"Yesterday, striking student nurses went on a route march on the streets of
On Republic Day,
In the course of wining and dancing, the President had a few thoughts on his mind, and he minced no words about them. The Head of State of the Republic told his audience that he would not only continue to listen to the good people of this country, he would also work with the people to fashion out a better country.
PROMISE "I made a promise to work in partnership with you, the citizens of this country. I have not forgotten that one of the greatest virtues of leadership is the ability to listen," the Head of State said.
Since then, no one has explained to the people of this country why the President had to talk about his oath at this point in time in the life of this country. From my point of view, the Presidential assertion was a direct rebuttal of some mischief someone planted on the social media circus that President Mahama had announced his resignation, overwhelmed by the magnitude of the task at Government House.
In the words of the Head of State, the luncheon was in recognition of the senior citizens who were the heroes of the history of the Republic, "the ones whose labour and values, whose dreams and demands shaped the destiny of the people, and for this alone, we owe them a debt of gratitude."
He told his audience that as leader of this society, he would continue to work hard to find ways and means of overcoming the challenges of state. "I want all of our children to feel entitled to the habit of asking for more, and confident in the knowledge that it can be attained," President Mahama said.
At the time he made the pronouncement, he knew that his government had failed to honour statutory commitments, in the form of social interventionist policies that had been carefully nurtured to promote the welfare of all Ghanaians, particularly children, the future leaders of society. The Government owes the 175 Metropolitan, Municipal and District Assemblies nearly one year subscription of the
How this administration, headed by President Mahama, expects to bring relief to the hard-up Ghanaian is one of the riddles of running a government on promises that would not be fulfilled. The administration, he is heading, is being weighed down by the quantum of public debt, as a result of reckless borrowing and misuse of the money.
The stock of public debt, according to the Bank of
It is the sign of the time that, instead of arguing out the merits and otherwise of the drifting economy and its falling cedi, as outlined by eminent economist Dr. Mammudu Bawumia in his lecture on the campus of the
Since then, a number of institutions, including the
"In 2013, debt service repayments were at GH¢2.4 billion, approximately 40 percent higher than budgeted. Domestic interest payments were approximately 47.2 percent higher than budgeted targets. Domestic interest payment grew 140 percent in 2013, reflecting higher levels of borrowing in 2012, and the accumulation of a larger debt stock. Given the extent of overturns in debt service payments, confidence is rapidly receding."
The international banking institution also rubbished the foreign exchange regulation mechanism announced by the Bank of
The currency could reach the GH¢3.50 very soon, falling further to four to the dollar, according to Mr. Benjamin Dzoboku, Head of Treasury at the bank. Already, the decline in the value of the cedi is causing serious dislocation in the economy, as importers struggle with paying much higher for goods already ordered. The price of every available commodity in this country is rising. The price of sachet water went up by over 25 percent yesterday.
On the streets and joints throughout the country, sachet, which sold at 15 pesewas, was adjusted to 20 pesewas. There is no respite for the Ghanaian from escalating prices - from rent to school fees. According to the HFC, the slide in the currency is spurring the price of every commodity to rise at the Centre of the Earth, making budgeting ahead of purchases, a monumental struggle.
PRESSURE "Demand for dollars for importation," states Mr. Dzoboku, "is still high, and that is the main pressure on the cedi. The government's own demand for dollars for projects and to settle debts is also high." It is for this reason that most Ghanaians are livid with the government of President
Yesterday, striking student nurses went on a route march on the streets of
I shall return!
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