President John Dramani Mahama
I am not an expert talking about theoretical economic matters but, as a citizen of the land who do day to day economic activities, I have my own practical understanding of some economic dynamics. I have heard people predicting fuel shortage in the system few weeks coming others are talking about IMF bailouts and World Bank support.
Whenever I hear such confusing statements coming from persons we consider respected persons on our political landscape, my mind quickly direct me to Senchi. I recollect the humility and attentiveness with which tough economic minds, discussed economic issues. Coming out with cogent suggestions. My question is, how effective is the government utilizing all these brains who gathered at Senchi who in fact, showed total commitment to support good policies propounded there to damn any aggressive reaction from the reactionary forces.
Persons I know to be inclined towards the NPP, also gave the assurance of throwing their unflinching support for full implementation of the consensus agreed on.
The economy slowed down on the back of sizeable external and fiscal imbalances and energy disruptions beginning the year. On the revenue side, at least statistics coming from the revenue outfit suggest shortfalls coupled with overruns in the wage bill. This government can in fact effect its ambitious transformation agenda if it is able to restore our macroeconomic stability.
This was one of the numerous recommendations put on our table by the IMF mission headed by Christina Daseking. Other recommendations like structural reforms to ensure lasting expenditure discipline is one policy which is key in implementing measures to sustain our fiscal economic indexes. Talking about the revenue shortfalls, we must just strengthen our tax administration especially with our current lower middle income status.
We cannot continue the subsidy agenda and expect economic comfort. Nigeria is picking up economically despite the Boko Haram in menace because of tough decision taken on the subsidy issues. In 2011 alone, that country subsidized fuel to the cost of 8 billion dollars whiles the population was increasing at a faster rate with middle income lifestyle increasing, the government took a bold decision on fuel subsidy which brought them respite.
In this country, for some time now I can say fuel subsidy has continued to grow exponentially this is partly due to rising cost of fuel which means government have to spend more to keep domestic prices low. You see, we must be able through every mechanism necessary to explain to the ordinary Ghanaian that, in subsidizing fuel, it is those who consume most that have a greater benefit, the ordinary Ghanaian or the poor still rely primarily, on public transport system as such, their per capita fuel consumption is significantly less than the rich. These are issues the government?s machinery must explain to the ordinary Ghanaian.
With our population growth coupled with change of lifestyle, we will definitely and continuously experience unexpected challenges, we therefore must move from the usual political economic stables, to a more practical and scientific economic zone supported by proper education and cogent information dissemination.
Government must also as a matter of urgency, implement transparent system for redirecting and monitoring the use of funds from any fuel subsidy programme if we courageously implement it. Citizens must be able to review and scrutinize all expenditure from such outfits. I know we can get ourselves from the current economic quagmire if we courageously implement some of the suggested programmes without always looking at the political angle.
Supervision is one area we must look at with all seriousness. The whole economic system of our country has been leaking since we opted for democracy, we play politics with the most important pillar of our country which is the economy, we still live on life support controlled by external managers and our leaders see it as pride and recognition dealing with these external forces. We are part of the problem because, we don?t allow confidence to dominate our dealings, and our unbridled political games continue to pull us from each other when we need a concerted effort to restore hope.
Ending I am entreating the Vice President who coordinated the Senchi programme to aggressively see modalities captured implemented, at least something must begin, let?s not still think we can restore hope through our party ideas alone.
Source: Ohenenana Obonti Krow
