge Walley of the Research Department of Bank of Ghana dated January 2019.

The BOGs paper, the first study in Ghana on the effect of External Conditions on the economy of Ghana, examined the sensitivity of the Ghanaian Economy to effect of external demand, supply shocks, and financial conditions using a Bayesian Vector Autoregression (BVAR) Model based on quarterly data from 2003Qtr3 to 2018Qtr4. The results show that about 40% of the variation in Ghana real GDP growth is accounted by external influence, In addition about 30 percent of the variation in inflation is accounted for by external influences.

It was found that in event of a slowdown in the economy of China and that of USA, the two largest economies in the world, resulted in the shocks dampening GDP growth in Ghana and induces a significant deterioration in the exchange rate and increases the domestic inflation rates. It was also found that financial conditions by an increase in US interest rate leads to a decline in GDP growth and Exchange rate depreciates sharply, outflows are triggered as USA Federal Reserve interest rate rises. The results imply that external factors play an important role in the Ghanaian economy.

It was indicated in the research paper that Domestic fundamental may either act to amplify or dampen the impact of these external developments on the economy of Ghana. Consequently, Policymakers should therefore continue to improve the macro fundamentals to dampen the effects of external shocks on the economy Ghana.

The above details, help any competent expert to honestly explain the very weak conditionof the economy of Ghana in the year 2022 as due to the multiple effects of External Conditions like the repercussion of COVID-19 pandemic, the Russia Ukraine War which affected the supply chain, hence cost of doing businesses. This worst economic condition in 2022 was aggravated by External financial conditions including the slowdown of US Economy from 6.1percent in 2021 to 3.6 percent in 2022 due to hike in the interest rate by the Federal Reserves of USA from 0.5 percent in March 2022 to 2.5 percent in July 2022 and finally to 4.5 percent in December 2022 the highest level in 15 years (a macroeconomic risk)as a result of the overheating ( too much inflation) of the USA economy,

The year 2022 also saw very Hike in the price of Crude of crude oil to $123 per barrel and other matters including a problematic new national tax termed as E-levy and thus caused a very shameful showdown in Parliament, the first of a very shameful act in the Fourth Republic. This problematic tax led to the further down grading of the economy of Ghana to a junk status, thus this also affected the economy of Ghana greatly in 2022.

A further confirmation of external conditions influence on the economy of Ghana is the outcome of the study in 2014 by the IMF which showed that external factors induced significant fluctuation on emerging market economic growth, explaining about half of the variance in their growth rate. That a higher growth in advanced economics benefits emerging markets and developing Countries like Ghana. But a tighter external financing environment, stemming from a higher risk premium on emerging markets’ sovereign debt, reduces growth in Ghana.

The study by IMF in 2014 on external conditions and emerging market growth, concluded that the payoffs from demand shocks are greater for emerging market economies that have strong trade ties with advanced economic and lesser for economies that are financially open like Ghana . In addition, adverse external financial shocks hit economies that are financially open, as well as those with limited policy space. This explain the very bad (worst) situation in Ghana in 2022 especially our penchant for foreign goods.
The research Department of BOG, indicated that Ghana has a small open economy hence innovation in the economy do not affect advanced economies but external developments impact the Ghanaian economy contemporaneously. The research confirmed that FACTORS, like External demand conditions, external supply shocks, and global financial condition especially US policy normalization both in terms of interest or policy hikes and scaling down their balance sheet in 2018 when the USA raised the interest rate in Dec 2018 from to 2.55 percent caused Ghana’s Economy to experience a problem in 2019. Despite this, BOG was reported making a profit of GHC1.2 Billion in 2019 may be from gains from the borrowing by the Finance Minister from the external capital Market and may be open Market Operations by BOG.

Consequently, any pupil of JHS can tell that the casual effects of the External Conditions and Internal issues in 2022 was the reason that sent the economy of Ghana into what some people termed as in coma in the history of the Fourth Republic or since 1993. As result the economy was then put in ambulance to Bank of Ghana, as the Lender of Last Resort.

The coma situation of the economy of Ghana, thus demanded the employment of risk management tools with alacrity with a zero tolerance for a notion of normal business mindset by the Governor of Bank of Ghana and his two Deputies to revive it in order to protect and defend the 1992 Constitution at all cost as a price for Public Good. This was so, because Bank of Ghana is a creature of the 1992 Constitution, as a Constitutional Body. Hence, the printing or releases of Monies by Bank of Ghana to the Government of Ghana in 2022.

These printing or releases of Monies by Bank of Ghana were done as reflected above as due to the Force Majeure situations. It was done by the Governor of Bank of Ghana by invoking BOG’s Constitutional mandate at Article 183 and by the application of the legal permissibility at Section 19 of the Bank of Ghana Act 2002 (Act 612), whilst the Finance Minister also invoked the Fiscal Responsibility Act 2018 (Act982).

The daily cacophonous or ugly noises that the Governor of BOG failed to abide by a legal provision of 5 Percent of the previous year’s total revenue as in the Bank of Ghana Act 2016 (Act 918), demo the Deceit, the Dishonesty, the hypocrisy and incompetency of some of our Politicians, Intelligentsias and Lawyers. Otherwise they are not updated with global situations including the repercussion of COVID19, the Russia/Ukraine War, hike in the USA’s interest rates or slowdown of the Economy of USA in 2022, coupled with hike in the price of crude oil and the situations in Ghana.

The continuous effects of both the external conditions and Internal situations up to December 2022, made the airmedivac of the economy of Ghana by the Governor of Bank of Ghana by Air-ambulance to IMF which resulted in the history of Ghana, a Domestic Debt Restructuring by Ghana, as one of the condition precedent or the cost before IMF can receive the coma patient called Economy of Ghana. This resulted in the technical impairment of GHC55.1 Billon before the IMF could grant Balance Support payment. Bank of Ghana had to do so at all cost to revive the economy and for the subsequent navigation to Macroeconomics and Financial Stability and Inclusive growth. The variance of GHC5.7Billion was technically lost due to foreign exchange movement or volatility.

The need for urgent IMF Bailout was first recommended by former President Mahama of Ghana and this was bought by His Excellency President Nana Addo. So the Governor of BOG cannot be blamed for the technical impairment of the GHC60.8 Billon, since haircut or Domestic Debt Restructuring program to reduce the National debt from 110 percent to 55 percent as sustainable level as a condition precedent for the IMF Bailout . So the ugly noises on matters on the must be stopped otherwise it demo Deceit, the Dishonesty, the Hypocrisy and Incompetency, of some of our Politicians, Intelligentsias and Lawyers.
Dr Philip Abradu Otoo and Bernard Jarge Walley of the Research Department of Bank of Ghana indicated that Domestic Economic Fundamentals may either act to amplify or dampen the impact of the external factors or developments on the Economy of Ghana and recommended that Policymakers must continue to improve the macroeconomic fundamentals in order to dampen the effects of external factors on the economy of Ghana.

The recommendation of the BOG’s research paper therefore goes with the saying that if a Country’s economy fundamentals are weak, any external factor including the exchange rate will expose the Country. This is a fact, thus confirmed what Dr Bawumia stated in one of his lectures as true.

For Ghana to have a strong Economy that can withstand external shocks requires reduction of our penchant for the consumption of foreign goods and thus massive production of poultry products, massive production of tomatoes and onions including doing so in Greenhouses and above all the massive production in rice. Ghana needs to produce not less than 2.2millions metric tons of paddy rice per year to produce about 1.43 million metric tons of milled rice (that is at 65 percent recovery rate upon milling the 2.2millon metric tons of paddy rice) to halt the yearly importation of US$1.5Billion of rice or not less than 1.2million metric tons of milled rice.

The question one may ask, Why Dr Bawumia and the associated Regime of President Nana Addo failed or are failing to ensure massive production of goods with their sloganeering of concept of IDF, Planting for Food and Jobs etc. as part of import substitution?. One may response that the answer has been or is normally provided by his critics. So, the critics, need to stop blaming Dr Bawumia, by just listening to themselves whenever they actually blame the economic woes of Ghana to the unbridled taste for borrowing of external capital by the Financial Minister. The borrowing actions, which as alleged by his detractors, were for his former Company namely Data Bank to make gains as one of the Book runners or writers for the financial engineering of the external loans. If this allegation is true, then Dr Bawumia, a mere Vice President with zero Executive Powers or a spare driver cannot be blamed since the buck stops with the President. Thus demo the deceit, dishonesty, hypocrisy incompetency in our Democratic Dispensation.

Ghana’s economy can best be described as a weak economy or Robbing Peter to pay Paul economy since it depends very much on external borrowing and any action by or against Peter could lead to the collapse of the Economy. As stated, this was evident thru external conditions driven by a combinations off rising US interest rate, higher price of crude oil, prices and the strengthening of US Dollars These factors triggered outflows from emerging markets and developing economies like Ghana and led to the weakening of domestic currencies. The impact in 2022 was felt greatly by Countries like Ghana which used or uses Dollars for trading.

My checks on the net, revealed that the USA’s Federal Reserve raised the interest rate 10 times effective March 2022. The result by December 2022 is reported as the highest number of Fed or US interest rate hikes in a single year since 2005. The raise of the US interest rate several times effective March in 2022 since 2005 is one of the good reasons why the Ghanaian Cedis depreciated greatly to around GH15 .00 to a One US Dollar. Hence, Bank of Ghana cannot be blamed for the state of affairs.

Furthermore, considering that 2022 falls within the post COVID19 eras an era of the Russia and Ukraine War coupled with the effects of the above mentioned external factors, there is vast differences between Ghana before the COVID19 pandemic and Ghana after the COVID19 pandemic. So, the comparison of the economic state of affairs between the current regime and past regimes may be said to be infantile or incompetent otherwise deceit, dishonesty and hypocrisy if the affected persons like Dr Ato Forson want us to understand that they really have good understanding or knowledge in economies which has a principle that when making comparison in managing an economy or two situations, you must base it on all things remain equal (Cetris paribus).

The below table demo the problem of the hike price of crude oil which caused the woes of Bank of Ghana or the Economy of Ghana in 2022, with the highest in the history of Ghana in 2008 followed by in 2022. The global price of crude oil is directly fed on ex-pump price, hence rise in inflation and exchange rate depreciates sharply and for whatever reasons, a reduction in World price of Crude oil thus not give a corresponding reduction of fuel at ex-pump price as well as transport fares hence the high cost of living.

CRUDE OIL PRICES HISTORICAL ANNUAL DATA
SRL
YEAR
Year
Highest
In Us
Dollars per barrel
Average
Closing
Price Us
Dollars per barrel

2008
145.1
99.67

2022
123.7
94.53

2011
113.39
94.88

2013
110.62
97.98

2012
109.39
94.04

2014
107.95
93.17

2007
99.14
72.34

2010
91.48
79.48

2021
84.65
68.17

2009
81.03
61.95

2018
77.41
65.23

2006
77.04
66.05

2019
66.24
56.99

2020
63..27
39.68

2015
61.36
48.66

2005
60.84
47.69

2017
60.46
50.8

2004
56.37
41.51

2016
54.01
43.29

2003
37.96
31.08

2000
37.22
30.38

2002
32.68
26.19

2001
32.21
25.98

The above details explained Ghana’s serious economic situation in 2022 was exceptional since 1957. It also confirmed Ghana’s Weak Economy since 1993 (the inception of the Fourth Republic) due to the retention of the Goggisburg economy (no credible massive production as import substitution). Thus in 2022, Ghana faced the highest level of economic management challenges, unparalleled to situations since 1993. This was due combinations of External factors like External Demand, Supply Shocks hike in crude oil, and Financial Conditions especially hikes in the USA interest rates, which happened to be the highest in 2022 since 17 years ago. Lastly, the effect of internal factors including the problem with the E-levy in 2022 which led to the down grading of Ghana to a junk grade state which caused the shutdown of the Internal Capital Market to Ghana, the first in the history of Ghana.

The problem with the E-levy, saw persons dubbed as Hon MPs in Parliament behaved in the dishonorable act in Parliament in the History of Ghana, since 1957 and due to the state of affairs made further shameful with the appearance of some armed troops or Watchmen who are elements of the Executive Arm of Government who entered the floor of Parliament in an attempt to shepherd Members to act honorably.
As recap, let me stressed that the challenged situations in 2022 with regards to Ghana’s economy since 1992, made Bank of Ghana to act with alacrity with releases of budget support to the Government of Ghana for Public Good and also acted as a shock absorber with a technical loss of GHC55.1 Billion of the Balance sheet (out of the GHC60.8Billion) in the Domestic Debt Restructuring Exercise due to the economic challenges which solution was IMF Bailout and BOG facilitated for the IMF Balance support payments in trenches towards achieving macroeconomic and financial stability and inclusive growth, which is the core mandate of Bank of Ghana.

BOG also suffered a technical loss of GHC5.2 Billion due to exchange movements or volatility as results of the hikes in the USA’s interest rates and other external factors and shutdown of the external Capital Market to Ghana. So, those who have been making ugly noises that the Governor violated the legal provision of a 5 percent of the total of previous year total revenue as the Bank of Ghana Act 2016 (918)., need to be educated that the Act 918 of 2016, only speaks of a normal situation and not in event of Force Majeure which relevant laws include Section 19 of the Bank of Ghana Act 2002 (Act612) and Section 3 of the Fiscal Responsibility Act 2018 (Act982).

This was the reason Bank of Ghana Act 2016 (918) mainly 17 amendments of and insertions in the Bank of Ghana Act 2002 (Act612) declined to amend section 19 of the Bank of Ghana Act 2002 (Act612) for the good reason of the need to grant the Governor of Bank of Ghana Emergency powers to act in event of Emergency occasioned by Force Majeure situation in line with Constitutional mandate.

So it must be noted that External factors play crucial roles in the economy of Ghana, and so domestic fundamentals either act to amplify or dampen the impact of external factors. Unfortunately, for Ghana the rapid deterioration the economy could be attributed to the weak economy termed as the Goggisburg Economy due to very weak domestic fundamental in 2022 since 1993 (inception of the Fourth Republic. Thus external conditions will virtually cause a serous dampening effect on the economy of Ghana. So as recommended by the Research Dept. of BOG, Policy makers must work on the economy fundamentals to dampen the effect of external shocks.

Ghana is noted to have excellent intelligentsias whose performance outside Ghana is par excellence, why we are finding it difficult to agree on BOG’s explanation of the serious economic challenges in 2022 that made Bank of Ghana to invoke its Constitutional Mandate and Section19 of the Bank of Ghana Act 2002 (Act612) and this coupled with the invoking of Section 3 of the Financial Responsibility Act 2018 (Act982) by the Minister of Finance that saved the collapse of the Economy. It is envisaged that a failure on the part of the Governor of Bank of Ghana to act as stated could have precipitated a likelihood of the collapse of the Fourth Republic, vis a vis the numerous clamor for a Coup or the call for jettison of the Constitution.

It must therefore be stressed that the Governor and his two Deputies must be commended for excellent job. It is envisaged that some of the detractors of BOG, who are not happy with the signs of the Economy navigating towards stability after the built-up difficulty challenges in 2022, may be due to the BOG’s reduction of the motivation for a Military coup. Otherwise, they would have by now opted for Constitutional and legal options through summoning the Governor to Parliament or take Court action deal with any constitutional or economic or political question, which BOG‘s accountability is required which BOG as per one of its three pillars did so by Press Releases and meeting with the Media thus met the 1992 Constitution dogma of Probity, Transparency and Accountability. We have been paying MPs including the Minority to use their brains to work in a civilized manner not their physical body and voices in unwarranted demo in a patapaa way or the Builsa way (bullying).

The above details clearly speaks volume of the deceit, dishonesty, hypocrisy and incompetency (despite paper qualifications) in our Country, so for this Country to be successful in development as expected by the Citizens, it is high time we say it as it is by calling a spade.

Brother Louis Farrakhan, the Founder of the Nation of Islam in USA, made a very interesting assertion during the Presidential Election of USA in 2016. He indicated that according to his Religious Faith, if two devils are standing as the Presidential Candidates with one on the ticket of the the Republic Party as in this case was then represented by Presidential Candidate Donald Trump and the other with the Democratic Party as in this case Mrs Hilary Clinton, he indicated that God will virtually nominate the better devil to be the Leader or the President of USA.

The Holy Bible at Romans13.1 of NLT2013 and John 19;10;11 confirms the point of Louis Farrakhan that it is God who nominees a leader and this was echoed by His Excellency Ex-President Mahama (Google for God will choose a Leader for Ghana made in Oct 2016).

So fellow Citizens, both Moslems and Christian are required to agree that in Presidential Elections of Ghana in 2016 and 2020, the better devil in the person of now His Excellency President Nana Addo was nominated as our President. Implying God either knew very much of the various candidates and or what external conditions problems or calamities which were ahead of Ghana as happened in 2020 and 2022 with the COVID19 and Russia and Ukraine War and the other external influences on the economy since His (God) people in Ghana cannot think well to manage the economy of Ghana very well despite the numerous resources and large hectares of arable land with rivers for irrigation but due to our stupidity, illegal miners are causing serious destruction of the environment (land and water bodies) with associated pollution and flooding from water that could be used for Agric and hydropower.

So it is envisaged that God in 2018 armed with the foreknowledge of the calamity of the COVD19 pandemic in Ghana in 2020 and also haven considered the conduct of his people in Ghana with the infantile conducts by our kind of politics in Ghana, characterized with Pull Him Down (PHD) syndromes, thus delude us of critical mindset, made Him (God) in 2018 to give wisdom to the regime of President Nana Addo, through the citizens Representation in Parliament with Hon Dr Ato Forson and his fellow NDC Parliamentary Group at the Minority side of Parliament to tweak or fine-tune the fiscal policy aspect in the Bank of Ghana Act 2016 (Act918).

The fine tuning of Bank of Ghana Act 2016 (Act918) by Hon Dr Atto Forson and others, resulted with the passage of the Fiscal Responsibility Act 2018 (982) to include what must be done in event of Force Majeure situation for action by the Finance Minister and the maintenance of Section 19 of the Bank of Ghana Act 2002 (Act612) for the relevant law for the Governor of BOG to act with the speed of light in event of Force majeure situation.
It is therefore odd that, some of us are still make the blunder by speaking of the five percent of the total revenue limit as in the Bank of Ghana Act 2016 (Act918) which is for normal conditions otherwise it may be due to the state of our mind set crowded of PHD tendencies, so fail to read or accept both section 3 of the Fiscal Responsibility Act 2018 (Act 982) and section 19 of the Bank of Ghana Act 2002 (Act612) for the relevant laws in event of Force majeure, otherwise comply with the 1992 Constitution .

It was Fortunate for Ghana that nothing related to a force Majeure situation happened in 2018 and 2019. So there was zero financing by Bank of Ghana though it was permissible to gain the five percent of the total revenue limit as in the Bank of Ghana Act 2016 (Act918) by invoking either the clause in the Bank of Ghana Act 2016 (Act918) or same clause in the Fiscal Responsibility Act 2018 both of which dictate what should be done if five percent of the previous year total revenue limit is reached and when it was/is needed to exceed it.
So in 2017, 2018 and 2019 instead of working hard to change the Goggisburg Economy to a better production as import substitution or may be because it takes time for changes to be effected otherwise due to the unbridled taste for loans by the regime of President Nana Addo, through the Finance Minister, the regime relied very much on borrowing capital from the External Capital Market thus adding debt to National debt.
Interestingly, as stated the managers of the Economy of Ghana in 2017, 2018 and 2019 did not even opt for support from Bank of Ghana as dictated or permissible by Section 2 of Article 86 of the Constitution, which necessitated the Governor of Bank of Ghana as one of the key members of the National Development Commission (a Pseudo Ministry of Economy Planning or the Constitutional Economy Management Team of Ghana). As well as invoking Section (2) (c) of Article 183 of the 1992 Constitution which gave a secondary mandate to the Governor of Bank of Ghana under normal conditions to support the fiscal policy side of the Government for economic development by granting advances or loans as in the Bank of Ghana Act 2016 (Act 918). That is under normal condition for matters on the 5 percent of the previous total revenue as budget deficit support. So in 2017, 2018, 2019, there were zero percent budgetary support from Bank of Ghana.

Unfortunately, the year 2020 saw in the history of the World thus including, Ghana, a serious economy downturn or depression since the last 100 years, which was occasioned by an unprecedented global deadly disease termed as the COVID19 Pandemic. The repercussion of the COVID19 pandemic caused an unappalled economy crisis in the Fourth Republic by a very drastic slowdown in economic growth or activities occasioned by supply shocks, restriction of activities or movement with extra cost in Protective items (vaccination, especially Veronica bucket/ and soap, nose/mouth mask, sanitizers etc).
The repercussions of COVIS19 pandemic was later on aggravated by the Russia/Ukraine War as well as USA hikes in the interest rates by March 2022 thus cause the spiraling of inflation (imported inflation) and also caused serious depreciation of the currencies of Ghana to a level of GHC14.00 to one US Dollar and other Countries the USA Dollars for trading had fair share of the risks especially the hike in the US interest rate. The situation is not acknowledged by some of us due to either bad memories otherwise the Deceit, the Dishonesty, the hypocrisy and incompetency of some of our Politicians, Intelligentsias and Lawyers.

A further or final blow or technical knockout to the economy of Ghana was the defeat of 1.75 percent
E-levy in Parliament which saw a very dishonorable episode in Parliament when Soldiers with weapons (elements of the Executive Arm of Government or a Constitutional Body with operational autonomy were found in an attempt to control the conduct of persons dubbed as Hon MP or simply the Legislature, an Independent Arm of Government. The political matters surrounding the E–levy caused Ghana to be further downgraded to a junk economy status by International Financial Analysts, consequently the external capital market was closed to Ghana, and hence a force majeure situation thus caused BOG to support the State as the Lender of Last Resort.

So in truly and honest sense the Economy of Ghana, had a technical knockout in 2022 and went into coma due to the repercussions of COVID19 pandemic/ Russia and Ukraine War combined with external factors namely, external demand, external supply shocks and external financial condition as explained above. This was at the time Coups were taking place in the sub region with irresponsible demands by some of the citizens for jettison of the 1992 Constitution due to some with the infantile idea that the Constitution was made to satisfy the late Papa J. This speaks volume of our Deceit, dishonesty, hypocrisy and incompetency otherwise our laziness that has made us not to read a lot about our Country, the Political History, so us to understand that the 1992 Constitution was based on our previous Constitutions especially the 1979 Constitution and the late Papa J was even not comfortable with it.

As stated the 1992 Constitution was simply a replica of the 1979 Constitution by the Mensah Commission with little fine tuning to get the 1992 Constitution. There were also the irresponsible demands for a Military Coup in Ghana. Hence, both the economy of Ghana and the Fourth Republic for that matter were under serious threat, hence national cohesion and National Security were under threat as such.

The saving of the economy from collapse, for that reason urgent need for the protection, Defence of the 1992 Constitution therefore required a bold and rapid rescue mission by the employment of risk management tools to revive the economy which will also prop the Constitution. So, the Minister of Finance in conjunction with the Governor of Bank of Ghana had to act with alacrity in event of Force Majeure as occasioned with detail as stated above, by invoking Section 3 of the Fiscal Responsibility Act 2018 (Act982) and the Emergency Powers of the Governor of Bank of Ghana at Article 183 of the 1992 Constitution as amplified at Section 19 of the Bank of Ghana Act 2002 (Act 612), thus in conformity with the Constitutional Mandate of Bank of Ghana (the Governor) respectively.

Due to the causal effect of the unprecedented risks as stated above, Ghana once again was forced to contact the IMF for Balance Support payment to help boost or in the booting of the economy towards macroeconomic and financial stability and inclusive growth. So for the First time in the History of both Ghana and the Gold Cost, we had in our lexicons effective 2022, the terms like haircut, Domestic Debt Restructuring or Domestic Debt Exchange Program. These daily lexicons in Ghana thus spoke volume of the state of affairs. Which should even tell a JHS pupil that we have a new Ghana different from Ghana before the invasion of COVID19 pandemic. Hence we need to appreciate things as such and stop the comparison between old Ghana and New Ghana.

It is universally acknowledged that in times of crisis, the Central Bank, hence BOG with the Governor and his two Deputies must be judged by actions to ensure a return to macroeconomic and financial stability (currency/price stability) and inclusive growth as the core mandate of Bank of Ghana, as stated in the 1992 Constitution. . The 92 Constitution also demanded each citizens to use all whatever means at his or her disposal to ensure the protection and the Defence of the 1992 Constitution from being overthrown by hooligans or lawbreakers. The Actions by the Governor and his deputies are therefore justifiable.
The Governor of Bank of Ghana and the two Deputies in response to a Central bank’s operational and national duty or mandate, acted with alacrity and rescued the economy from collapse through using risk management tools as provided in laws in event of Force Majeure and thus provided whatever support to the fiscal policy and the facilitation of the IMF Bailout. Hence, the Governor and the two deputies deserve special Commendation and not condemnation.

Former President Obama of USA, told us that we should always allow Institutions to work. Parliament is an institution precisely one of the three Arms of Government namely the Legislature, Judiciary, the Executive Arm of Government. The Minority Group is a termed in Parliament for the purpose of Parliamentary work, so it is not and cannot be synonymous with any particular Political Party say the NPP or NDC or a Group of Independent MPS or mixture of MPs from different Parties and Independent MPs, since out Constitution permits Independent MPs.

The Minority Group denotes a subset of Parliament and when within the brick and mortar building called Parliament House, the Minority Group occupies the seating arrangement to the left side of the Speaker, and the right side as Majority Group. These positions keep on changing in election cycles, so, no Party should arrogate itself as Minority Group, since no condition is permanent for the NDC MPs or NPP MPs Group in Parliament. So NDC MPs Group at the left side of the Speaker as Minority Group or when MPs are seated in Parliament is to facilitate Parliament work for the Nation. So, we have only Majority and Minority Groups in the lexicon of Government Ghana for sessions or duties in Parliament.
Our Political History tells something slight disagreement with the concept of separation of Powers and checks and balance as expected to play in a Democratic Dispensation or Government. Example, unlike the Majority Group, which is normally whipped to fall in line to support the Executive, it is the Minority Group which acts as Parliament since it is the Minority Group which does a lot of the checks and scrutiny of the budget and other policies from the Executive. So, the Majority Group sees or hears no evil at all with the Executive.

This situation is due to political party politics (way of life or ideology), majority of the State Ministers from Parliament and the Majority Leader as the Minister of Parliamentary Affairs, who sits in cabinet. So the Minority Group doers the checking and scrutiny and the Majority Group is whipped as the balancing effort or countervailing force to deal with any action by the Minority Group in Parliament on behalf of the Executive. Thus makes our Democratic system to have elements of both the Presidential and Parliamentary systems.

So, much of Parliament’s work of checking and scrutiny of the Executive Arm of Government is by the Minority Group. At this juncture, let me commend Hon Mr Samuel Okudzeto Ablakwa and Hon Mr Kwabena Mintah Akandoh for their good work and their not seeing Parliament as limitation within the brick and mortar facility.
Parliament (members of the Majority Group and Minority Group) Rights/duties/immunities are Constitutional and legal provisions. Demo by any of the Group especially the Minority is restricted to Walkout and not on the street by Honorable or righteous persons. So, contrary to the public sentiments, it must be made clear that the Minority Group hence Parliament cannot behave like a human association like the TUC or Student Association like NUGs etc to enjoy human rights attributes.
As stated, the NDC Parliamentary Group is not synonymous with the Minority Group which is a subset of Parliament since a future election may see the NPP and NDC changing seating positions in Parliament. So, Minority Group as a subset of Parliament has duty of care and not demonstrating on the street in the name of human Rights, that is not a Constitutional right.

We are paying them to work like MPs. So, Hon Ato Forson and his cohorts must be told that the concept of National sovereignty empowers Parliament to express its will in the framework of the competencies allocated by the Constitution So, according to Sir Edmund Burke, Parliament is not a congress of ambassadors from agents and advocate, against other agents, and advocates but Parliament is a deliberative assembly of a Nation with one interest that of the whole, where no local purpose, no local prejudices, ought to guide but the general good resulting the general reason of the whole.

At this juncture, one may ask where are the Lawyers of Ghana?. And where are the Political Science Experts? For them to speak the truth in a competent manner. Have they read about Sir Edmund Burke philosophy on MPs as stated above that MPs are for the Public good or the interest of the general nation like what Hon Samuel Okudzeto Ablakwa is doing with his excellent work?. Thanks, also goes to Hon Akandoh for his good work to support patients with dialysis etc. Hon Ato Forson as the current leader of the Minority Group is failing the Country by allow himself to be manipulated by the NDC Party Executive. It is high time he changed his leadership style and ensure to set examples like Hon Haruna otherwise, the Leader of the Party namely former President Mahama a first class Statesman and Leader must see to his replacement with Ho Haruna Iddrisu who is as Statesman and a good MP.

Once again Parliament (Minority Group) is an Institution, so with rights, duties/immunities and Code of Conduct including righteous persons with Leadership qualities and as examples and not acts of patapaa or the Builsa way (bullying), hence Parliament has no human rights like the NDC or NPP Parliamentary Group. Rather the Governor of Bank of Ghana and the two Deputies human rights like any other citizens or person in Ghana as per constitutional and legal provisions are under threat. Their individual human rights must be protected by competent lawyers and Political Science Experts. . Since their deployment at a subordinate Constitutional Body is for them to perform Constitutional duties with rights as provided,
Any matter or Constitutional or legal question is by application of Parliamentary and Judiciary tools through summoning of the affected persons to Parliament or visit or liaison duties to the Institution or Body as was done by Hon Akandoh to Korle Hospital. Otherwise citizens or MPs should indulge in invoking the powers of a Court of Competent Jurisdiction for accountability. These are the limitation of Parliament’s rights and responsibilities/immunities as constitutional and legal attributes, through Parliament as an Institution made of two subsets.

Sometime some people make the wrong point that the Minority Group in Parliament have the right to organize protest demonstration against Bank of Ghana., they need to revise notes. It is the Governor and his Deputies whose rights are under threat and must be protected by competent Lawyers for the MPs to act according to law or Constitutional provisions or what pertains in a Civilized Society.

It is very appalling when you hear politicians and professors falling to understand that we are in a new Ghana after the COVID19 pandemic. So, the current comparison between regimes of NDC and NPP in new Ghana by saying one is better than the other when in reality both are the same in the managing of the Economy in old Ghana. Otherwise base on the narration above on the serious economic challenges occasioned by external factors in 2022, the NPP may be said to be slightly better than the NDC, since they were able to sail through and have ideas on how to tweak the economy. Note no improvement of the domestic fundamentals of the economy when either the NDC or NPP is in Power so they have the same features.

It worth mentioning that One of them wrongly sited a Sugar Production Series in Komenda despite available numerous research reports which that based on the economics principle of comparative advantages, the best place is in Salaga area near River Daka. We need to appreciate the economics concept of Ceteris Paribus that is all things must remain equal before you can compare the two Regimes of NDC and NPP. For instance in a football game, the two teams start with same number of players including reserves, each side with technical team or Coach, changeover of each playing sides after 45minutes and others for the determination of the champion or the better side of the two, through the winning team, hence you can say that the wining team coach or team is the better of the two. Even that some may say issues are not equal. So you need to consider certain factors, before you can make a comparison.

The way forward for Ghana is for massive production in the Agricultural sector which is noted as the engine for Economy growth and as a catalyst for Industrialization in order to improve on the domestic economic fundamentals. This will also require a promotion drive of eat what we grow and the processing of our products for value addition and use what we produce so ensure import substitution in Ghana to help Bank of Ghana with colossal foreign exchange.

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