MF BAILOUT, A USELESS AND CRIMINAL PROPOSITION. (LET US CHANGE THE ECONOMIC STRUCTURES). By Ofori Ampofo. ampofoofori@yahoo The Economic problems of Ghana is not seen by the leadership of the Country as chaotic. Ghana is in serious economic crisis, and until we as a people acknowledge that fact, we will try all sorts of economic medications, but will never heal. We have tried the (IMF) structural adjustment program, it did not work. We have tried the (IMF) Economic recovery program, it did not work. We were in the (HIPC) program and it never helped. Some lives have even been eliminated by firing squad in a revolution, thinking they were the problem of the crises then in the Country, but the economy is even worse now, than that period. Let officials stop using the word ‘challenged’ in describing the state of the economy. The economy has been challenged since the late 1966, it has never got better and we must accept we now in a serious economic crises. We can’t go on just borrowing without trying to reform our stinky and dysfunctional system.There are some fundamental hurdles that have to be removed from our financial management as a Country, and until that is done, no amount of grants, aid, or loans can save us from our seemingly perpetual economic dependency. We must move away from the Guggisberg days economics. The recent TUC and organized labour one day industrial strike, is an indication of how economically overstretched people can unceremoniously react. The TUC action should be a warning to any Government not to take the people of Ghana for granted. We are fed up with military revolutions. Therefore it is only by the fastness of the mass of the people against all forms of evil deeds in Governance, that will straighten up Governments to govern well. We do not have to wait for the United States to challenge us to govern ourselves well for cash. We are not dummies. We must all therefore congratulate the TUC for mobilizing the workforce for that showdown. Some of us would have wished they stayed out for weeks for Government to actually feel the heat by paralyzing all services. In any case, the economic problems are going to hang on us for a long time until as earlier said, the fundamental issues inhibiting our economic progress are removed. In the Mahama government attempt to doing something, he constituted an economic summit which has been dubbed ‘the senche accord’ which Ghanaians thought was going to be a blueprint to guide us to reshape the economy in the short and long term initiatives. I thought the President reiterated his confidence in the outcome of the economic summit. Why has he now opted for an IMF bailout? If the IMF prescriptions in the past could not solve our economic problems, why does the President in his wisdom think a bailout with them can help us this time? Can’t we do anything on our own? So when can we manage our own affairs, as Osagyefo Kwame Nkrumah proclaimed on our independence day in 1957? I wish to humbly suggest that our problems simply require Practical solutions from our own backyard, and not IMF bailout. Here are my recommendations to halt the downward trend of the National economy. The recommendations may be bitter for the elites, who may have to sacrifice immensely for the revitalization of the ailing economy. Indeed, every Ghanaian will be called upon to sacrifice. 1) The Government must accept responsibility for the precarious state of the Economy. Be forced to resign, and hand over to a 15 member interim administration. One member from all ten regions, selected from Parliament. If my prescription is accepted by the people of Ghana, I would recommend the additional five members. Their mandate shall be for just TWO YEARS, to straighten up the mess, then organize multi party elections and hand over power in January. 2017. We can civilly do this without military coup as others agitate. 2) The Constitution will be suspended for the period, and necessary reviews done to reflect on the aspirations of the ordinary Ghanaian. There will be no payment of Ex-Gratia following the suspension of the Constitution. All statutory payments shall be fulfilled. 3) The Country will stop borrowing from all foreign sources. 4) All salaries shall be frozen. Salaries from the President to the laborer, will be restructured under one National salary commission, with cognizance of our National incomes. 5) We must renegotiate all existing agreements entered into, with multi nationals working on our mineral deposits. Ghana deserves better returns from our endowments. 6) We must by any means necessary retrieve all monies known to have been misappropriated or stolen by any person, without fear or favor. Not excluding confiscation of assets and imprisonments. We will be tough on Economic criminals. To serve as a deterrent to others. 7) All Politicians and Government officials from 1992 would be required to register their acquired properties with a special assets evaluation commission for assessment. 8) We will create a six months buffer stock on imported food items that can be locally grown, and create the atmosphere for a whole year locally grown buffer that will wean the Country from further food importations, and sustain such productions for our food sufficiency. 9) The law that established the consolidated fund controlled by the executive will be abolished. The disbursement of every Cedi of the taxpayer’s money must first be approved by Ministry of finance. The fund, has been irresponsibly applied, and which accounts for most part of our economic problems. 10) All revenues and expenditures of State from all sectors of the economy will be published monthly in a special daily graphic and Ghanaian times center pages for scrutiny. A special session will be set for the Minister of Finance to answer questions at a meet the public forum. 11) It will never again be the business of State to look for accommodation nor means of transport for Parliamentarians, Ministers and Government officials. That will eliminate the burden for state to give out every four years about 150 thousand US dollars for each person for the purpose. All those who would apply for State bungalows, would be required to pay market rent. Monies accrued, will be used to establish regional Mortgage finance banks for credit worthy civil servants to secure low interest rate loans for mortgages. 12) We must do all we can to get all stolen monies deposited in foreign banks repatriated and such funds will be confiscated to the State if depositors can not explain their source. 13) All State institutions that are of no relevance to the development of the Country, and just a drain on the economy, for example Council of state will all be abolished. We must save wherever we can and develop with whatever we can save. 14} The Civil and Public services shall be reformed with just enough Ministries to efficiently perform the tasks of Nation building. 15) All State vehicles shall be in a transport pool at all regional administrations headed by transport managers.State vehicles will only move with requisition and approved by the transport managers. All vehicles shall park at the pool at the end of the day, and mileage covered entered in a daily logbook which will indicate starting and end mileages. 16) The allocation of free petrol and other fuels to Government officials, and all other categories of staffs and the printing of fuel coupons will cease. The colonial protocol in our system has been abused with impunity. 17) All major infrastructural projects that have not commenced shall be suspended until all ongoing projects are completed. 18) All processes shall evolve to establish a lasting framework for decentralizing authority and all services to make them accessible to the people without having to travel to Accra. 19) No Country can survive without taxation. However over taxation most often becomes counter productive. We will therefore review the tax regimes to make prices of goods and service reasonable for the people of Ghana. Especially tariffs on water, electricity and import duties. 20) Every effort shall be made to fight bribery and corruption. In pursuance of this objective, we will ban Political Party activism in the tertiary institutions. Elections to the student leadership councils have since 1992, been fiercely contested with scandals of bribing students to vote on Political Party lines. Since the same students come out into the real life with tainted corruptible minds into our civil and public services, the eradication of the menace should start from the tertiary institutions. Beyond that, stringent measures like imprisonments and confiscation of assets will be enforced to the letter in attempts to fight corruption, among other measures like installation of CCIT cameras in unidentified areas. Corruption is the biggest bane of this Country with our wealth in the hands of greedy and self centered individuals. We have threaded onto a dangerous situation where one has to pay huge bribes to get a job in every state entity. Even to enroll as a nurse, or enter into a teacher training college.That is how far we have come as a Country that pride itself as the GATEWAY OF AFRICA. 21) The TWO YEARS administration shall witness massive reforms in all sectors of the economy and before a transition is done, into the hands of elected President, we would have established political and economic conditions that generation shall be proud to inherit. Again, a ten year National development plan base on real human survival needs, would have been drawn to sustain the development tempo and a balanced budget.
Posted on: Sun, 10 Aug 2014 07:45:21 +0000
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