How Ghana’s rising star plunged into an economic crisis - BBC Africa
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- Опубліковано 3 жов 2023
- In 2019, Ghana had the world’s fastest-growing economy after it doubled economic growth.
In 2023, prices of goods are rising by 40% down from 54% in December 2022, which was the highest in 2 decades.
As a result, the country which the World bank described as a rising star saw an unprecedented 3-day demonstration led by mainly young people who say government has mismanaged the economy.
But what caused the slide?
Produced and presented by Daniel Dadzie
Edited by Aaron Akinyemi
#ghananews #costofliving #ghanaeconomy
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To oversimplify, Ghana's problems are similar to Pakistan and Sri Lanka. During the relative good times 2010-2019. The government wasn't being fiscally prudent and primarily spent this new debt on day to day spending rather than on investments in infrastructure, or other productivity boosting measures. Also commodity exporting countries should always be saving for a rainy day as global commodity prices will rapidly fluctuate.
And how are you going to pay for the day to day spending, when you invest it in infrastructure? Yes, maybe in the longterm, but debt would skyrocket even more.
@gombally Day to day spending should be kept in check and funded by tax receipts. Reform public procurement to prevent overspending on public contracts. Reform the public service to prevent fraud and corrupt practices like managers siphoning funds, creating ghost jobs, and hiring friends for political purposes. Cut ineffective subsidies. Simplify the tax system to incentivize exports and productive industries. Borrowing, especially foreign debt, should be used for productive means or to reduce overall interest costs in certain cases. For example, education and training, especially for industries that are able to add value to products and services on the global market. Investing in accessible broadband and electricity, this will help open up more of the country to opportunities from helping the farmer or small business owner connect with customers or increase new green field investments. Developing countries need to be fiscally prudent as they don't have a complex dynamic economy with multiple relatively successful industries to fall back on. They tend to rely on one or two sectors for most of their foreign exchange earnings. In addition, they can't issue all their debt in their local currency like the USA, UK or Japan which would help to reduce interest costs.
@@gomballysomebody has to build that infrastructure. Those millions of hired workers will put their salary back into the economy. And that built infrastructural will lead to other growth sectors which also hire workers who will put that salaries back into the economy. It just goes on and on if it’s done right.
@@lombardo141millions of chinese hired you mean
ghana doesn`t fund terrorist like pakistan or is a military controlled
A total mismanagement, lack of priorities, and corruption.
No, they did it on purpose.
@@user-ll8ym9or8cWhat do you mean?
what kind of corruption. Italy is still standing with the Mafia . There more to what meet the eyes. People were also blaming corruption in Niger only to discover that the country was being milked by those that claim to be its angels. IMF and World bank have destroyed most African economies. Why are people not taking about it . There is hidden pacts and International laws that restrict government to do anything. What is free market . The government can't subsidize anything or have alternative . Cooperation are the ones that detect what ordinary people can have or not . The monetary system ..There is your free market. Before IMF and World bank's free market policies Most countries were developing. It's a competition who has the biggest debt.
don't forget ESG was also responsible for ghana downfall.
@@michleslazlou7398 They are selling the same scripts to Morroco right now. They are even using Ghana as their highlight of progress 🤣🤣
Kleptocracy, nepotism, cronyism, family and friends, unprecedented corruption at the highest level of governance.
Yes my thoughts exactly
A plenty of foreign forces at play.
Nailed it!
Just like Indonesia :(
Story of africa
Corruption at the highest level.
Lord save Africa from the hands of this wicked old men 🙏
God helps those who help themselves. It's time we stop voting these corrupt people, and start punishing them when they are caught looting. We should go the Singapore way.Decades ago, Kenya and Singapore were at the same level. But Singapore decided to stop corruption and concentrate on building the country for the benefit of all. Kenyan politicians are some of the best paid in the continent but they still go ahead to steal our taxes, then we vote for them again because they belong to our tribes
Lord save Ghana leave the rest of the continent out of your mouth.
As a Ghanaian I’m rather livid listening to the President blame the Ukraine-Russia war for his failed policies that have crippled the economy in our country. So much overspending and unaccountability from top-down yet he sits on his moral high horse to demand reparations from the west? This is sickening. Always finding someone to blame for the problems we create and never looking in the mirror. This is really annoyingly annoying.
Well stated !
It’s sad that Putin has made blaming “The West” fashionable for all sorts of incompetent world leaders
They now have an excuse to use “The West” as a convenient scapegoat for all their country’s problems
Well atleast one guy in the opposition know what's up
(I.e. the guy who made the Maguire joke)
Westerners, especially poorer westerners of which there millions, look at corrupt, inept African leaders like this and aak themselves why their taxes should be given away to keep Africa's rich elite in luxury.
Akufo Addo is simply unintelligent. He blames everyone except his incompetence and his theivery.
African growth is always illusory because it is not based on productivity increases and globally competitive manufacturing.
You must be super intelligent
In fact, nothing is produced, everything imported and the population is not able to cope with the world's requirements for intellectual work in the fields of STEM, increasing STEM domination from the rest of the world and extremely low human labour skill is probably going to plunge africa in a serious hell by 2050, unless people turn back to their initial lifestyle and expertise which is hunting, fishing and farming the rich lands of crops and eat 5 times a day if they want. But willing to live a modern lifestyle whiile asia and the White ocuntries apply the STEM pressure is absolutely impossible.
Of course there is corruption to tackle but in reality, modern prosperity would only come through scientific resource exploitation, not import and going to school working in an office that only produces balance sheets (banks) or services (regular office jobs).
The STEM must be there, and it is an intellecutal thing, if it's not there, then return to farming
Perfectly said
@@_Be_Still He is aware. Some argue that if the other candidate had won, there might have been different, sweeping reforms. However, such changes require sacrifice. It's not something achievable solely based on a candidate's determination; it demands continuous improvement. The question remains, are we prepared for it? Nigeria as a case study.
Very true and well said 💯👍
This fluff piece by the BBC doesn't even scratch the surface of what's really going on in Ghana.
So tell us, please.
Unfluff it ooo!
True! The guy's just another hired journalist inplant into the BBC by the criminal cartel to polish their activities before the real truth comes out. And they (The BBC) don't even know it.
Well, it is the BBC..
@@karriem5666 Well, it's TeddyBongo ...
When u mix political ignorance with unyielding arrogance what you get is political blindness
💯I was looking for this comment!!
Jesus bro, you summed it up perfect.
❤✊🏽
Northern Goat (Adago)
You tickle yourself and laugh.
You think your safari park full of hyenas is better than Ghana?
Aahh!! Dogs thinking cats are in trouble 😂😂
@@zigibeat3689 dey play
The biggest reason for the fall is corruption... If you think you know what corruption is, wait till you are in Ghana.
Was there in July when the sanitation minister was caught with cash.
@@xq8152 Caught with cash? Don't you have a choice to keep your money in a bank account or keep it in your house? Which law in Ghana bars anyone from keeping any amounts of money with them in their house or bank account? The fact that you don't have money to keep in the house means that no one should keep their monies in the house? Finding money in someone's house is not the same as someone being caught with cash in her house.
Is Nigeria a joke to you?
@@Jo-sd3ch My uncle said full oil tankers come and go from Nigeria and no one has any record of the ships. Can you imagine how much money has been stolen due to oil?
@@kofiboateng5509Your response is an indication of why corruption thrives in Ghana! You jeer the critical person and champion the corrupt.
There is no specific law saying you must keep your money in a bank, but doesn 't it strike you as being at all odd that a senior civil servant with a salary of ( I am guessing) less than 10000 dollars should have cash sums of 1 million dollars at home?
Critical thinking is needed.
Don't forget that in 2007 Ghana Redenominated their currency - they basically removed 4 zeroes. So the economic prosperity wasn't actual. In fact, by making their currency closer to the dollar, it allows people to import stuffs instead of manufacturing, it also makes it a good place for foreigners to go and earn Cedis, buy USD and move out, what now led to lack of USD in the country. Ghana was formerly called "Gold Coast", but currently has one of the lowest gold reserves in Africa! The truth is, the leaders were playing a ponzi scheme with the economy - looking good outside in order to get funds, but using the money to buy imports, and the process repeats...until it reached a breaking point caused by COVID/Ukraine war!
Countries like Nigeria etc have more money and can afford to buy more gold and keep in reserve and therefore have more GOLD RESERVE DIFFERENT from GOLD PRODUCTION OR GOLD DEPOSIT, where Ghana is the number 1 producer in Africa
Even with gold reserves, Ghana currently is doing 16.67 tons, up from our 8 tons, and have plans of shoring up our reserves to 20 metric tons
Lemme guess. You’re Nigerian?
How’s that Tinubu situation coming along these days?
Also Ghana is the biggest producer of Gold in Africa. Focus on getting rid of kidnappers. Ghana will be fine.
@@rigg13 so what?
Since when Nigeria lecture Ghana about economy crises? Do you know naira exchange value on black market since tinubu came to power?
@@rigg13he is a Nigerian
Ghana got independence in 1957, as did Malaysia and both countries were roughly on an economic par. Colonial records show that in the early 1950s, Ghana and Malaysia were equally dependent on exports of raw materials. Today, Ghanaians get by on one tenth of what Malaysians earn and the country is still exporting raw products like cocoa and gold, while Malaysia makes its own cars and boasts cities of skyscrapers
How can one get access to colonial records of that time?
He wont tell you because he made it up @@dee2ttown.
Dr Mahathir must be given due credit for Malaysia's economic success, his abrasive personality notwithstanding.
Ghana lost everything after they lost their first president…
Thank you that is our main problem
C.I.A. don't want a strong Black leader. Then or now.
I am saddened to hear this as Ghanaian people deserve better- a country with so much natural resources they talk of famous Belgium/ Swiss chocolates ,it’s from Ghana!!
Indeed, Ghana has so much Gold and that is still one of its top exports. Its sad that Ghana exports Gold. I wish you guys kept your Gold because that is literally money. Sell other things NOT gold. Exchanging gold for paper money is such a wrong move in my opinion. They can print the paper , but you can't print your gold. Also how long before the gold is all dug up then what do you have after that? All your gold should stay with you guys. Find other things to export. Such as cocoa/ oil. At least those items can always be regrown unlike Gold. Please African nations make wise moves.
which resources do Ghana have? i'm sure you will mention peace or electricity 😂
@@George-zd7mu Educate yourself, we live in the information age, this information is literally free. Use google.
@@George-zd7mu Why are you in the west so hell bent on wanting Africans to think they are poor? You guys are the poor ones, thats why you act the way you do. Such harsh and desperate ways. If you were rich like us, you would not stress about giving stuff away. You are so stingy , though you have been stealing from the continent for so centuries long, you still hold on to every last item like its new money.
@@George-zd7mu neither!!
I hope the Kenyans can learn from this, we are not going in the right direction
🎯
William better not take us down this slippery slope!
Already in the hole
We are already in the hole same to ghana
The most educated government but the least display of common sense ever since Kwame Nkrumah won independence.
When fools becomes leaders this is what happens. I just pray the next election Ghana will have a good
We're who we elect. Can we be wiser? Let's see. Just prayer won't cut it though....
It's almost like just looking at economic growth isn't how you tell how a country is really doing
I was living in Ghana in the late 2010s (I’m from the US), came home just before COVID, and got to see the massive growth of the country in that period. To see it basically take a 180 degree turn and see how much worse off the economy is makes a person sad.
Congrats to my former Chapel Hill pupil, Daniel Dadzie. I'm proud of you
He went to UNC-Chapel Hill?
@@minta_y3_d3n No. Chapel Hill in Takoradi, Ghana
@@classicpianoacademygh3268Good stuff
I’m trying to figure out how Ukraine is responsible for Ghana’s woes. The diet of traditional Ghanaians isn’t wheat and very little of it is maize and maize and wheat are 2 of the main exports of Ukraine . Ghana should be able to produce enough food to feed its citizens. To be honest I don’t even understand why so many African countries are depending on Ukraine/Russia for food when a significant majority of them don’t have traditional diets that are dependent on those food exports.
"traditional diets"
You need to look at their real diet
"There are several reasons driving Africa’s increased appetite for wheat including urbanization, rising incomes, food aid, globalization in cuisine, and fluctuations in the relative price of other staple crops such as corn. Demand for wheat-based foods have reached all-time highs in many countries both on the household level-as sales of items like pasta increase in grocery stores-and on the restaurant level, as international restaurant chains continue to find big business in Africa."
It's not that they rely on Ukraine wheat specifically, so let's put that aside.
But in a global world, and why people use it, is because it's cheap. It's cheap for people in cities. To the point that the poorer you are, the more you'll be dependent on cheaper foods(though I don't know for sure, this is generally true).
It is just Nana clutching at straws!
Russian money paid to ruling politicians to speak Russia's language at the UN. That's all.
If the price of wheat increases so does that of any other food item. Simply put if grain is to expansive people are going to eat rice reducing demand for grain (but due to low supply, grain will still be expansive) and increasing demand (and thus price) of rice. Traditional diets might be a dominant factor in household spending, but if grain is way to expansive while rice is dirt cheap you can be sure everyone including people in Europe and the USA are munching rice.
In the end the global market connects all prices in some way. And generally the more total food is available the cheaper the prices for food items are. And if there is less total food, it means prices of all food items go up.
In the end the conflict does impact prices globally, but it's not Ukraine's fault but Russia's for very obvious reasons.
Long live Kwame Nkrumah.Respect
Thank God they didn't blame the West like most African countries do. Corruption is our biggest problem in Africa, we are the architects of our own failure simple and short
Bro, the current govt in Ghana is a criminal syndicate.
Great job Daniel. Proud seeing you soar higher and higher. As for our country our dependence on foreign handouts and corruption are our daemons. The citizenry also have developed a taste for imported products. The result is a low GDP being a denominator on a high debt.
Exactly the same like my country Kenya...exact copy paste of what's happening here... Really interesting
yooo Daniel this is Akay from KNUST. Proud of you bro
Same here in Nigeria 🇳🇬 😢. Shaking my head for the corruption of African Leaders . I can't even explain it . They don't even regard the masses
Ghana just like Kenya and others have over borrowed from euro bonds and China. Most of these loans are maturing and need to be paid plus corruption and unaccountability
Kenya has not yet reached where Ghana is though
@@billjames1216…it’s coming in 2024. Does Kenya have $1.5 billion bond repayments due next year? People are saying only a miracle could save Kenya.
@@zerosumgame3722 😂😂😂1.5 billion dollars will be payed that is not enough to sink Kenya if u know Kenya's budget I don't know where u are from yourself
@@billjames1216 …that’s not what economists are saying. Every country budget has critical and non-critical expenditures. If your critical expenditures exceed revenue, it doesn’t matter how large your total budget is. Take the US for example where the debt exceeds GDP but the US can print money but Kenya cannot.
@@zerosumgame3722 1.5 billion dollars to sink Kenya???😂😂😂😂 That's laughable do u know how much Kenya has paid this year for it's loans alone 😂😂😂 probably that's an IMF loan kenya still pay Chinese and domestic loans and all the other loans that it has taken .Check your facts right and stop listening to street econmists
I remember kenya & Ghana backnin 2018/19 being praised in a British Parliament about being the firstest growing economies idk if it ws a parliament bt something like that now both are in the same spot literally currency has went down, corruption has increased it's crazy to think both are biggest exporters of cocoa and tea respectfully but in raw form
Wow is this true, I want to believe this Ghana is a fascinating place
It is.
It's just that our leaders are not helping us. Sad
Ghana was a great place until criminals were installed into power.
your not alone Ghana , the same thing gonna happen too one day to Indonesia unfortunately
Looking forward to seeing this video again in 2026, this time featuring Kenya
Nope, not gonna happen. It was the direction Uhuru was heading us in but we have put on the breaks and are now even slightly ahead of our debt. The next 3 years will be tough but if we maintain it, we should be out of the woods then.
sure if borrowing 1.4T is being "put on breaks" just because things are tough doesn't mean we are not taking loans.@@njambizzy
Ya’ll must have never heard of Zimbabwe. 😅
Akuffo mastered Rethorics and not economics. He's the "mother serpent of corruption" Asante/Akan nepotism
Tribalism is so deep in your blood. Speak against the government but to make it tribal issues shows your stupidity. Ghana has been saved from tribalism and unnecessary wars in Africal due to its cohesion and intermarriage. U and your kind here promoting tribalism. God will punish u if u dont stop this foolishness.
God bless our homeland Ghana......
You are such fool for saying that...
@@kurtisbanner3965shut up hypocrite
pepenii/Trokosinii aboa
100% true!
Over to Mr Akuffo Addo!!!!
Ghana needs to amend the GIPC law to allow its West African neighbours do business freely in the country. Allow your brothers do free business. Ghana thinks the West holds its solutions. It is not happening chale.
you have seen the light too, brother. Ghana's solution is right under the noses.
West African neighbors = Igbo Nigerian petty traders.
I’m sure you need to go and read whatever you read that induced this false assertion again. Foreigners can always do business in Ghana, you just need a certain amount of capital. Foreigners cannot do petty trading, that’s a domain reserved for Ghanaians who cannot compete with big money.
Besides, that law only works to attract the best of talents and ideas, not street hawkers and knick-knack vendors. We already have loads of them.
@@rigg13 I don't understand hoe some of you reason. Why would any African entity pay $1m to come to Ghana when there are other destinations? Also, if that GIPC law has actually worked, why is Ghana's economy in such a sorry state? Interest rate at nearly 40% Who would come there to invest with such prohibitive rates?
@@rigg13
Then you call yourselves a pan African country. The gate way to Africa my foot. Ghana is a leeching country always trying to scam investors by lying about it business data(Redenominatiion, Year of return etc)
1 million dollars, employ 25 skilled workers, never trade in any commodity that the local ghanaian is trading on...This is wickedness, and wickedness begets wickedness. I can see why you guys exiled Nkwame Nkrumah and made him died in depression.
Why ain't you attracting those foreign investors. Your year of return scam has fallen apart and the world is now aware it was all a ploy to steal from the African Amreicans.
We Nigerian had known and advised our people earlier because you guys don't have the brains and capacity to accommodate the AAs.
You gheneiens don't even have the market and the pending power for foreign investors to operate in your country. How many are you in that little Ghana and how much is the GDP of your major little cities?
In spite of security concerns in Nigeeria, foreign investors are still coming to Nigeria. Big Music labels are here, Elon shut down the Twitter office in your little country and allowed the one in our Nigeria to run, Billgates was here some month back and even used a generator to have his business conference etc, as far as we have the market, they will keep on coming.
@rigg13, now is the appropriate time to use that your trade laws to save your country from bankruptcy and pay off your loans. Fool.
@@enod9746 Well, on the contrary, i do understand how you reason.
You would rather favor other destinations over investing in Ghana but we are the ones worthy of taking in your crop of uneducated petty trading citizens who half of the time move in bands of 4 where at least one of them is into something criminal? You aren’t very bright.
Corruption
Daniel Dadzie, keep it up ❤
Let’s be fair. If we grew that well in 2019, the managers of the economy haven’t changed. So would we just rule out the Covid and Ukraine phenomenon?
What covid and Ukraine phenomena? These things should not be used as an excuse!
People at the airport made personal fortunes out of the compulsory covid testing payments. The bulk of it did not go into government coffers
but was trousered by officials. No paper trail....they put up notices banning filming inside the airport----they didn't want proof of their wrong-doing!
Thieves everywhere in that country. Thieves and disgruntled workers who don't even get their wages----sometimes for months!
Flooding from the Akosombo dam is a current example; it never happened in Nkrumah's time! Negligence has led to massive flooding, bringing destruction. Cholera and typhoid are likely to follow.
Akuffo-Addo has been a disaster!
You're lucky if you can protest such peacefully.
Protests are guaranteed by the constitution of Ghana. The current president protested when he was in opposition! Today, Nana Addo doesn't want anybody in Ghana to protest! He is using all means to frustrate peaceful protesters!
Its Corruption, Corruption and Corruption !!!
Technology and manufacturing will grow your economy, not cocoa farms or shipping your gold and diamonds away, Ghana will continually fall behind because they cannot keep up with the times, they need some sort of psychological change from the people to the government.
Ghana's economy is now in crisis.
It is beyond crisis. In fact this is the first time in Ghana's history that it has defaulted on its sovereign debt! Clueless people in charge of Ghana now! Even poor pensioners have been forced to forgo part of their investments in government bonds!
@@KofiGreat-hb3oi Hmmm
The star in some african countries is always rising according to some western economic measurement.However,people don't see it, dont feel it and do not even know when it falls because it has always been falling anyway.
Kenya we're heading here😢
Borrowing left, right and center
Who's maguai.. president or finance minister
Hope Ghana can get back in its feet like Sri Lanka 😊
Next in line........ Kenya
heh. kumbe sikuwa nafikiria hivi pekee yangu...if we are not careful...hapa ndio tutajipata
they need to find a way to clean up corruption in the governments agencies and then from their have a robust accounting system of where money going and what money being spent on.
Mismanagement! Also, they should stop borrowing money to build useless infrastructures!
Stop begging for aid
They should focus on industrializing the country! And be more financially disciplined!
Ghana beyond 🇬🇭
There's a lot to unpack here, the borrowing, the inflation, the allege corruption, each of which could take up their own segment. All I have are questions, what has the government spent the money on and why are they bad investments? How did the pandemic and war in Ukraine affect the Ghanaian economy? How has the government mismanage the economy, how are they corrupt?
Poor governance, corruption, poor judgement, greed, lack of investment in infrastructure are the cause of similar problems besetting the people of south Africa after people enjoyed a brief period of prosperity. African governments lack good stewardship and care for their people. They must be booted out of poor until we get people that care to do the right things when they get into power. We must not allow ourselves to be bullied by people who believe that they exist to lord it over us.
Correct, corruption is an issue also in South Africa but unlike everywhere alse on the continent we have institutions and civil society that are robust. Our debt is mostly in local currency due to strong financial markets so we are not beholden to forex. Our economy is diversified so our challenges would would be quickly arrested once these thieving ANC aka liberation movement is kicked to the curve next year.
You could say all those things about the United States.
@@MrStCyrX ☺️
I am in NEED of more content like this. informative and straight to the point!
the whole world is suffering from inflation after covid, dont feel alone Ghana
Ghana is no different from 98% of African countries. This is the reality of all countries. If the pattern exist all over Africa is the problem really the government? Or perhaps its those the government reports to?
They don 't report to the people, do they?
Corruption, theft and impunity that's the only thing. They borrowed and shared it among themselves.
Absolutely my thinking too!
Mr akuffo addo is blaming Russia and covid 19.
Kindly check the title of the post again. Should be how "Africa's" rising star
Kenya is on this path as well. It is not a matter of if but when.
Where the numbers at?
As much we can attribute mismanagement and corruption, let's not expect economies based on resource extraction and export to be any stable... there's corruption and mismanagement everywhere, why is it only African economies that are blamed for being mismanaged? Greece's economy is also advanced, Greeks don't nor have ever struggled to get basic necessities, no matter how bad things got, smh
@@denkanator I'm not underestimating anything, I just don't believe that there's any African economy robust enough to temper those factors, and yes, Greece is a developed economy with a far more diversified economy, no matter how bad their debt gets they'll never struggle to get the basic necessities.
So who's duty is it? The white house😂😂😂
@@ricaard6959Greece economy collapse since…Greece is shown as the only exemple of the euro crisis and dont recovery till today Go tell it to the youth who flee out that country
Have you ever heard of bad loans; the IMF & World bank do things on purpose. I'm Kenyan and in a year or so the same is going to happen to our economy
@@dante_1273 For the last time, the IMF and the World Bank are lenders of last resort! You're not supposed to borrow from them! You only do that when you've already exhausted all your options and have nowhere else to go due to mismanaging your economy. Who's going to give you a loan when your credit score is abysmally low and all you're riding on is sales of natural resources!?
Growth based on resource extraction never seems to last.
Wore day not Meyer, should investigate this.
There is a global economic crisis .Even Silicon Valley feeling the heat
Sorry but what was Ghana producing or exporting to maintain this growth
i have seen for myself the crisis in ghana. feel terrible for the people there rn.
Its scary how similar this sounds to Kenya😢
Wode Maya my brother...come see this...this is why your work is needed more than ever. We love you our Africa to the world Ambassador ❤
Fake hype don't change reality on ground
@@fesderi3933 who are you?
@@fesderi3933excactly, how will that even solve the root cause of this issue?
He can't help. He only wants positive images of Africa. You are barking up the wrong tree!
Is because of borrowing. Too much borrowing and unnecessary spending.
Hey when are you guys going to post your interview with President Irfaan Ali?
Its not spending its those fake loans they should do what Dr Arkana has been saying just stop paying the oppressors their loans interest are not just
Dumb advice. You don't take a loan and say you're going to stop paying it back. That becomes theft.
@@tvs9978 it don't matter that's what they should do stop paying
Or don't take loans. Has that ever crossed your mind? No one is forcing you to take loans 😂
@@theinternetsavedmylife well they should not pay they were forced loans and some were given to buy back land the colonizers stole that they didn't own in the first place so we should not pay
Ghana's current economy is not different to what we experienced in 2014 when the then President Mahama ask for help from Ghanaian Technocrats at a stakeholders meeting organised at Senchi to solicit opinions on bringing the economy back on track. That is when the IMF stepped in to help with the 3 year program. We just experienced similar move by this current government. The demand for imported products have not helped matters. The taste of Ghanaians for imported products is what has destroyed this Economy. Until the policies of the government change to support local businesses that are into production and exports we would experience a vicious cycle if even another government comes into Power.
Hope the finance minister was not cooking the figures 😮
Kenya is in the same path
Hey mate, Ghana is still a shining star. We keep rising. Hard times knock but Ghana will rise above it in style.
Falsehood with such a monumental level of corruption 😢
Deluded opinion sighted.
It doesn't happen in a vacuum. It's manifest only by planning.
Kwasia
@@joylm9108 ony3 soor mi.
Apuuuuu!!! Which rising star...that country is always hard ...the NPP thieves made it worse. They packed all the dollars to their houses..
If you’re seeing this comment come and take me out of Ghana 😊
😂😂
@@hybridw1vision675 hmm
😂😂😂😂😂
To create a burden for myself in aborokyire? You're a joker!😅
@@barbudo12 oh don’t say that
If you were in Ghana and journaling for the Ghana local media, your presentation would have been different.
Increasing the value of the currency in 2007 was a bad idea,it did not discouraged manufacturing and incouraged import.
Actually it was a good idea. The mistake was not investing in infrastructure, while the perfect opportunity was there.
@@susuilu
No it not,how many Ghanaian manufacturers can compete with Nigerian or Ethiopia manufacturers. Why do you think Nigeria produce the like of Dangote. Why the you think China,Korea and Japan refuses to increase the value of their currencies.
BBC Always demeaning Africa. Never do they highlight the goods things of Africa only the negative
Do it yourself!!!
Ghana following the sad pathway as Nigeria into the abyss. I am still puzzled what happened to their huge offshore Jubilee Oil Field ? 🤔🤔.
Massive spending always causes inflation
When will countries learn?
Same as Egypt
Country was just hyped nothing really spectacular before In day country
Fake hype don't change reality on ground
Hmmm.may God help us
Big a shame am a Nigerian living in Ghana since 2015,a bag or sack of rice was 100 CEDI's under Mahama ,now is 600 CEDI's for that same sack of rice ,have gone so skinny
Skipping rice is good for your health😂. At least, you won't become diabetic😂
@@andrewasibey371😂😂😂
This is what you will get when you have clueless people managing a whole country like Ghana! Corruption everywhere!
@@andrewasibey371🤦♀️.
Eat gari!
Just the year of return alone brought about 2 billion dollars into the Ghanaian economy just in 1 year. The guy said it honestly that money was spent on consumption items rather than on revenue generating investments. Ghana should invest in more Cocoa and oil since these are some of it's top exports. Encourage and incentivise the citizens to become farmers of cocoa and oil. Encourage citizens to learn how to use and grow social media- this also brings in alot of money. Do not sell your gold.
You have got to be kidding me...Social Media will develop the country?? 😂
@@theinternetsavedmylife Go read it my post again.
@@theinternetsavedmylife You underestimate the power of the creator economy. South Korea's biggest export is their pop culture. Social media, art and remote labor can be encouraged as a supporting "export" for the economy
@@theinternetsavedmylife lol its funny even your username agrees with this point
@@kingsleyoseiabrah1this is neither factually true or even makes sense. Skorea biggest exports are electronics
Kenya might be headed there too
Fake hype don't change reality on ground
I thought Ghana recently discovered oil reserves.
😂😂😂..I believe Ghana's problem is not the abundance or absence of natural resources but corrupt and poor leadership.
Our useless government collateralised it all and did nothing with the money.
All just embezzled 😢.
We've been rising since I was a kid. And this is just Deja Vu with different Characters.
What do you mean by Ghana’s rising star?
I’m sure it’s meant to be Africa’s rising star
Cost of living is number one. Keeping inflation rates stable, and keeping people's stomachs full by keeping the prices of basic necessities affordable are the main priorities of the government's obligations. Whatever your model of government. Whatever your party. Whatever your ideology. Whatever economic strategy is used, it is number one. People don't care, the important thing is that their stomachs are full, the prices of basic necessities are cheap and affordable, and the inflation rate is stable. That's the point.
Kenya were in the same boat !
not realy, you just dont like that your favourite guy lost the elcetion move on
@@drugoviicif you can't make a point beyond politics and the last election shows your the one who needs moving on
@@nicholasthiongoUDA wanadhani elections ndio maendeleo hakuna mtu anakula elections
Lemme guess...money printer went brrr.
❤❤❤❤❤❤❤❤❤❤❤❤
Asantehene is the world’s best dancer.
I just subscribed to BBC Africa but I think I'm about to unsubscribe. Why do the videos predominantly have negative stories/sentiments ?
There is no news channel that doesn't show 90% negative news.
You are complaining because the negative is on Ghana. If it were in Nigeria, you would have been hailing and praising the BBC for being truthful.
Thank you BBC for giving us the truth
Fake hype don't change reality on ground
What that country needs is a cultural change----ban using agricultural tasks as a punishment in school!
Encourage ( with soft loans!) the setting up of agricultural cooperatives in order to grow basic foods ( tomatoes and onions should not have yo be imported), give ministers just one car each----if it breaks down they must cycle into work.
Forbid all ministers from sending their children abroad to be educated---up to post-grad level, in all but STEM subjects.
Give tax breaks of 10 years to returning doctors and nurses who set up hospitals and clinics in deprived areas.
Stop the Head of State from flying , at huge cost, to attend every secondary dchool debate in schools and universities abroad.
The man is a President, not a Pharoah.
With those roads it can’t be a star lol
Sounds like the philippines too