Features
Improvement in Ghana’s import cover praiseworthy
There had been times when Ghana’s import cover was only meant for two weeks making it dangerous for the country to economically survive beyond two weeks since there would be no reserves for the country to bring in imported items that it needed so much to satisfy the needs of its people.
Economic performance is, therefore, not easy because as far as some countries have import cover for about six months or one year, others may have import covers that would last for days. Many developing countries have had problems with import cover since they are not able to generate enough international reserves to cover imports of essential goods over a long period.
DEPENDABLE IMPORT COVER
It is not easy for every country to get a dependable import cover to give an assurance that the economy of that country is stable, formidable and performing well compared with others. Stability can only be possible when, during difficulties, efforts are made by the planners of the economy to work hard towards generating more incomes through exports while at the same time importing less from other countries.
The COVID-19 pandemic has not been kind to all countries, especially the developing ones, and the economies of all these countries have been thrown out of gear, making them import more compared with the volume of exports. This is an unfavourable situation that should be avoided, if possible, but in practical terms, it is not easy to do so especially when countries are faced with unavoidable practical challenges as has been imposed by the pandemic.
It is important to note that there are so many ways a country’s economy can be assessed whether it is enjoying a trend that is depicting an upward growth or otherwise. If a country is enjoying increasing economic growth, it will show in the way it is able to establish its imports cover to the world.
TREND OF GROWTH
If a country enjoys a trend of upward growth, it means that the different sectors of the economy together contribute massively, in average terms, to general economic growth and welfare. On the other hand, if the trend of growth shows a decline, it means that there is a deterioration of growth in the economy and this will adversely affect the economic well-being of the people.
We may also look at how an economy is in terms of its import cover which indicates to us whether a country has enough reserves to allow it to stay for a long time if it is unable to produce certain goods and services for itself. This is what makes import cover important.
Whenever we speak of an import cover, we are simply referring to the number of months that could be covered for by a country’s international reserves. A country’s international reserves refer to the amount of money available to that country to import goods and services which it is not able to produce for itself.
INTER-DEPENDENCE
Different countries in the world inter depend on one another in the sense that what one country can produce for itself cannot be produced in the same way by another country. For this reason, each country makes available to other countries what it can produce and, therefore, export these commodities or items to those countries that may need such goods but cannot produce by themselves.
It is important that as countries transact business with one another, they can accumulate enough income reserves over a period so that in times of need they will be able to withstand a period of the necessity of imports of essential goods.
As a country transacts business in form of trade with other countries, it derives earnings from different sources that is why the incomes earned and kept for a period are referred to as international reserves.
INTERNATIONAL RESERVES AND IMPORT COVER
These international reserves determine the import cover that the country concerned can enjoy. A country that has sizeable international reserves to cover many months such as 18 or 20 months is said to be more stable and better than another country that has an import cover for only two or three months.
The COVID-19 pandemic has impacted negatively on various economies in the world such that the import cover of various countries has been reduced. This is easy to understand, seeing that many economies have been thrown out of gear.
A country that has an import cover of only three weeks stands the danger of falling into economic turmoil when there is a disaster that will last for more than three weeks. For this reason, every country needs to work hard and accumulate more international reserves so that the economy will be seen as reliable, dependable and stable.
IMPORTANCE OF IMPORT COVER
An import cover is an important indicator of the stability of a country. If this is so, then we need to work hard in spite of the challenges we face to bring in more earnings from all directions, in terms of, reserves to cover longer periods so that the economy can be seen as reliable, dependable and stable even in the face of the COVID-19 pandemic
The good news for all Ghanaians is that Ghana’s gross international reserves position grew strongly to US$11.02 billion in the first half of this year. This is equivalent to five months of import cover. The reserves were, however, a little below the US$11.30 billion recorded in May 2021, but stronger than the US$10.9 billion registered in April 2021.
COUNTRY’S RESERVE POSITION
In January, February and March this year, the country’s reserve position was US$8.83 billion, US$8.7 billion, and US$8.3 billion respectively. Despite the economic challenges posed by the COVID-19 pandemic, the economy has been able to withstand pressures and come out with an import cover for at least five months. We would not conclude that we have done better and, therefore, need to rely on our oars.
However, this is good performance in these days when the pandemic is causing havoc to all economies including those of the USA, Germany, Switzerland, Canada etc. The managers of the economy under the leadership of President Akufo-Addo must continue to work hard so that we will see further improvement in our economic situation.
COVID-19 PANDEMIC
In conclusion, people in Ghana ought to note that during the pandemic, which is causing havoc to nations across the world, we need to appreciate the effort being made by government to overcome all the economic challenges facing the nation but not to behave as if nothing is being done by the leadership of the country. This approach is negative and irresponsible and should not be entertained by anyone who means well for the country, especially when we know that the wolf criers in this country cannot perform as creditably as we see today.
By Dr Kofi Amponsah-Bediako
pradmat2013@gmail.com (0553318911)
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Features
The Prophet part 2
“I can see in the spirit, that some of you have been trading for years without seeing any meaningful profits, some young women have been disappointed by men who have either abandoned them and left for foreign lands and forgotten about them, or stopped sending money for the upkeep of their wives and children.
I can see young men who are desperate for visas to travel abroad but have either been duped by visa contractors or refused at the embassies. From tomorrow, I assure you, the visas will be given.
Young women, I have news for you. You will receive telephone calls, and you will hear very good news. Handsome young men with money in their pockets will come and marry you, and take care of you. Traders, you will get big business and big profits from today. From today, you will see that I am a true prophet who has come to deliver you.”
Shouts of “Amen,” “thank you Prophet” and “I receive it” greeted his sermon. After a final prayer, he asked the congregation to come early the following day, and bring others, because there would be many testimonies.
There would also be “special anointing” for great miracles. Although he did not ask for an offering, most of the people came and dropped notes, and coins at the “pulpit.” When they left, Antobam counted the money.
“GH¢900!” he almost shouted, ‘and I did not even ask for an offering. This is fantabulous!’ Going to the Nana Kofi Broni shrine, he told himself, was a very wise move.
He started making plans……He had to choose a few assistants who would carry out his orders……. He had to hire some chairs as soon as possible……He had to find a suitable piece of land and, if possible, build his own church……. He had to start looking for a nice car, befitting the status of a popular preacher …… And, most importantly, he had to select two, three or four nice, young women to take care of his needs, apart from the servants who would cook, wash, iron and do other errands for him.
Abruptly, he told himself, this hungry, scruffy Kukurantumi boy was being transformed into a man of power and money, with some of the most beautiful women in town at his beck and call. Wow!
After a shower and supper, he shut the door to the very small room that served as his bedroom and dropped on the bed. Almost immediately, the shrill sounds, like whispers, began.
This time he did not express any fears. He realised to his great surprise that even though the sounds were not in the form of any language, he could understand them.
Tomorrow there will be testimonies……they will give money……. some rich people are being prepared …….they will bring big money ………. we will give them what they want, and they will bring money ……. big money …….big, big money……the women will also come, a number of them. ‘
He went to sleep smiling and whispering to himself, ‘big, big money, and women!’
He woke up at 5 and took a shower. After a breakfast of tea and several slices of bread he set off. On reaching the venue he saw to his great surprise that the place was full.
Very full, and quite a number of people rushed to embrace him and give him the wonderful news. The excited people narrated the testimonies about big sales, telephone calls from relatives directing them to go to Western Union, and impotent husbands who had miraculously rediscovered their magic powers.
He was truly glad that Nana Kofi Broni’s magic had already started working, but most of his attention was focused on the ladies in the congregation. He noticed to his great delight that some of them were really nice. I must start making my selection, he told himself. Today!
“Give a mighty clap offering to the great, mighty one for his wonders among us!” he started, and the response was very big.
“I said yesterday that you were going to see signs and wonders, and I am very happy that my word has been fulfilled. Even though we have taken allowed one hour for testimonies, many more of you would like to testify.
Tomorrow, I promise you that there will be ample time. I will only preach a short sermon. The rest of the time will be taken up by consultations, after which I will give directions on what to do to ensure that you defeat your enemies, secure your marriage and, most importantly, continue increasing your profits in your business.” His sermon was interspersed with ecstatic shouts of “Amen,” “it is true,” “God bless you” and “I receive it.”
His final word was emphatic; “Big miracles are coming your way. Keep attending church, and don’t forget to give thanks to God.”
By Ekow de Heer
Features
Full Gospel Businessmen Fellowship launches project to transform young lives
The Full Gospel Businessmen’s Fellowship International (FGBMFI) Ghana has launched the Senior High Schools and Colleges Project (SCP) aimed at empowering and transforming the lives of young people.
Speaking at the launch, Professor Mike Ocquaye, the former Speaker of Parliament, emphasised the need to catch them young and train them as the current times were challenging.
He lauded the project, calling on all to support it, saying “In fact, it’s very important to catch them young, train them, lead them, guide them, and mentor them because the times are indeed rough,” Prof. Ocquaye said.
Mr Ekow Egyir Dadson, the Director, Schools and Colleges Directorate, stated that since its inception in 2018, the SCP had reached over 70 educational institutions with countless testimonies of transformation.
“We began with the Presbyterian Boys Secondary School (PRESEC) Legon, and now in 2024, we have visited 74 schools and impacted the lives of over 100,000 students, some of whom were personally mentored and now have graduated from the universities.”
He explained that the SCP, a vision by FGBMFI Ghana, was a bold outreach programme designed to call young people to Christ, train and equip them for the future.
He cited testimony-sharing, mentorship, career guidance, entrepreneurship and counseling as some of the unique approaches to be used in reaching out to the targeted students.
Mr Emmanuel Baba Mahama, the National President of the FGBMFI Ghana, launched the SCP Manual, which would help the FGBMFI Zonal Family Chapters across Ghana in order to adopt schools and colleges within their catchment areas.
The Schools and Colleges project is making a great impact; we have had first-hand testimonies from school heads, teachers, and students (mentees) about the SCP. This project has come to stay, Mr Baba Mahama assured.
He, therefore, called for more volunteers and partners to help the SCP shape the next generation of leaders and citizens.
Findings by the FGBMFI revealed that Ghana’s senior high schools, colleges, and university students face growing challenges like addictions, indiscipline, poor academic performance, pornography, homosexuality, broken homes, and a lack of godly guidance.
That had been a concern to many parents and society, “but the FGBMFI believes there is hope to rescue and restore these young students,” Mr Mahama said. –GNA
