David Ricardo, one of the world’s renowned economists, once said that; neither a state nor a bank ever has had unrestricted power of issuing paper money without abusing that power.
There is also a popular saying, philosophically propounded by Karl Pohl that; inflation is like toothpaste; once it is out, you can hardly get it back in again.
Harry Truman also indicated that a recession is when your neighbor is out of work. A depression is when you are out of work.
Ghana’s economy has continually suffered several challenges within the past few months as the inflation rate has reached 31.7 percent whilst the cedi has devalued to the foreign currencies, especially the U.S dollar.
TV3 Ghana has posted a ‘Tilapia’ picture of the Vice President of the Republic of Ghana, Dr. Bawumia on its heavily followed social media platform.
The picture shows a man pleading with the vice president to save the cedi from depreciating beyond ghs10.7 per dollar.
Interestingly, whilst Dr. Bawumia was working on his laptop, he was trumpeting his achievement of using the national ID to fish out 533 ghost workers.
Was this not the same Dr. Bawumia, the head of the economic management team, who said he has arrested the dollar and given the key to the IGP?
What might be the situation with the economy and what are the factors exacerbating the depreciation of the cedi currency? Why are people begging the vice president to save the dollar?
Has Dr. Bawumia made earlier promises? Why is the Vice President, who is an economist, now been referred to as Mr. ‘Digital’? Was it not Dr. Bawumia who told the NDC government that; if the fundamentals are weak, the cedi will expose you?
Many Ghanaians have reacted to the post by TV3 Ghana. In fact, the feedback has been interesting as some citizens explained how disappointed they are with the economy.
What are your thoughts on the ongoing discussion?
Content created and supplied by: JUKELAFRICA (via Opera
News )