About six weeks ago I was in New York, and for the first time in almost three decades, I struggled to sell the economic credentials of my country. When we were approaching the runway at Kotoka International Airport, at the end of my return journey, I looked outside from my window seat, and my joy about a safe return, as often, turned into sadness – the sharp contrast to what one sees when approaching the runway of the international airport of an average modern city was distressing. I asked myself, why? Any hope of accelerating our development is now dimmed by our current economic crisis, the result of a monumental failure of leadership. I saw it coming when after only three months in office, the government rushed to raise USD2.25billion from a single source. I thought the interest rate, 19.75%, was punitive, and the redemption premium was protective of the term (duration) of the bond. I saw tell-tale signs of recklessness and I advised a more critical look at proposals from the Ministry of Finance.Our economy is in a mess and the growing frustration and sense of helplessness among the youth is frightening. I am worried about the greed-inspired, divisive and acrimonious politics which is at the root of all this. What has become of all the love we shared as one people? How I wish we all are committed to building the Ghana that was the dream of our founding fathers. I know what suffering is like, so I’m worried for my “fellow Ghanaians”. That is why, once again, I want to share my thoughts on our development challenges. Much of what I have to say, I have said before and are common knowledge. But there are certain things that can never be overemphasized, and there is often the compelling need to repeat what may seem obvious. Our vulnerabilities The COVID-19 pandemic has been a great challenge, and so has been meningitis in northern Ghana, and Ebola in some parts of Africa. These and other tragedies have exposed the vulnerability of the black race and the imperative need for our leaders to think about what we can do to further the cause of development in Africa. Here in Ghana, we seem to have missed the opportunity to strengthen our peace and unity, which are vital for development.Our current economic challenges predate COVID and, of course, the ongoing war in Ukraine. We shall survive all of these, but we must remember always that survival is not the same as prosperity. The truth is that our people are suffering. Our resource endowmentsWe are lucky, just like many other African countries, to be endowed with so much, the most important being our human resource – young and growing population. Our country, and the rest of the continent, have more than our fair share of the world’s natural resources.About 30% of all known mineral resources are found in Africa; we have 20% of the world’s landmass and 60% of uncultivated arable land; and we have 17% of the population. Yet we account for only about 3% of global output, GDP, and a similar share of world trade. According to the International Energy Agency, Africa has 60% of the world’s best solar resources, but only 1% of solar generation capacity.Ghana, with its fertile land, gold, diamond, bauxite, manganese, oil and gas, etc., is much better endowed than the average African country. So, the potential for development is great. The dream of our founding fathers and the 1992 constitutionDevelopment that provides the necessities of food, shelter, water, health, education, electricity, roads, jobs and incomes, thus good living standards, and ultimately, happiness, is the minimum that Ghanaians desire, and indeed, deserve.Not only did the founding fathers of our nation recognise this, but they also believed that we could work for the desired development. That was what inspired the demand for independence and the proclamation that “the black man is capable of managing his own affairs”.They also believed that we need a free, just, and democratic society in order to develop to our full potential, hence the choice of the motto, Freedom and Justice, to inspire commitment to these most basic requirements of democracy.The framers of the 1992 Constitution underscored the need for development by providing in Article 36 (1), under The Directive Principles of State Policy, that “The State shall take all necessary action to ensure that the national economy is managed in such a manner as to maximize the rate of economic development and to secure the maximum welfare, freedom and happiness of every person in Ghana and to provide adequate means of livelihood and suitable employment and public assistance to the needy”.The importance of individual initiative and the private sector are also recognised through the provision in Article 36 (2) (b) that “The State shall, in particular, take all necessary steps to establish a sound and healthy economy whose underlying principles shall include affording ample opportunity for individual initiative and creativity in economic activities and fostering an enabling environment for a pronounced role of the private sector in the economy”. Happiness is the essence of life, and it is important for unity, peace, stability and for continuing development. So, without guaranteeing the freedom of every individual to pursue happiness, no nation can develop to its full potential. Thus, peace, development, prosperity and happiness for all were in the minds of our founding fathers and the framers of the 1992 Constitution. The reality of the state of affairsThe truth is that we have failed, woefully, to achieve the ideals of the 1992 Constitution, and the vision of our founding fathers – a nation that is able to provide, under indigenous leadership, the basic necessities to all its people and ensure their happiness. We have pretended for too long.I consider poverty in Ghana a paradox because of our enormous resource endowments – we are hungry in the midst of plenty; thirsty, while standing in the middle of the stream; and beaten by the rain, while
