Hello everyone,
Our economy has been quite on the verge of breaking down and it seems that as time goes by, it just keeps getting worst. This makes us feel as if the worst is possibly yet to come since we have seen many cases where similar things have occurred.
We have been made lots of promises over the years by governments seeking to do something about it this and the most recent and perhaps the most popular one is that of the current vice president's one. This is where he claims that there are measures in place to "chain" the dollar.
All these beg the question, why are politicians constantly lying to their citizens? The answer is quite simple, to amass wealth. When have we seen any corrupt state, particularly here in Africa, get their officials to answer for their political crimes? More importantly, who are they going to answer to?
So long as we live in a democratic country, there will always be such scenarios and various appeals will surely fall on death ears.
But why is our currency always losing value? It turns out that the simple answer is the right one. Mass printing of the currency.
It has become a tradition that almost every government in power tries to bring in new versions of our pre-existing currency for their own personal reason. With the current government, we have seen new 2 cedi coins, 5 cedi notes, 200 cedi notes and 100 cedi notes.
For a country's currency to maintain its value, a similar amount of currency must be burnt to balance out those in existence to that of the newly printed ones. Where lies the accountability and why was there the need to even print these large bills in the first place?
Even well developed nations do not have $200 bills. This lack of accountability in our government is exactly what is killing and deflating our economy. And truth be told, I don't think there is a chance of ever gaining momentum on the dollar again unless we put massive measure in place to avoid over-printing our currency and deflating its value.
Thank you.