Ghana is experiencing one of the worst inflation rates due to poor monetary policy strategies.
The high monthly inflation increases the price level of goods, reduces incentives to save, and decreases confidence in government.
This high inflation rapidly erodes the value of our currency, which is fast leading to the country’s economic stagnation, price volatility, and distrust of the government’s monetary policy and authority.
It can take our country years to recover from the worst economic impact we are experiencing under the maladroit economic management team of the Akufo Addo/Bawumia government if we do not allow “minds” with proper economic policies to come and lead and correct them. The Ghana cedi rose rapidly, peaking at GH¢ 9.12 to a dollar.
The high rate of Ghana’s inflation is a cause of economic mismanagement, including direct efforts by the government to conceal the true value of the currency.
In fact, the crises can be attributed to monetary policy mismanagement by the President and his government. Since the inception of the Akufo Addo government, a series of economic reforms were instituted that proved disastrous.
Poorly structured planting for food caused a sharp decline in food production, which has raised food prices even as the banking sector collapsed due to politically ill-thought vindictiveness.
Politically motivated banking clean-up exercise with over bloated expenditure of GH¢ 21 billion has resulted in the banking sector’s inability to mobilize funds for investments and loans. As a result, capital development and economic output are sharply declining coupled with high unemployment in the country.
Investors have lost confidence in the economy and are running out. All these have brought suffering to the masses and the country needs immediately avert the situation but as it is now, there is no hope in circus economic managers.
Charles Cardinal
