CRUCIFYING OUR GHANAIAN ECONOMY
Being
a Ghanaian in today’s Ghana, is excruciatingly expensive. A simple meal cost
virtually nothing not long ago. Gari and beans, known to many, and by many, as
an affordable meal is now a fallacy. For our children, saving some coins for
the occasional forbidden toffees is now an act of luxury; each penny counts. As
the cedi keeps losing value, most of us are in a state of helplessness.
How
do I survive, is the question we keep asking ourselves each day. How do I pay
for my next meal? How do I pay for my upcoming rent? How do I pay for my
utilities? How do I pay for the school fees of my children? How do I pay for
healthcare? I keep working, but cannot even save, is a common song of most
Ghanaian workers.
Quite
recently, my mother contracted a young man to weed around the house. After
diligently carrying out his contract which was barely a 32 square meter area,
this young man when asked of his charge boldly let out, “hundred and twenty
Ghana cedi.” I was actually beset with rage when I came home to hear this. After
pondering over this for a while, I realized that he seemed justified. All around
him, prices were soaring! Prices of all kinds of goods and services were being
inflated! Notwithstanding, did he actually deserve what he was demanding?
This
is the trend in Ghana today. Ghanaians are crucifying our economy in the name
of inflation. We are devaluing our currency because what should cost nothing is
being sold at the cost of human life!
Do
you know that a simple haircut can cost as much as 15 cedis? Do you also know
that a simple makeup can cost about 600 cedis? One tomato costs one cedi. A
finger of banana is costing a fortune. Even ordinary kenkey with fish is now
expensive. When it comes to transportation, the rates are overwhelming. I once
chartered a taxi and upon hearing what my fare was, I asked the driver if he
was taking me across the border to Togo. Accommodation and rent these days is a
nightmare! Common “momoni” is now being sold at dollar equivalence!
Is
there a regulatory body monitoring the activities of our traders? Is there
really a consumer protection agency? The only appeals I hear usually go to the
government. What about our local traders? Who regulates their operations?
We
need to start learning to give value for money! People are only too eager to
increase prices of goods and services, at the mere hint of impending prices
adjustments, even when it does not apply to them! Our traders are all trailing
the foreign currencies in hope of increments, so they can immediately adjust
their prices. It is quite interesting, and again, disappointing, when in the
same neighbourhood, prices of same goods vary considerably from stall to stall.
In Ghana, prices of goods and services never reduce, even when it calls for
reduction; it only keeps increasing. This is being perpetrated by Ghanaians!
We
keep claiming that the change in dollar rates is affecting everything we do and
so conveniently, we up our charges! When will Ghanaians learn to give true value
to our currency? Disappointingly, most Ghanaians seem not to care. We only take
pride in telling others that an ordinary haircut that should cost not more than
five cedis, is costing twice the actual value. For the ladies, an ordinary
hairdo is costing a fortune. When it comes to makeup, the smudges, costs a
fortune! Funerals, are costing us fortunes! Imagine families, spending over
40,000 hard Ghanaian cedi on a funeral! Afterwards, we blame the dollar;
everything had to suffer the exchange rates! Unwarranted extravagance!
We
have all been asking questions as how rapidly our cedi is losing value. We have
all been looking up to our leadership for solution. In our own ways, we have
been trying to find answers.
What
about the wastage or unnecessary or easily avoidable costs? All these loose
monies, find their way into our economy, but cannot be captured by our central
bank. In the end, our money keeps depreciating. Does it make any economic
sense, paying far more for any goods or services than is actually deserved? Most
Ghanaians are guilty of this crime. We feel proud or important when we pay more
for something that should cost less. Due to our so-called social status, some
people find it hard bargaining for goods and services. They only pay anything that
is demanded of them. Is it then surprising that we are saddled by caliber of
leaders, who have complete disregard for our needs? We make no demands! Ghanaians
must start demanding value for money for when we fail to do so, we crucify our
economy. That is practical economics. That is our responsibility as citizens.
Of course, we only blame our politicians for our woes, but what about
ourselves?
well said, hope it falls good ears, bravo
ReplyDeletehope its falls on good ears
ReplyDeleteThat's the truth, when I tell people this is the actual situation in Ghana, they think I being too known.
ReplyDeleteWell another thought provoking article. But I wish to remind you that the era of price controls is gone forever. No regulatory body can dictate what price a trader should sell their product unless we are going back to dictatorship. Its true some Ghanaians are taking advantage of the depreciation of the cedi to increase their prices exponentially even though some of these goods are not imported. This opens up opportunities for those Ghanaian who are not into massive profiteering to step up their game and sell their product at a reasonable price so that people will patronise that and shun those who are disproportionately increasing their prices. Thats why everyone must shop around until they find goods or services at reasonable prices and if that can't be found people can step in and satisfy the niche in the market by supplying goods and services at reasonable prices. Sometimes people patronise the goods and services of foreigners and people wonder why. If they provide the goods at cheaper prices it makes sense economically to patronise their goods at the expense of the Ghanaian although this is unfortunate and sad. But if the Ghanaian will exploit their fellow citizen that way then they don't deserve our patronage. We should all do our best to ensure that Ghana becomes the place we all want to live.
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