It is quite imperative to note that after 67 years of independence from the shackles of colonial rule, the state of Ghana's economy has been tattered beyond repair.
Seven at the International Monetary Fund for financial stability and the World Bank for budget support. One may question the country's membership to the IMF and the WB so entitled to the loans, grants, and aid from the Bretton Woods Institution.
The issue about that is the indiscriminate application from the Fund and the Bank since the attainment of independence and statehood. Most of the time our request for funds comes when all financial and fiscal indications show that we do not qualify for the fund. The Fund in turn imposes certain stringent measures to be complied with about fiscal policies, and taxation for us to meet the requirement and qualify for the funds. We are very much aware of the issues of GETFUND, ESLA, and E-LEVY as collateral to meet the financial obligation, not forgetting the controversial Debt Exchange Programme; Domestic and foreign Debt Exchange initiated by the immediate past Finance Minister, Senior Presidential Advisor, and Special Envoy for International Finance, Ken Ofori Atta.
The current Finance Minister Designate, Hon Mohammed Amin Adams is touring the country with his Directors to meet prominent chiefs to showcase himself as the new minister-designate with the motive of completing ongoing projects. He has been to the Paramount Chief of the Northern Region and that of Ashanti, Otomfour Osei Tutu.
At the time when the exchange rate has risen like never before $ 100 is about Ghc 1350. The inflation is about 23.5, Fuel price is likely to go up by 30% in March 7th. Domestic Exchange program had eroded the long-term earnings of individual bondholders and the government asking them to exchange their holdings for long-term future dividends, Challenges in long-term Foreign Debt Exchange.
Our unsustainable levels and financial instability, coupled with corruption, embezzlement of funds, and mismanagement necessitated the need for a 3 billion IMF Bailout to be released in tranches.
Unemployment levels have increased astronomically without corresponding employment opportunities. It is an undeniable fact that the Employment Association has come out to say that there are no job opportunities for the youth who happen to be leaders of today. There is a freeze in employment in some public services.
Frankly speaking, that is the state of Ghana's economy On 6th March 2024.
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