On the 3rd of April 2019, Ghanaians would eagerly tune in to radio and tv to listen to how NPP’s leading Economist would be attempting to shift goal posts on the unstable state of Ghana's economy. As you read this post, he is putting his propaganda soundbites together with great difficulty in his perpetual campaign mood. Someone should tell this man his campaign has been successful - the time to deliver is now! Indeed his earlier theories would expose him on the 3rd of April!
NPP leading Economist, kindly listen to yourself now as you write - are you denying there is a correlation between economic fundamentals and the exchange rate? Oh please there is! Or that there is indeed no causality between the two variables? Hahahahaha!
Are you now jumping onto a new theory of having strong economic fundamentals with exogenous factors affecting the exchange rate, or has the theory magically changed since you got involved in the management of the economy?
Oh yes, now the radical fall in the value of the Cedi against the major trading currencies is simply driven by capital flight or relative prices or financial tightening in most developed countries! Hahahahaha, keep writing!
Or is it the case that we are importing more than we export? Oh yes we all know! Or are you saying the relationship between the variables differ under the NDC ? Perhaps the demons you sought to exorcise under the NDC have come in full force to attack you! Then harken to the voice calling on you to repent for deliverance !
"When we came in, it [cedi] was running, essentially we have arrested it [cedi], and the IGP has the keys, he’s locked it up...“
I am sure you have not forgotten your own words?
Please don’t tell Ghanaians that the IGP is to blame for allowing the cedi to 'break jail' when you proclaimed to the whole world during one of your political propaganda monologues that the cedi was under lock and key with the IGP?
Wait a minute! Was Government supervising the training of “party vigilantes” at the seat of government annex in order to help you guard the cedi, and that Manasseh's exposé weakened the security and stability of the cedi? Oh Ghana, We are indeed in trouble !
When you supervised the collapse of significant indigenous Ghanaian banks, allowing over 75% of the Ghc2 billion annual average profit of the banking sector to be appropriated by non indigenous Ghanaian banks, didn’t you know that foreign shareholders would repatriate their profits/ dividend in dollars to their country of origin and elsewhere? - How sad it is for those thousands of talents who lost their jobs and remain unemployed!
Ghanaians have been shortchanged!
Your Excellency, NPP Economist - we are waiting for your new script, your new theories, but please spare us your boss’s version that we need to give attention to changing the structure of our economy because that is why you are in the driving seat with your boss! And please don’t tell us what you need to do - tell us what you have done that is not working! In case you have forgotten, let me humbly remind you again that the time has come to stop the talk and walk the talk.
Despite your public persona as a cool dude, you had the effrontery to scream 'incompetence' when the Cedi/dollar exchange rate was nearing Ghc 3.75 to $1, but today, with calm and patience, Ghanaians are to wait for your explanation on 3rd April 2019 regarding how and why you “Sherperded” the helpless fall in the value of the Cedi through to the ratio of Ghc5.6 to $1. Oh yes the Cedi has gained value of 0.2 cedis or is it 0.4? Maybe Ghanaians must clap and organize a kenkey party for you too.
We are ready to listen to another propaganda lecture! Over to you Doctor leading NPP economist!
Tell us that exchange rate regulation is the responsibility of an independent central bank, the Bank of Ghana; tell us how mishappenings in the BOG are weighing on the Cedi; also tell us how Government spending, budget deficit and inflation reflect in the exchange rate. No deception, no propaganda this time please! A last opportunity to redeem your integrity Sir, Your Excellency!
My understanding of finance and elementary political economy is enough to comprehend economic propaganda.
I am for consistency and integrity in the discourse around Ghana’s economy.
- Good luck as we wait impatiently!
By Sylvester A. Mensah