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Economic recovery on course

Ken Ofori Attah

Ken Ofori Attah

There is no doubt that, in spite of the current economic challenges, the government is working hard round the clock to en­sure an effective economic recovery in order to make things better for Ghanaians in the country.

It is an indication of the determi­nation of the government to sur­mount the obstacle that is affecting the country today. What makes us hopeful is that, in spite of the eco­nomic difficulties facing the country, developmental projects in all parts of the country are still ongoing.

Technical, Vocational, Engineer­ing and Technology education (TVET) is going alongside the free SHS being implemented with maximum alacri­ty. Other projects, such as the new regional and district hospitals as well as the promotion of electricity and water in various parts of the country, among others, are ongoing. Again, electricity supply has been relative­ly constant compared to what was experienced previously under what became known as “Dumsor”.

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In other parts of Africa, for in­stance, power outages have become a common phenomenon. The cases of South Africa, Nigeria and a few other African countries testify to this fact.

COUNT OUR BLESSINGS

It is for this reason that people in Ghana must be happy and hopeful for happy days ahead. We need to count our blessings one by one.

It is true that economic condi­tions are very tough, but from all indications, every effort is being made to bring the situation under control. The Debt Restructuring Pro­gramme by the government is meant to bring the situation under control in order to push forward positive growth and this is the reason why the government is still negotiating with its creditors to bring the debt level under control.

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The Domestic Debt Exchange has been completed successfully. In the same way, efforts are also being made to enter negotiations with our foreign counterparts to bring the situation under control as far as the foreign debt level is concerned.

The debt level has gone up not because of any reckless spending. Rather, they went into the build­ing of schools, both technical and grammar education, the provision of water and electricity for the people, the construction of roads and many others.

This is a country that has proven to be responsible as far as develop­mental projects are concerned. It is believed that very soon, positive economic results will be encoun­tered.

NEGOTIATIONS ON DEBT RE­STRUCTURING

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Finance Minister Ken Ofori Atta went to China to have negotiations on debt restructuring with officials of that country. Sources say the Min­ister went via Addis Ababa, where he attended the UNECA High-Level Min­isters meeting on Global Financial Architecture. After that meeting, Mr Ofori-Atta headed to China on March 22, 2023.

The Minister who led the govern­ment delegation had bilateral talks with China as well as seek financial assurances for Ghana’s programme with the International Monetary Fund. This is an indication of the great effort being made by govern­ment to normalise the economic situation of the country and make it better.

The trip was postponed to the end of March because it coincided with the National People’s Congress of China meeting in early March 2023. The Minister of Finance has al­ready held meetings with officials of Exim Bank China in Ghana, all in the line with re-profiling the country’s debt to China.

GENERATION OF FUNDS

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The government is also working hard to derive enough money from Treasury Bills in order to keep things going. We therefore need to be hopeful because all these efforts are yielding the desired results in line with the economic recovery.

The Government of Ghana se­cured GH¢3.88 billion from the sale of treasury bills in its latest auction held on March 10, 2023. This was an oversubscription of the GH¢1.10 billion it was targeting.

However, interest rates have dropped significantly to 18 per cent. According to the auction results from the Central Bank, the gov­ernment secured GH¢2.90 billion from the 91-day bill and GH¢972.49 million from the 182-day bill. The subscriptions surpassed the gov­ernment’s set target of GH¢2.775 million but it sold more than the GH¢3.31 billion secured by the government in last week’s auction. Interest rates, however, reduced to 18.52 per cent for the 91-day bill, 22.8 per cent and 21.27 per cent for the 182-day bill.

CONFIDENCE IN ECONOMY

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The oversubscription is an indica­tion of great confidence in the Gha­naian economy. If there had been no confidence, there would have been undersubscription. This goes to show, among others, that things are on course for rapid recovery.

The fall in rates has been at­tributed to the successful debt restructuring program. According to the government, the Domestic Debt Exchange programme has account­ed for the reduction in the rate of Treasury Bills from 35 per cent to 24 per cent.

There is therefore no doubt that things are gradually stabilising and getting better. If this is the case, then let us have confidence that, as long as we are on the right path, Ghanaians will soon smile.

What we are all seeking is for in­flation to fall to a level that is lower than what it is now. If this happens, and it will surely do so, the econom­ic recovery programme will move at a faster rate than it is now.

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INFLATION

Inflation could fall sharply to be­low 40 per cent by the end of April 2023. According to a Senior Credit Research Analyst at REDD Intelli­gence, Mark Bohlund, his base ef­fects analysis indicate that “inflation will fall by more than 10 percentage points by April 2023.”

The fall in inflation will not hap­pen by mere chance. Rather, it will come about as a result of pragmatic steps taken by the government to achieve that purpose.

“The inflation rate has declined for two straight months and may fall more sharply to below 40 per cent by the end of April due to base effects,” said Mark Bohlund, a senior credit research analyst at REDD In­telligence. Bloomberg said the Gha­na cedi, which whipsawed in 2022 over concern about its ballooning debt load and then optimism about a provisional International Monetary Fund bailout, has been relatively steady this year, helping to keep inflation in check.

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ECONOMY TO BOUNCE BACK

In conclusion, therefore, the eco­nomic situation being experienced in Ghana is tough, admittedly, but the government has taken the right steps to ensure that positive results are achieved as early as possible. We must all therefore be hopeful that, as President Akufo Addo has said, the economy will surely bounce back.

Ghana will not continue to stay in this economic situation. We must therefore be hopeful in light of the ongoing recovery efforts that are taking place thanks to the bold economic steps put in place by the government.

The economic recovery is surely bound to occur within a short time, so we must all support the gov­ernment with prayer and action in our daily practical dealings so that things will be better for all of us.

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Email address/WhatsApp num­ber of author:

Pradmat201@gmail.com (0553318911)

By Dr Kofi Amponsah-Bediako

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The increasing entrepreneurship among the Ghanaian diaspora in Finland

It seems more Ghanaian migrants in Finland are going into entrepreneurship or self-employment, and today I focus on the increas­ing economic activities of some people in the Ghanaian migrant community.

This is important because it shows the positive side of some Ghanaian individual migrants or groups (or their companies) who are accom­plishing or trying to accom­plish much for their wellbe­ing in Finland.

Some time ago, I wrote on the same topic, and today, I continue on that tangent but with a closer look on the expanding entrepreneurial endeavours among Ghanaian migrants in Finland. In this write up, I concentrate on the rise of business ventures that Ghanaian migrants in Finland usually engage in as part of their economic activi­ties in Finland.

Such ventures include hair salons or barbering shops, grocery shops or shop keep­ing generally, etc. which are operated in some Finnish cit­ies, especially in the Helsinki capital area (such as Espoo, Helsinki, and Vantaa).

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Existing research studies show that migrants may start their own companies based on their entrepreneurial as­pirations and/or necessity as it may be difficult for them to find suitable jobs matching their education. Other stud­ies point out that migrant entrepreneurs also create their own jobs and tend to employ other migrants if the business is successful, thus helping to reduce the unem­ployment burden in the host country. Whatever the case, I think both scenarios go well with Ghanaian migrants in Finland.

Hair salons and barbering shops

I previously wrote that bar­bering shops and salons are becoming increasingly pop­ular and are patronised by other Ghanaian or African mi­grants in Finland, especially women. Recent new barber­ing shops and hairdressing salons opened by Ghanaian and other African migrants to add to the number of exist­ing ones attests to this point. Other Ghanaian/African migrant entrepreneurs are into African clothing shops or dress-making/fashion indus­try. The artefacts or clothing shops usually sell fabrics brought from Ghana and other parts of Africa.

Aside this, some Ghanaians have established cleaning companies or a business in housing apartment rentals.

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Shop keeping and African foodstuffs

Ghanaian migrants/entre­preneurs living in Finland are involved in shop keeping (or buying and selling) ventures.

There are also African restaurants that serve Afri­can dishes. The cooking and serving of “Ghanaian food” is encouraged at events organ­ised by Ghanaian groups and individuals. It is therefore not surprising that the dishes sold in restaurants are highly patronised too.

The selling of Ghanaian or African food and artefacts has been common among the Ghanaian migrants in Finland. One can easily buy Ghanaian foodstuffs such as yams, garri, and others imported from Ghana and other African countries. I think this could make things easier should anyone set up a Ghanaian/African restaurant.

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The IT sector/Online business

The information technol­ogy (IT) sector is another area that is gaining interest among the Ghanaian mi­grant entrepreneurs. Many potential entrepreneurs are considering going into the IT start-ups and entrepreneur­ship.

I do not have much informa­tion about what the situation is but I would not be sur­prised to hear one day that some of them have actually taken off and are doing well. It could also be that some businesses are mostly going to operate online.

As I mentioned some time ago, many Ghanaian migrants in Finland have acquired more expertise and resources (academically, economically, technically, technologically, etc.), and the IT sector looks to be very promising for ven­turing into entrepreneurship.

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Other African migrants may currently be operating or have previously owned media (including videography) or newspaper/magazine outlets, particularly in the capital city of Helsinki.

Opportunities for integration

These days the question whether the business op­portunities is a positive sign of integration of Ghanaian migrants in Finland keeps coming to my mind.

Could it also offer opportuni­ties for them to team up with Finnish companies for busi­ness and investment oppor­tunities either in Ghana or in Finland? Maybe!

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As I keep pointing out, Fin­land encourages migrants’ participation in the planning of issues concerning the mi­grants themselves as one of the efficient ways to improve their inclusion in the Finnish society.

There is an enabling envi­ronment created within the Finnish business and entre­preneurship sector for people who are business-minded, including migrants. Thank you!

perpetual.crentsil@yahoo. com

By Perpetual Crentsil

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The Prophet part 9

Antubam followed her. She indicated for him to sit down. She was about to call Mary when she emerged from the hall, followed by Suzzie.

“It’s good you are both here,” she said. “There’s something I need to tell all three of you. Mr Antubam, I will not waste time on your so-called interest in me, because you and I are two very different people with absolutely nothing in common. The main point I want to make now is that your so-called church is nothing but a fraud with which you are deceiving people who may be ignorant today, but are still precious in God’s sight.

Apart from deceiving them and enriching yourself, you are using God’s name to commit fraud. Today you may be enjoying money, food, alcohol and women, but you will certainly pay a high price for it, unless of course you are willing to repent now. My concern is for my two sisters.

I am demanding that they cut all links with you, now. No visits to your home or church, and no telephone calls. I have told them to give you back every penny you have given them. I am prepared to find money to pay whatever they owe you. That is all I have to say.”

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Antubam rose, furious, and point­ed his finger at her.

“Let me warn you, Betty. Yes, I am interested in you, and I am ready to take care of all your needs, even to rent a house and buy a car for you. But I will not allow you to insult me. You better withdraw those words you have used against me now, or I will deal with you very soon.”

“Don’t make me laugh, Antubam. You? Deal with me? Why don’t you deal with me now? You have to wait till you go to the shrine and beg the fetish priest to deal with me? See how miserable you are? I dare you! Leave my house now, and go to that miserable fetish priest and get him to rain down all his powers on me!”

“You will see!” Antubam declared as he moved towards his car. He hesitated for a moment to see if Mary and Suzzie would walk him to the car, but noticing that they were firmly glued to their seats he got in the car and drove home.

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He got out of the car and went straight to the drinks cupboard, poured himself a full glass of whisky and gulped down half of it. He sat down and called his batman, Kofi Takyi.

“Which two women did you call today?”

“Aggie, one of the new members is in. She is having supper in the guest room. Priscilla will be coming around 9pm.”

“Good work, Kofi. Now, get me my food.” After wolfing down the fufu and light soup, he gulped down the other half of the whisky and stretched out on the sofa and began a smooth, rhythmic snore. Priscilla entered, walked over and, shaking her head, strolled to the bedroom.

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Betty came from the shower to find the two friends still glued to their seats.

“Well? Aren’t you two going to say anything?”

“I have something to say,” Mary said. “I don’t understand you, Betty. You want us to cut all links with Antubam, and to refund all the money he has given us. Now, when we do that, do we come back here tomorrow, sit and stare at the sky and hope and pray that our holy sister (Betty) will bring us manna to eat?”

“Such a stupid statement must not come from you, Mary. What hap­pened to your WASSCE qualifications and your intelligence? Here’s some free advice. Get on the internet. Submit applications for university admission. I am prepared to pay for the two of you. And from tomorrow, start studying the Bible seriously, with the intention of doing what it says. I assure you, there are solu­tions in the Bible for every problem you face today, and will face tomor­row. All you need, Mary, is to use your God-given intelligence. How could you stoop so low as to take money from a common thief and drunkard like Antubam?”

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Suzzie rose quietly and held Betty’s hand. “Do you know, Betty? Until a few minutes ago I did not know that you cared so much about me that you consider me your sister. I promise you. We will do as you say. Mary, we will go and collect the rent money, add it to all the money we have taken, and pay it into the ac­count. From tomorrow, Betty, Mary and I will follow you wherever you go’. With tears streaming down her cheeks she walked away.”

Antubam got up with a start. He checked the time on his phone. It was midnight. He sat up, and was moving towards the bedroom when he heard the voices.

“Is anything the matter?” he said. “You have never come here at this time. I thought you only come at dawn.”

“We are always here. We only contact you when we have to. We have to warn you. That girl is trouble. If you don’t leave her alone there will be problems.”

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“I don’t understand. I can’t leave her alone. I must sleep with her as many times as possible, conquer her. Why can’t you get her for me?”

“She is firmly buried in the book. You are sleeping with two women every night, and there are many more available in the church. Leave that girl alone?”

“Do you fear her? What book is that? I don’t know why…..” before he could finish the sentence sever­al flashes of pain like a horsewhip on fire cut across his back, and he yelled, bringing Priscilla and Aggie from their rooms.

“What is it, Antubam?” Priscilla asked.

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“Er…er. I saw a revelation about a church member who is in some trou­ble. I need to pray for her. Please go back to the rooms. I will join you soon.” Aggie went to the room, but Priscilla lingered.

“Antubam, why don’t you tell me what the problem is so that I can help you? It appears you have just received some spiritual lashes. Are you being punished for something you have done?”

“Perhaps your husband is punish­ing me for sleeping with you.”

“Do you dare insult me, Antubam. You will certainly regret speaking to me like this?”

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“You have a loud mouth, but your only abilities in life, Priscilla, are sex and extorting money. I will come and sleep with you shortly, and give you money in the morning. Now leave!” She slipped out quietly, and the voices resumed.

“Next time you talk like that you will receive a much bigger punish­ment. We are only trying to protect you. You are planning to go to the shrine tomorrow morning to invoke curses on the girl. Be careful. Our master may grant your wish if you press him, but you may regret it.”

“I am sorry if I sound ungrateful, but I just can’t resist that girl. She is so beautiful and sexy. Moreover she has insulted me, and I must punish her.”

“Remember we warned you. You are already in danger. One of your competitors is asking questions about you, and thinking about the possibility of dealing with you. Je­hoshaphat Agyiri. Everyone calls him Gidigidi.”

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“I have heard of him. But what have I done?”

“He belongs to us. We work for him. He wants to check if you will threaten him. He can’t do you any harm as long as you use the stick. But your main problem will come from the girl.”

“Thank you for your help. As for the girl, please talk to Nana Broni for me. I am ready to pay anything for the pleasure of catching that girl in my bed and disciplining her.”

“Antubam,” Priscilla started, “are you going to apologise for the way you spoke to me? And are you going to apologise for bringing another woman here even though I am here with you?”

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“Are you going to collect money from me tomorrow morning, Priscil­la?”

“Get into bed, you idiot. I wonder why those women in the church can­not see you for the cheap fraudster you really are.”

Antubam took off at dawn, and arrived at the shrine before five.

“You are welcome, Antubam. We know, yet we still ask, as the saying goes. What brings you here?”

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“You already know, Okomfo. I must have the girl at all costs. I am prepared to pay anything.”

“I have already consulted Nana Ama Kokoben. I have prepared a fire for her. She will be here any minute, with her mirrors. What you are asking is beyond me, but she is willing to help you. Ah, here she is.”

The small woman sat on a stool next to Okomfo, and stared into Antubam’s eyes for several minutes.

“I will try to help you, but the effort will come from you.” They moved over to the fire, and she placed the two mirrors over the fire.”

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“Look! You will see the girl. Take this needle. When she appears in the mirror, pierce her eyes with the needle. By the time you get back to Tafo she will be at your house. From today, she will follow you just as a dog follows its master.”

By Ekow de Heer

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