By Dr Kofi AMPONSAH-BEDIAKO
THE world today has been hit by tremendous economic challenges that have come about as a result of uncontrollable global factors.
Many organisations in the world in both developed and developing countries have folded up because of unfavourable economic conditions. As a result, the unemployment rate has started rising again. This is having a tremendous negative effect on society thereby making life unbearable for individuals and families all over the world.
We are aware of some Ghanaians who travel to the US and other developed countries to work for about 2 months as they usually do to gather some income and come back to Ghana to continue their economic lives.
Unfortunately, some of their sources of employment in such countries had collapsed because of external factors such as COVID-19, the Russia-Ukraine war and also escalating global inflation. Thus, they came home disappointed and found it difficult to repay the cost of their air tickets which they had used to travel to such countries.
It goes to show the catastrophic effects of the unfavourable global economic situation that has made life unbearable for all people in the world.
It is therefore proper that we realise this fact and stay in the country to support the central government in fighting hard to address the economic challenges and bring in the needed results. No one will come from outside the country and do it for Ghana.
If this is the case, then we need to remain committed with each other, stop the needless blame game and rather encourage each other as we fight hard to overcome challenges in the economy.
Not long ago, the government increased the price of cocoa by not less than 63% per bag. This is good news for our cocoa farmers but instead of commending government for a good work done, the minority politicians decided to punch holes into this positive endeavour to make it look as if nothing good has been done. This is very unfortunate so we need to change our attitude when it comes to such negative behaviour.
The truth of the matter is that the opposition could not have done better to raise the price of cocoa to even 70 or 80%. The increase was carried out to sustain the cocoa industry so that our farmers will find it worthwhile to stay in that sector.
Apart from that, many young people will also find it attractive to go into that sector to contribute their quota to national development. This is therefore a good move that must be encouraged by all as a way of raising the standard of living to an appreciable level.
The increase in cocoa price per bag was done in spite of the current economic challenges. It is for this reason that the action by government ought to be commended because in these challenging times, it will not be easy for any government to be able to carry out this feat in support of the cocoa industry.
Any positive challenge carried out in these trying times must be noted and supported by every well-meaning Ghanaian. Similarly, all institutions must do their best to strive and achieve good economic results in spite of any economic challenges in their areas of operations.
Indeed, Bayport Savings and Loans has demonstrated remarkable resilience in the face of persistent economic challenges and achieved significant milestones in the first half of 2023. This is highly commendable.
As a result, the market responded with strong demand to Bayport’s latest bond issuance, despite the institution’s absence from the market for several years.
For being able to come back into the picture this way is good. That explains why Bayport should be highly commended by everyone in this country.
The funds obtained were directed towards the company’s assets, leading to a 2% increase in our loan advances compared to this time last year. Additionally, its overall asset base expanded by 6%. Bayport’s overall profitability was positively impacted by an improvement in its impairment position.
In conclusion therefore, we can always make it in life if our activities are carefully planned to achieve better results irrespective of the challenges we face as individuals or business entities.
We need to continue in this manner so as to be able to bring about continuous progress and smoothness of economic life not only with regard to our organisations but the entire country as a whole.
The challenge may be great but we can always find a way round it to move forward because as Dr. Bawumia, the Vice President has pointed out, It Is Possible.