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Opinions of Wednesday, 17 October 2012

Columnist: Adu-Gyamfi, Kwaku

Shouldn’t Ghana File For Bankruptcy, ASAP?

“Say what?”.Oh, Puh-lee-ze, give me a break!

Yes, I know that Ghanaians have very highly inflammable anger in their chromosomes when it comes to monetary issues. However, I have intentionally gone out of my way to push the pedal of creativity and controversy to their limits, just to test the temperament and creativity of Ghanaians in this piece…...

The landscape of the United States of America is littered with billboards inscribed with Bankruptcy messages: “If you’re feeling alone or depressed because of financial problem, cheer up! You’re in good company….”.

Question: Can Ghana meet all her financial obligations to its local and international ‘judgment –debt’ collectors, after the election? Don’t panic, there is always a way out…..!
Bankruptcy is a mechanism use by individuals and corporations (and nations) that can’t meet their financial obligations to their creditors.
Given the way the Ghanaian governments over the years borrowed and spent money waa-waa, bankruptcy is not a bad option, if we want to put our creditors at bay and make our future Wayomes frustrated and disoriented. It won’t be unprecedented!
When you make billions and billions of dollars from oil and other natural resources and get zillion dollar loans from donors, the last thing anyone expects from you is go bankrupt. But, Ghana should seek bankruptcy as soon as possible to get the future Woyomes from its back, so as to concentrate on its business of creating jobs and building infrastructure for its people.
Question: Do you remember when we went HIPC (Highly indebted Poor country) and saved a lot of money? We also built a lot of classrooms across the land through HIPC. Perhaps, some of your relatives are currently enjoying the fruit of HIPC. Sound familiar? So spare me with your criticisms and innuendoes!
Actually, the declaration of bankruptcy is not an indicator of one’s very poor financial health. Instead, it’s a business move individuals and corporations use to shield from “Judgment debt” and other creditors. It can ultimately stop the collection of any bizarre and weird future and present fraudulent judgment debt. Bankruptcy can’t be used as a quick- fix for our mismanagement syndrome, mind you. However, it’s something worthy to think about if we want to enjoy our newly -acquired socio-economic stature.
Don’t scratch your head because Ghana won’t be alone in the bankruptcy department. The fact is world’s famous bankruptcy persons and corporations include Donald Trump, a financier, General Motors Corporation, cars manufacture, Henry Ford, an automobile magnate, Thomas Jefferson, the late president of United States and a host of prominent individuals who are all bankruptcy alumni.
These folks and corporations had their great success and fame after their bankruptcy. So why not Ghana?
Yes, I know I have stepped into a dog poop, by bringing such a controversial debate to live..Why, not? I have a knack of thinking the unthinkable. Sometimes it worth thinking of the unthinkable. It may sound very weird, but if it can save the country and put it on a sound economic path what is wrong with that?
Do we want to massage our deflated ego and arthritis pride or develop a sound business decision to save Ghana from con men and women, who want to prey on Ghana’s naivety? What do we value? Take your pick!

Kwaku Adu-Gyamfi (voice of Reason)
*the author is a social commentator and the founder of the Adu-Gyamfi Youth Empowerment Foundation for disadvantaged Youth of Asuom.