Why is this sad situation in Ghana wrapped in gold

 

Doris Oduro is a single mother of two children. He is the owner of a small Manihari shop. That store is almost empty now. He is disappointed with Odorcor's store in Accra, the capital of Ghana. After 15 years of business, now thinking of closing it down. Because he is unable to keep up with the rising cost of living.

Oduro, 38, sells imported products including juices, biscuits, soft drinks, cosmetics, sweets at the shop. He said, "I am now facing huge losses" because the economic crisis in Ghana has now intensified, which is having a huge impact on Oduro's business.

Oduro said, “The price of the product is increasing, it is affecting my capital. Because of this I now want to close the business and do something else. Things are very difficult for me. Because, I cannot sustain the business. And I have a family too.'
The World Bank once described Ghana, rich in oil, cocoa and gold, as the shining star of Africa. The country was the fastest growing economy in the world after economic growth doubled in 2019. But currently the country has no identity in terms of economy in West Africa. Despite being an exporter of cocoa and gold, the country is facing its worst economic crisis in decades. Inflation is currently at a record 50.3 percent in Ghana, the highest in 21 years. Ghana is currently in a dangerous state of economy. Because, the country is not able to repay the loans taken from different countries and organizations.
Ghana's economic success has been evident since the country's new president, Nana Akufo-Addo, took office in January 2017. He brought down inflation significantly. In 2016, the rate of inflation during the previous government was 15.4. By the end of 2019, this rate came down to 7.9 percent. Until the Corona pandemic in March 2020, it remained at one digit. Before President Akufo came to power, the country's budget deficit was 6.5 percent of GDP. By the end of 2019, it had fallen below 5 percent.

Daniel Anim Amarteya, an economist at the Accra-based Policy Initiative for Economic Development, said, 'The growth we saw from 2017 to 2019 came mainly from the oil sector. We were happy to see the economy improve, but we could not proceed with the right strategy. Because, economic growth affects other sectors. For example we have neglected the agricultural sector. We could not invest much in this sector. But the government was complacent.
Small businessmen in Ghana are forced to close their businesses due to the economic crisis.