KB Asante: Voice From Afar column

The educated were suspicious of the handful of Greeks in the country in the old days when Latin was forced down the throat of secondary school students. They had read Aeneid which gave Virgil's account of the war between the Greeks of the mainland and the Trojans.

"Timeo Danaos et dona ferentes" was a popular quotation. Fear the Greeks even those bearing gifts."   The Greek army offered their enemy the Trojan people a wooden horse as a gift. The Trojans thought this was a peace offering.

Unknown to the Trojans, there were trained Greek soldiers hidden inside the horse, and they were able to enter the fortified city.

Today, the Greeks are not using devious methods to win an economic war. They are asking for a sensible way out of a bad situation. True, previous governments brought the problem on the people  through bad economic policies.

Money was given for good social services, but not enough was earned through production and taxation. Money was borrowed and spent without due diligence and now the ways and means of careless living have been exhausted.  The people are suffering  the consequences.

Creditors ask for their pound of flesh of accrued interest without regard to the consequences.  The government stood boldly for a common sense approach and was supported by the people. But it caved in to creditors who were determined  to maintain the prevalent ideology of austerity.

But is there an alternative economic ideology today? Yes, there is, but in the absence of another philosophy being clearly promoted, the free enterprise or capitalist system is the ideology being pushed. The capitalist system has produced some good results but its weaknesses must be addressed.

The government elected by the people to administer the country should be responsible for economic and social progress. It cannot blame the poverty and distress of the many on so-called natural forces which enrich the few.

The European Union, to which Greece belongs, insisted on measures which would impose great hardship on the Greek people. The people must obviously work harder, pay their taxes faithfully, and expose corruption among others if the country is to stand firmly on its feet.

Privatisation, for example, is not the answer to the present problem. Private enterprise which is doing well should naturally be encouraged. But to privatise state owned enterprises or institutions will not necessarily improve that organised and rapid production necessary for economic growth.

If state enterprises are infested with nepotism and corruption, the incompetent should be removed, and those who put them there dealt with.

 In Ghana, we privatised many of the enterprises established by Kwame Nkrumah. That did not get us far. We should avoid bad economic practices which would make going outside for a bailout necessary. The bailout might impose on us practices which are inimical to progress. We ourselves should decide whether the state or private enterprise should undertake a particular national project.

 The Greek situation exposes many problems inherent in the present economic system. If the country is doing well it can do as it pleases with its social issues such as education, employment and pensions. If not and it goes for assistance, then action might be enforced on her which may be inimical to progress.

Meanwhile, the custodians of the system do what they consider to be in their interest. Major banks go bankrupt but are rescued, contrary to the capitalist philosophy. It is argued that national interest must be maintained.

Now the Greek Government consulted the people about measures it could agree upon with the European Union for assistance. Eventually, it had to ignore the will of the people and agree to the harsh measures imposed by the European Union even though the IMF stated that the measures would not achieve their purpose.

Strangely, international pundits did not comment on the imposition of terms by the EU which were against the will of the Greek people clearly expressed through the recent referendum.  Learned commentators did not dwell much on this denial of democracy or on the writing off of German debts after the second world war.

 It is a reminder that the democracy on which we dwell so much was based on the slave society of the ancient Greeks. It appears to thrive well where the few are rich, powerful and influential, and the many conform to practices while they rejoice in the questionable belief that they can say what they like and do as they please.

 We do not know how the Greek Government can get the people to conform with the agreement reached in Brussels. But many Portuguese and Spaniards have come on the streets to agree with the position of the Greek majority.

The present economic management system is being questioned. Past practice such as the write-off of German debts after the second world war are being recalled.  Bold measures such as those taken by President Roosevelt of the United States to establish the Tennessee Valley Authority are appropriate ways of handling social and economic problems.

The Greeks have helped to open the hornets nest further. What we see must make us think. We should not run after ideas or practices which are current in Europe and America but rather concentrate on what is necessary in our present circumstances.

A common currency for example is not a priority which should deflect ECOWAS from its central task of production and free trade. We must foreswear our foolish ways such as nepotism and corruption and rely on ourselves.  Self-reliance coupled with observation, self-confidence and hard work should be the rock on which we base the future.