The famous King Midas, the ancient Greek ruler, was known in Greek mythology for his ability to turn everything he touched into gold.
Idiomatically, therefore, ‘Midas touch’ is the ability to effect successful outcomes within a shortest possible time.
Given that the opposition NDC is gratuitously resisting the passage of the E-levy and claiming that it is not the way forward in stabilising Ghana’s Covid-asphyxiated economy, it would be appropriate if the leadership can put forward alternative solutions.
To be quite honest, I could not believe my ears when I heard that some economists within, and outside the NDC are suggesting somewhat impetuously to the government to seek ‘policy credibility’ from the International Monetary Fund(IMF).
I, as a matter of principle, can wholly understand the ordinary Ghanaian for coming out with such a vague suggestion. .
Nevertheless, it is intellectually incoherent for any trained economist to gleefully back the seeming political gimmicks being thrown about by the political propagandists.
In fact, I cannot get my heard around how and why some economist can claim somewhat spuriously that the policies such as the ‘IMF Policy Credibility’ under the erstwhile NDC administration contributed to Ghana’s favourable economic growth.
Whilst I am a plebe when it comes to economics, common sense will tell me that it is only a failed government that will go to the IMF for policy credibility.
The fact is, if the erstwhile Mahama administration built a solid economic foundation from 2009 to 2015, why did the government run to the IMF for policy credibility sometime in 2015?
Where was the sound economic foundation after visiting the IMF when 14% economic growth in 2011 dropped to 3.4% by December 2016?
How can anyone claim that the IMF is the way forward when single digit inflation was dragged to 15.4% by December 2016?
What did the IMF ‘policy credibility’ do when the agricultural sector grew in negative consistently?
Where was the IMF booster when the industry sector grew appallingly over the years?
How can any economist point us to the IMF when the GDP shrunk from $47 billion in 2011 to $40 billion by December 2016?
Where was the sound economic management when the erstwhile Mahama administration spent profligately and invariably raising Ghana’s debt from $9.5 billion in 2009 to a staggering $122.4 billion by December 2016 with a little to show for?
Where was the solid economic foundation when former President Mahama unabashedly claimed that his administration had edaciously consumed all the meat on the bone?
The fact of the matter is that the late Mills left a sound economic growth of 14% and Mahama wilfully reversed it to 3.4%; the late Mills left the agricultural growth of 7.4% and Mahama dragged it to 2.5%; the late Mills single digit inflation was reversed to 15.4%; GDP of GH47 billion shrunk to GH40 billion by Mahama.
I could hardly comprehend how and why any subtle mind would argue somewhat forcefully that facts and figures are not the determinants of a blossoming economy. How ironic?
How can any trained mind claim inanely that Ghana’s economy under former President Mahama (3.4% growth and 15.4% inflation) was better than President Akufo-Addo record before the insidious coronavirus (8.6% growth and 7.5% inflation)?
We have to admire the never ending histrionics of the well-to-do politicians, many of whom own luxurious mansions and ‘disparate’ luxurious vehicles (Toyota Land Cruisers, Lexus, Range Rovers etc.), who more often than not, join the lumpen proletariats (the downtrodden), and staged a ‘weeping’ sessions, strangely, in protest of perceived high socio-economic living standards.
It is quite ironic that the NDC operatives can muster the courage and persistently accuse President Akufo-Addo of not fixing the NDC administration’s 96 months massive economic mess in barely 60 months into 96 months mandate.
In fact, any honest critic can attest to the fact that but for the pernicious coronavirus, Akufo-Addo would have fixed the huge mess left by the Mahama administration.
If, indeed, the NDC’s only solution to the Covid-asphyxiated economy is to go back to the IMF, then Ghana is in for a big trouble.
K. Badu, UK.
