...On The Matter Of The Appreciating GHc My good friend, Dela Coffie, engaged me, on what, in his own words, is the unprecedented appreciation of the cedi against the major currencies. I proffered that indeed there is some market correction ongoing but that this is the result of the signaling effect of the Ghana/IMF talks and the Sovereign Bond issue, not due to anything good and/or substantive happening on the ground. He disagreed, insisting that this is the result of the governments efforts. In response, I propose to him a test of my hypotheses thus: Let GoG announce today that its breaking off discussions with IMF, and/or that its unable to meet pre - disbursement conditions for accessing the proceeds of the bond issue...and lets see what happens to the exchange rate. I admire my brothers efforts on behalf of this government, and must admit, being an Asabee-like English Bulldog in his beliefs, he insisted that the GOG/IMF talk and the bond issue is certainly down to someones effort, or? Please, admit something is really happening... So, my dear brother Dela, this is my response to you: As a nation, it is way past the time that we should be rewarding TANGIBLE RESULTS, not efforts, and certainly not COSMETIC, PYRIC RESULTS. If you are appointed to manage a business which is currently making a loss of say 3%, within 7-8 months you led the business into making say a 40% loss, the losses are getting worse, and after announcing that youll need to hire a turnaround expert to help you sort out the issues, the losses scaled back by say 2-3% to 37%, you dont attribute it to your good management skills. In fact, it is a testament to your monumental failure! I think it is too soon to start wheeling out the usual propagandist adjectives like unprecedented, outstanding, and good! Lets get to work!
Posted on: Fri, 19 Sep 2014 11:36:31 +0000
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