Let’s listen when economists talk
It is strange sometimes to understand what is going on. At a point, we called for all hands on deck to help develop the country. Yet in the same breath, some people find space to lambast Dr Mahamudu Bawumia who comes out to talk about the economy; what he finds wrong and how to put things right.
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It sends wrong signals to other persons who might have ideas to share with the rest of the country.
It has been agreed that all is not well with the economy. If by 2008, the country's debt position which stood at GH¢9.5 billion has ballooned to GH¢49.9 billion as at the end of last year, then there is the need for the country to sit up.
What I thought those who oppose Dr Bawumia would do was to take notes and engage him in a future debate.
The situation where anybody who has anything contrary to the government's position is denigrated and made to look foolish does not help this country.
There are many people in this country who have expertise in certain fields but have remained cocooned in their shells because of acts of vilification that will follow if they offer anything different from the official position and this must stop.
What ought to be done is to interrogate the issues raised in an academic and insightful manner.
Let us remember that we are living in a global community where nations are in competition to develop and improve on the lives of its people.
The impact of the economy currently on the lives of Ghanaians is very harsh. The government is doing all it can to make life bearable but it needs to do a lot more. That is why interventions such as the ones given by Dr Bawumia are important because when the economy improves, it will be well for all of us.
It is not mandatory to accept all that the eminent economist has said, but at least, the salient points must be looked at and considered on their merit.
It is hoped that other experts in other sectors of the economy will also come out like Dr Bawumia has done to give their take on the way forward.
In fact, we will need experts on energy to unravel the difficulties we are facing in that field.
This country is not faring well particularly because of difficulties the country is having with its energy demands.
This country can move quickly on its developmental path if the industrial and manufacturing sectors of the economy are given the required blood to make them function effectively.
Currently, with the situation where power is being rationed, many businesses, especially small-scale enterprises are being forced to fold up and this is affecting many households because parents are unable to make ends meet.
At present, the country’s debts keep rising to the point where it is feared that we may have to seek for an IMF bailout to save the economy because we cannot meet our debt repayment schedules.
We must begin to cut our coat according to the size of our cloth. And it is prudent that the advice given by Dr Bawumia that we desist from making new promises for new programmes and rather concentrate our energies in restoring fiscal discipline be taken in good faith.
One critical issue the country needs to tackle, is the fall of the cedi. The economists know how to do this and we must listen to them when they talk.
The cedi must be looked at critically against other currencies. As Dr Bawumia pointed out, the dollar in 1965 was 1.59 to one pound. In 2013, however, the dollar was 1.614 to the pound. So over a 48-year period, the dollar has only depreciated by 1.5 per cent. Meanwhile, over the same period, the cedi has depreciated by as much as 2 million per cent against the dollar.
What should engage our attention now is to find out how some of the economies have been able to maintain stability of their currency. This is what should engage our attention rather than cheap political talks that leave us rooted to the spot.
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