Features
Need to rebuild the economy – role of Central Bank
Economic growth does not come by chance but through deliberate and systematic implementation of sound economic programmes that help to bring about the desired economic results.
Ghana’s economy had problems in recent times and as of 2016, the economy was not in a very good shape. For this reason, the beginning of 2017 saw the implementation of programmes and policies by the Akufo-Addo administration aimed at arresting the economic decline, restore confidence and propel some growth as a way of improving upon the welfare of the people.
ECONOMIC PROGRAMMES AND POLICIES
In fact, 2017 went very well. As a result, economic programmes and policies put in place began to yield results.
The years 2018 and 2019 also went well and by the end of 2019, the economy had begun to take a strong shape to the admiration of many Ghanaians and external observers many of whom praised the country for a good work done.
SUPPORT BY CENTRAL
In all this, the Central Bank had to lend relevant support to the government to encourage it to achieve its aim. This means that the Bank of Ghana has a crucial role to play to normalise economic conditions and ensure that there is effective growth in the economy.
If this is the case, then what role has the Bank of Ghana played so far to help the government realise its ultimate goal of economic growth in the Ghanaian economy?
SOUND ECONOMIC POLICIES
The year 2019 ended with some positive results as a result of sound economic policies being implemented by the Akufo-Addo administration. Some of the positive results are a decline in the rate of inflation and robust build-up of International reserves of the Central Bank.
If inflation keeps rising, the value of the currency would be thrown out of gear and as a result economic management would become difficult to carry out. Thus, the decline in the rate of inflation poses a good opportunity for the country to rebuild its economic system and forge ahead towards the realisation of its economic goals.
INTERNATIONAL RESERVES
Similarly, the building up of International reserves by the Central Bank was positive since it helped to strengthen the economy. Without International reserves, the least disturbance in the economy would throw things out of gear and the country may find it difficult to support itself over a period of time.
The implication here is that increase in International reserves at the Central Bank tells the Bank of Ghana to support economic programmes over a higher period than would usually be the case if international reserves are depleted.
It is equally important to note that all these methods help to establish stability in the rate of exchange. Stability in the exchange rate helps to strengthen the economy and enables the country to withstand pressures from external sources.
COVID-19 PANDEMIC
As the country was cruising along appropriate and desirable economic path due to sound economic programmes by the government and rigidly supported by the Bank of Ghana, the world was struck all of sudden by the COVID-19 pandemic. The pandemic affected all countries including Ghana.
The impact of COVID-19 was tremendous. To begin with, it affected commodity prices. Secondly, tourism and International capital flow were also affected.
FIGHTING FOR FINANCIAL INTEGRITY
To be able to withstand these pressures, there was the need for the Bank of Ghana, under the governorship of Dr. Ernest Addison to fight hard towards maintaining financial integrity. In addition, there was the need for tremendous financial and economic growth. The period saw increase in mobile money transaction.
As a result of all these, the country began to experience confidence in financial sector earnings, liquidity and capital adequacy all indicating significant improvement of economic trends in the country.
The Bank of Ghana need not rest on its oars. This means that it must exert constant regulatory and policy attention to mitigate any risk that may arise. The quality of the governorship of Dr. Ernest Addison is good because he is ensuring the implementation of policies that are likely to ward off any weak economic segment that may be seen in the financial sector.
GOVERNORSHIP OF DR ADDISON
It is under the governorship of Dr. Addison that the Bank of Ghana was able to identify any weaknesses in the banking sector and take drastic measures to overturn the non-performance of some of the banks leading to the revocation of licences.
The weak banks exhibited symptoms such as “poor asset quality, lack of profitability, loss of capital, excessive leverage, excessive risk exposure, poor conduct and liquidity concerns” as stated by Dr Addison in the 2020 annual dinner of the Chartered Institute of Bankers held at the Accra International Conference Centre on November 28, 2020.
All these indicate that without the role of the governor of the Bank of Ghana and his officers, the programme of the government would not be able to achieve its purpose.
If this is the case, then Dr. Addison needs to be highly commended together with his hardworking team so that they will always be encouraged to come out with good programmes and policies to keep matters going as expected.
By Dr Kofi Amponsah-Bediako
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