Ghana’s robust economy was an over-hyped Titanic Ship that needed COVID-19 to derail it in one month and place it on a three to four years recovery journey.
History they say always repeats itself. Just like the Titanic Ship was touted as one that could never be sunk, Ghana’s economy in the hands of the NPP led administration gained over-hyped status but Covid-19 has proven that the economy is so fragile that it could not survive in the face of the external shocks including the pandemic.
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The assertions must be shelved now as we put our efforts into recovering from the impact of COVID-19 which the entire world is battling with.
Former President Mahama indicated in his JohnMahamaLive program that the Ghanaian economy needed ventilators to survive. That is a truth irrespective of who is saying it but, the assertion of our president, H.E Nana Akuffo Addo “We know what to do to bring our economy back to life. What we do not know how to do is to bring people back to life” shows that the economy will be cured but how soon?
Lawyer Edudzi Tamakloe mockingly indicated that …
“A few months ago, the NPP government propagandists made us understand that the economy is robust and resilient. The economy that they have constantly touted that is robust should be able to withstand any shock, but today, due to the COVID-19 the economy is now in the intensive care with ventilators to revive it,”
He added in his submission that “the economy needs oxygen to the extent that in less than 2 months we have to go back to the IMF for USD$ 1billion in order to pay our debts and other things”.
He added that the country’s monthly loan interest for the next 5 months totaling USD$500 million needs to be paid government was looking at raising funds from the World Bank and IMF to meet those financial obligations.
“So quite clearly it means that all this while this government was making noise about the economic growth, it seems the fundamentals of the economy is as not strong as the government painted it to be. It also seems that the economy was built on straw,” he averred.
The government has indicated that it will take 3 to 4 years for the country to recover from the novel coronavirus and its associated effect on the economy.
How do we recover as a nation?
Whiles, we chastise government and mock it, we must be in a position to provide workable alternatives and solutions as to how we can get the economy on track in bout 6 months.
We are dealing with two patients, the first being patient is the public-health system which might be cured with Physical distancing but this could also worsen the plight of the economy, the second patient.
Scaling up health testing, tracing, quarantine, and treatment are keys to overcoming our fears and getting the economy back on track.
Developing new economic recovery strategies with the private sector in mind and how best to implement during this tough time to keep the economy afloat has become critical now.
The president’s call on us to be citizens and not spectators should not be forgotten. If it goes well for the economy, it is for the total good of the entire nation.