For over 60 years of self-rule and political independence, Ghana is yet to be fully economically independent.
Indeed, shortly after the declaration in the night of independence that the “Blackman is capable of managing his own affairs,” the country had to fall back to the colonial master, the United Kingdom, and the United States of America, for financial assistance to execute the Akosombo Dam, which up to date remains a major national strategic asset.
So, loans from these sources, totalling 48 million cedis (£35 million) then, were provisionally earmarked, with the Ghana government supplying the remaining 84 million cedis (£61.25 million).
And so, subsequent leaders and Presidents never stopped relying on borrowing from these states and other foreign financial institutions such as the World Bank and the International Monetary Fund (IMF) to support our annual budgets and major development projects.
Exit
This has been on until April 2019, when Ghana officially exited the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) programme.
To back words with action, President Nana Addo Dankwa Akufo-Addo in May 2019, launched the charter and a strategy document which would guide the nation in attaining the Ghana Beyond Aid agenda.
The import of the agenda is to create a nation that will be self-sufficient and prosperous, governed according to the rule of law, respect for human rights and individual liberties as well as the principles of democratic accountability.
Bold step
Surely, this is a bold decision and the exit from the IMF should create an opportunity for the government and, indeed, subsequent governments to consolidate further the relations with its social partners. And so it was a great move by the government, shortly after the exit to have signed a landmark social partnership agreement with organised labour represented by the Trades Union Congress and the Ghana Employers’ Association.
Ghana Beyond Aid
At the 71st New Year School, opened by President Akufo-Addo, participants lauded government for taking the bold step to launch the agenda.
They, however, advised the government to pursue the policy devoid of partisan politics.
The position of the participants could not have come at an opportune time. Truly, the policy is brilliant and well-thought out but if we do not move beyond partisan politics to the national level where all stakeholders, irrespective of their political and religious orientation as well as gender or whatever to contribute towards it, own it and internalise it, then it will be a mirage.
No other choice
The Ghana Beyond Aid policy is hailed by some important personalities outside this country and the onus is on all Ghanaians to team up, look within to raise funds that must be required for the country’s development purposes.
The policy is our only hope to be truly independent and it is our responsibility to either support the realisation or fall back into the arms of the IMF and World Bank.
That should never happen because we will then become a laughing stock.
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