GHANA ECONOMIC CHALLENGES PRICE VOLATILITY OF CRUDE OIL IN THE WORLD MARKET NOT THE CAUSE CRITICAL THINKERS OF NPP CHALLENGE NDC PROPAGANDIST ***************************** The statement made by the NDC member harry zakorh, that our economic problems or our economic challenges are due to the price volatility of crude oil in the world market and that no one should blame the government for it is false, misleading and an insult to the knowledge of economics. our economic challenges should be largely blamed on the government and not the price volatility of crude oil in the world market. The NDC government is not practicing the following economic theories and principles. 1.John Keynesian model of economics 2.Neoclassical theory of economics 3.Classical theory of economics 4.Says theorem. All these theories laid emphasis on production economy leading to strategic savings to restore confidence in the economy when ever recession sets in or whenever there is challenges with the economy. The NDC government has converted the economy to service sector economy and the government is solely depending on taxes and loans for its economic activities. As a result, whenever there are challenges with the economy the government is forced to increase taxes, engage in illegal transactions like sales of state properties and contractions of loans to raise money to mitigate the effect leading to social difficulties, hardship and worsening of economic conditions. However, if the NDC government is practicing good policies then the following measures can be taken any time we face economic challenges. According to JOHN KEYNESIAN MODEL OF RECESSION. 1.Cutting down of taxes to provide relief to business communities to produce more and reduce the price of commodities 2.capital injection/loans to provide financial relief to business communities at conducive rate 3.strong monetary policies by central bank through its subsidiaries by setting threshold bench mark for base rate. however, none of this is happening but rather opposite is happening leading to economic hardship and social problems. Increase in taxes instead of reduction, engagement in illegal transactions like sale of state properties, no capital injection to provide relief to business to curb price hikes. This is happening because of bad policies of the government. We the critical thinkers of npp are therefore challenging the government that, the explanation given by them is false, misleading and above all, an insult to the knowledge of economics. we therefore call on all Ghanaian to reject this irresponsible government. WRITER (Magnus Zephaniah pongo)
Posted on: Fri, 21 Mar 2014 18:49:25 +0000
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