The inflation figures published around are quoted to be more than 30% in Ghana. Many experts have been heard presenting excellent exposition on the economy of Ghana and the marred state mostly in comparison with neighbouring African Countries. The debt accumulation of the Country and the continuous dependence on the importation of virtually everything used in the country have been implicated in the soaring inflation figures.
While those in charge of the governance of Ghana seem to run for cover under the reasons of suffering from the rippling effects of COVID-19 expenditures in addition to the impact of the Russian and Ukraine war, the experts shudder to agree since Ghana was not the only country that bore the brunt of COVID-19 and its associated lock-down. Many have also added that Ghana seems to be crying more than the bereaved, especially in instances where Ukraine’s economy appears to be doing better than Ghana when Ukraine is directly receiving the plague of war from Russian.
One thing that has not been heard in all the inflation conversations is the comparison of investments made by each of the countries being compared to Ghana. What measures did the various countries take to fight COVID-19 and what are the effects of those on the economy of the countries if they are factors to be considered significantly?
Is it of importance to add the investments made by Ghana in the COVID-19 battle when discussing the inflation figures and comparing such across the respective countries and how they are all doing currently to help in the discussions? There could be some truth or otherwise in the reasons those at the helm of affairs keep advancing. We may be suffering from the rippling effect.
Ghana invested in
1. Increasing COVID-19 testing in medical laboratories and supplying reagents with other consumables to even district health facilities
2. Paying workers’ salaries even while not working to generate income. The education sector was almost halted for quite a long time.
3. Testing and treating the sick for free
4. Obtaining vaccines to cover most of the citizens. Unfortunately, the citizens refused to vaccinate and the vaccines mostly expired despite the education and advocacies.
5. Insurance for health workers
6. Incentives for health workers
7. Providing free water and electricity supply to the citizenry.
When Ghana had extended COVID-19 testing capacity to almost every region, compared to a country with almost 200 million people, not more than three of such facilities or so could offer that service.
Unless these were done with free monies that do not count to the debt of Ghana, will it not be good to have data on these compared to the other countries during such useful discussions on inflation and debt to GDP ratios?
At times it appears too much was demanded and in trying to meet such demands, a cake was eaten. Can we eat our cake and still have it?
The economy is not doing well at all and we all need a wholistic discussion on it. Those at the helm of affairs definitely have to take the ultimate responsibility but the discussions appear one-sided.