Addressing Ghana’s economic challenges in an era of the Dollar Cedi Petroleum Conundrum.

A currency that is depreciating is a currency of no value. Sadly, Ghana, Our Motherland falls into this awful category. Ghana has a very unstable cedi and so mutilating our national trade and boosting domestic inflation. On the other hand, the Dollar is the most traded currency on the world market as at now has a ginormous influence on the Ghanaian Cedi over time.  Energy crisis have ruined our economy. However, the Dollar Cedi Petroleum Conundrum has posed serious and rapid economic challenges in Ghana in the past years.

Petroleum, an essential world commodity also known as gasoline, is most patronized for both industrialized and developing countries. A country’s economy can fluctuate due to the price of petroleum. A country that produces petrol is one that can withstand the test of time. Countries interested in the energy sector such as Ghana suffer as crude oil prices also slump.  It is a well-known fact that petroleum keeps our automobile engines in a good working condition.  Talking of airplanes, cars, motorbikes, tractors, combine harvesters, heaters and the likes would definitely breakdown if they lack their vital nutrient “petrol”. It has done so much good to us as mankind, providing jobs for individual s in the Energy sector and serves as a substantial substance for sale and makes countries so very proud to offer such an implausible commodity.

The headache of all these brouhaha came as a result of our inability to price petroleum products like Crude Oil on the world market reasonably. This unforeseen act became a big blow to our national economy as a whole. It destroyed local industries, agricultural activities etc. Of course, there was some mismanagement of funds in the early 1900s creating problems for us as a nation in our petroleum sector. Looking at this, there’s no doubt that, Ghana’s economy is in a state of dilemma.

Crude prices back then were to be sold at relatively cheap price to enhance the growth of our local industries. Nonetheless, agencies like the Ghana National Petroleum Corporation (GNPC) were tossing our Energy sector anyhow like the dice on the monopoly board which caused huge debts in the country. It was so heartbreaking that Ghana could not redeem itself from the catastrophe it was facing. Governments that have run the country so far, increase taxes to pay the debts that has incurred and make ourselves appealing to the world market. This problem however, generated a lot of citizens grumbling andwhining because of how difficult the standard of living had become.

A country with a vision, producing raw materials like crude oil, should be our core responsibility to make life meaningful for Ghanaians.  The Petroleum conundrum is affecting almost every sector in the country from education, to healthcare to buying of petrol for our vehicles and to even feeding.

Going forward, new commercial discoveries are not being made and so it is hampering progress.  At this juncture, I ask myself whether Ghana can produce crude oil excessively like before, or continue to borrow from the World Bank. The Akuffo-Addo administration must take a bold step in attending to fuel supply issues, cost of electricity and avoid the embezzlement of funds within our civil service.

By; AWO BOAKYE-YIADOM

Level 300 student of the Ghana

Institute of Journalism

 

 

 

 

 

Share News

submit to reddit