Economic crunch: Political capture is killing Ghana – Dr. John Kwakye

Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwabena Kwakye, has lamented the prioritization given to party interest over the national interest in the administration of the country by political leaders. In a series of Twitter posts on October 26, Dr. Kwakye said the country needed a political leader who will break the trend suggestively to pave way for development. Pointing to Singapore’s success story under its leader, Lee Kuan Yew, Dr. Kwakye said people ought to be appointed into public jobs on merit and not based on party affiliations and relations. On specific matters of the economy, the IEA Research Director advocated for the country to look within to find solutions to its challenges. He further suggested that a move to the International Monetary Fund was not an answer to the current economic downturn facing the country. “Washington is not the answer to our problems. We must find the solutions to our problems here ourselves. If our leaders cannot do that, then they have no business leading us. #Let'sFindSolutionsToOurProblemsOurselves," the Economist wrote. “We should discuss both a short-term plan to stem the current slide in the cedi and a long-term plan to stabilise it on a lasting basis. “Remember one of Lee Kuan Yew's secrets for Singapore's success--MERITOCRACY! It means the leader gives public jobs to competent people and not necessarily to party people, friends or relatives. “Political capture is killing Ghana. When our leaders get into power, they work to promote their political party interest rather than the national interest. We need a leader who can break this obsession,” Dr John Kwabena Kwakye tweeted. Ghana’s economy has been experiencing a downturn in recent years. Inflation rates are at a record high level while the Cedi is also on a free fall against the US Dollar. Amidst the challenges, the government is negotiating with IMF to secure a $3 billion programme to be spread over a three-year period after a series of downgrades of the economy by rating agencies such as Fitch, Standards and Poor and Moody’s. Watch the latest episode of BizTech below: DS/MA