THE HARD ROAD TO RECOVERY (JULY 27, 2009)

THE global economic downturn has, since last year, disturbed the steady growth of our economy.
During the last quarter of last year, rising crude oil prices and high food prices combined to upset the Ghanaian economy and, by extension, the well-being of the people.
The first half of this year has been particularly trying for our economy. During the period, the value of the cedi plummeted further against all the major currencies, throwing into disarray the budget of the government, households and companies, while inflation and cost of living also soared.
Frankly speaking, the trend ruffled the plan by the NDC administration to hit the ground running in its quest to build a better Ghana.
The rising cost of living has created economic and social tension among the people as each passing day they look on helplessly because the credit crunch has impacted negatively on their lifestyles.
The good news, however, is that with support from our development partners through the injection of credit, the economy is on the road to recovery.
But this is not the time for complacency because the road ahead to attaining the goals set out in the government’s budget statement will be rough.
The situation, therefore, calls for more sacrifices from both the government and the governed.
It is against this background that the Daily Graphic thinks the assurance given by the Vice-President, Mr John Dramani Mahama, at the Ghana Club 100 awards ceremony organised last Friday night that the government intended to reduce inflation to 14 per cent by the end of the year through the adoption of pragmatic policies and measures would calm the nerves of the people, especially the business community.
Rising inflation and high interest rate have rendered our country a high-cost business destination environment on the continent.
The Daily Graphic believes that the business community will welcome initiatives such as the austerity measures announced in this year’s budget to put the economy on an even keel and make the country more attractive for business.
We believe that the stabilisation of the cedi should serve as a major boost to the operations of business concerns which have had their budgets disrupted over the last six months because of fluctuations in the value of the cedi.
The Daily Graphic, therefore, calls on the government to keep to the programme outlined in the budget so that the business environment will be conducive enough to attract the necessary support to create more wealth and jobs for the people.
There is no shortcut to recovery; we can only overcome the economic challenges through hard work, sacrifice, as well as the strict adherence to rules and regulations.
Tough times lie ahead but we shall endure if all of us put our shoulders to the wheel.