By: News Desk
The people of Emofialand have ended the year 2025 in a celebratory mood praising the Aryatolla for a good job done so far. Without any argument, we have made great strides in achieving a cooling-off across the economic spectrum which is highly recommendable, impressive, and “unmistakable ” according to our able Finance Minister.
So, are the citizens of Emofialand justified in their celebrations? Yes but not that early, not so grandiosely. We must hasten and be cautious in doing so. Extreme care must be taken not to start celebrating too early, else we fall victim of the Plato’s allegory of the cave in his work The Republic . When you’re ignorant, a little truth becomes a great awakening which could be a philosophical suicide. And as Plato posited, ” the journey upwards is the ascent of the soul into the intellectual world” but the challenge is that, it’s more difficult to attain that than to glorify oneself in the current vegetative or marginal awakening state.
Undoubtedly, there are marginal gains but the managers of the economy must understand that, this is just a cooling-off period. A period that had started pretty well and needs to be consolidated and sized-up aka sustained over a reasonably long period, well-in-to the first 5-year term of the next government after Aryatolla’s exit, if the kingdom’s Constitutional Review Committee’s proposal is accepted and constitutionalised.
In my earlier submissions or rather postulations on the state of the economy, and what and how long, ceteris paribus, it’ll take to reverse the situation, I’ve argued very strongly that it could take nothing less than 10 years even in the face of a regimental implementation of various policy initiatives as proposed by the Aryatolla’s 2024 promises aka manifesto, to the people of Emofialand spearheaded and anchored by the 24-hour economic policy framework.
The question remains, though as to what had changed, what caused the turnaround to be so drastic even to the amazement and surprise of economic agents of King Promise and his criminal gangs? At a recent count or recount, one scriber listed nearly 200 individual and separate cases of corruption and corruption-related allegations levelled against King Promise and his kingpins, a further review of it could leave not less than 60 extremely serious cases that should result in prosecution and punishment. And I’m sure the people of Emofialand are anxious to see offenders caved long enough to assist them reorganize their thoughts about reality and illusion.
As an analyst you could be fatally wrong if you attribute that to one single factor, but in this situation allow me to be bold. The overreaching adhesive is the *DISCIPLINE* that characterized the Aryatolla’s administration since he assumed office on 7th January, 2025. One may ascribe so many names to it as leadership, as focus, as lean government, as subdued corruption or it’s practice, etc.
But if you take a quick trip down memory lane and heard the Supreme Leader tell his Finance Minister; ‘you can cut expenditures especially of the presidency anyhow you want’ then a few things couldbecome clearer. Now if the #1 could publicly give you such a blank cheque in other words, true empowerment, freehand as this, then you have no excuse to not deliver.
This blank cheque provided the Finance Minister with the audacity and confidence to set expenditures in a manner that forces or injects fiscal discipline into our public finance arena, and in his words, “I set expenditures at 2023 levels” and even thereafter getting in, to introduce additional cost-cutting mechanisms which he termed as “shock therapy.”
All the key macroeconomic indicators have shown signs of recovery and are actually, in great shape. The cedi appreciated against all major trading currencies [about 40% against the greenback]; inflation plugged into single digits [6.3%] with food inflation easing significantly; trade balance [$8.5bn surplus] and current account [$3.8bn surplus] have good funds therein giving us a reserve position of some $12billion which can take care of about 5 months imports; our credit ratings with Moody’s, Fitch, S&P, etc rescued us from junk status to the Bs with positive outlook.
The economy of Emofialand itself expanded by over 6% within the year with non-oil growth hovering around 7.5%. Interest rates dropped sharply to 11% making government instruments unattractive thereby opening up the credit market for private business.
Public debt now stands at Ghs630bn representing 45% of GDP. So when rebasing is done in the next window, our debt-to-GDP ratio will ease admirably which could bring us to the B+ and A- rating brackets.
So if you look at all this, we have good reason to celebrate this Christmas especially that we have been deliberately denied of good governance over the past eight years under King Promise and his criminal cartel. The reason to celebrate is further amplified by a super-duper socially-oriented budget for the 2026 fiscal year.
But, and this is a big BUT, let’s hasten in such celebrations and rather urge the Chief Driver to hold on tight to the steer- the steering wheel that he didn’t shout off the roof-top to be given to him.
We can all see that the Aryatolla is serious, dead-serious so much so that if you’re an appointee be it a Minister of State, a Governor or a governing board, Director General or Managing Director or Chief Executive Office of anything Emofialand then you must be living in a plutonian environment or society to wanting to chart your own course.
That would have earned you the title of Alexander the Great or Kimon of Athens, or Tughlaq Q. of the Indian Sultanate or even someone in his vegetative state completely unaware of the times- world-class brainlessness. And that must be considered as an act of deliberateness.
So, what should be the focus? We must continue to build up our trading, current, and reserve accounts; we must continue to build up gold reserves through the goldbod; complete the precious minerals reform programme by adding diamond, bauxite, timber, salt, manganese, iron ore, chrome, limestone, quartz, copper and lithium to the now existing gold and cocoa boards. You don’t need a stand-alone board for each of these lines.
We must speed up the foundational works of the 24-hour ecosystem, double up on the big push agenda, and encourage all SOEs to deliver on mandate through a comprehensive monitoring and evaluation framework for them- _aspire 24_ .
We will not be committing murder if we refine our own crude oil as the chimnies of Tema Oil Refinery had started gushing out fumes again after some 7-odd years of non-operations. The resumption of operations at TOR is a practical testimony of the resuscitation of the economy which had been in the intensive care unit- ICU until the beginning of 2025.
I wondered why we didn’t thank God at this Christmas Thanksgiving Service that TOR too wasn’t sold- I did, if you ask me. The additional and second refinery is on the way under the leadership of the Supreme Leader – consider it done, that’s Emerson.
To take leave, I’ll say this to you: Let’s not quit the IMF, not in the immediate term. We have to maintain our special drawing rights- SDRs so as to have them in the kitchen with us. We need the disciplinarian Headmaster in the boys brigade dormentory else indiscipline could revert into our governance system, though not under the current president. That one, you dare not.
Merry Christmas to all citizens of Emofialand and best wishes for 2026. Let’s support this government to succeed. The commitment is obvious. One full year of scandal-free operations, eeeiiii. Ayekooo to you Sir. If you like my new year wishes then share it so folks can read.
Dr Nene Adams Kortey ASAFOTEI
Financial Economist & Public Policy Advocate
Source: www.thenewindependentonline.com
