Africa is the richest continent in the world, yet, despite all the resources, it remains the least economically free and most protectionist continent in the world. Why, because the continent is under the leaders who are experts in corruption, looting, stealing, and above all, only a few are intelligent.
Decades after independence, poverty still persists today in many African countries because of bad policies, lack of intelligence, and corruption by African leaders. Innocent Africans continue to suffer greatly from the actions of selfish leaders, years after independence.
Economists can’t find solutions and answers to problems on the African continent. How many loans does the continent need? And how much money is invested in developmental projects on the continent?
These questions are simple, yet, the answers are difficult because the financial administrative structures in Africa are not sufficiently transparent to allow rigorous accounting of public finances.
The lack of intelligence and the inability of African leaders to utilize resources, have forced them to continue borrowing monies from foreign governments.
The fact is, in developed countries, a significant part of economic growth has been achieved through debt but in Africa, because of corruption, economies are always depressed, having adverse effects on poor citizens.
The same problem Ghana faces today. Debts increase the burden of African countries, as well as affecting the economy, for example, n Ghana and Nigeria, public interest payments consumed 40% and 24% respectively of total government revenue in 2016.
Furthermore, this disproportionate interest payment/government revenue ratio reflects the fact that the perception of taxes and institutional capacity for this purpose remains generally insufficient in the region.
Having more foreign debt denominated in foreign currency exposes a country to exchange rate fluctuations. Note that the depreciation of the exchange rate of a local currency increases the real value and the burden of debt denominated in foreign currency.
Sometimes, I wonder if countries on the African continent will ever be developed but the fact since the leaders are deeply corrupt, lack the intelligence in managing economies and unification, Africa will never be developed continent.
The truth is we can never be, imagine in Ghana, the NPP government has abandoned projects which belong to Ghana because they were started by the opposition government, the NDC.
Will any developed country's leader give respect to Akufo Addo? Not at all, they will only pretend when they need something from Ghana. If African leaders are given the respect they deserve, Trump will not call the continent a 'Shithole Nation.'
Respect is only given to wise and intelligent people and in Africa, we have only one percent, which goes to the Rwandan leader, Paul Kagame.
Before Africans will be respected or considered as human beings like other nationals of developed countries, we need to show our intelligence in whatever we do. Like most African countries, Ghana is also full of hypocrisy and hate.
A columnist who lives in America, (I haven't mentioned anyone's name) insults Mahama and the NDC politicians in each of his articles but when I write an article about Akufo Addo and he is not happy about it, he uses false names to call me NPP hater and weed smoker.
I have accepted it but I remind him that I don't need to convince my thousands of readers that I have a fake or genuine Ph.D.