In the midst of the eurozone debt crisis and a possible global financial crisis resulting from it, one wonders what problems lie on the horizon, which might confront nations like Ghana, and what steps our ruling elites will take to counter them - and protect our nation and its people from contagion (originating from the economic difficulties of the crisis-ridden wealthy nations of the West) with the potential to spread globally.
In that regard, it would help enormously, if those who manage our nation's economy would be creative enough, to make ordinary Ghanaians see the budget not just as a raising-taxes-and-spending document, but rather the outlining, by government, of the measures needed for the resolution of the problems that confront our nation - and above all, spell out to ordinary people, precisely what those problems (potential and actual) confronting our country are.
Surely, as a people, we must move beyond the pointless post-budget point-scoring and irresponsible knee-jerk reactions of financially-illiterate politicians and biased journalists - to a discussion of what actually ails our national economy, and how to move it on a path of sustained growth: which also creates jobs in a harsh global economic climate?
As an example of the sort of helpful and responsible discussions we ought to have about the management of our national economy, which would benefit our nation and the ordinary people of Ghana, I am posting two separate articles by the Telegraph's Robert Winnett and Tim Ross, respectively, which appeared in the 14 Nov 2011 online edition of the UK newspaper, The Telegraph. Please read on:
"George Osborne spells out France’s problems
By Robert Winnett
6:00AM GMT 14 Nov 2011
France is facing questions over its economy, George Osborne warned yesterday, amid fears that the financial crisis in the eurozone is poised to spread.
Mr Osborne disclosed that his European counterparts were 'terrified' by their debt situation but insisted that Britain was in a relatively strong position as plans to cut Government spending were already well advanced.

The Chancellor compared France to Italy, Greece and Portugal, which have already been hit by the financial turmoil, and warned that it was having to make tough decisions about public spending.
Mr Osborne disclosed that his European counterparts were “terrified” by their debt situation but insisted that Britain was in a relatively strong position as plans to cut Government spending were already well advanced.
Last week, French debt prices rose sharply and Gordon Brown, the former prime minister, warned that the country risked being “picked off” in the coming weeks.
Mr Osborne said the eurozone must push ahead with common tax and spend policies and told Germany that it must be prepared to redistribute money to poorer members of the single currency.
The warning was issued as the political turmoil in Italy looked set to drag on despite the resignation of Silvio Berlusconi as prime minister on Saturday. Several influential Italian politicians said they would not support a new national unity government being formed by Mario Monti, a former EU Commissioner.
Last night, as he received the formal mandate from President Giorgio Napolitano, Mr Monti said Italy must “heal its finances”.
Investors are braced for further swings in stock markets this week as the uncertainty across the eurozone continues.
Yesterday, in a BBC interview, Mr Osborne made several references to France in the same context as Italy. Asked about spending cuts in Britain, he said: “At a time like this when you see what countries like Italy and France are having to do … I’m not any more just talking about countries like Greece, I’m talking about big, big economies like Italy and France, they are having to take big decisions on public expenditure. I think it makes everyone here in Britain realise that we, too, have to make those decisions.”
He said that the immediate problems were dealing with the lack of confidence in Italy and dealing with the questions that have been raised over “even countries like France”.
He said to the interviewer: “You are not interviewing a European finance minister who is currently terrified that he can’t sell the country’s debts. There are many finance ministers across Europe who would be in that position today.”
Last week, Nicolas Sarkozy unveiled a savings package of €18.6 billion over two years — the latest in a series of efforts to safeguard France’s triple-A grade credit rating.
Mr Osborne, who will travel to Brussels later this week for talks with other European finance ministers, joined David Cameron in urging Germany to do more.
The Prime Minister will have private talks with Angela Merkel, the Chancellor, in Berlin on Friday.
Mr Osborne said: “If you think of currency unions, here in the United Kingdom or in the United States, we do transfer money around the country in order to try and get greater equality in the economy. I’m afraid that needs to happen in the euro, because we are not there yet and the instability is having a huge effect.”
British ministers are thought to favour a plan in which the European Central Bank (ECB) would bail out beleaguered European economies by effectively printing more money. However, a greater role for the ECB is being blocked by the German government amid fears that it will fuel uncontrollable inflation.
Yesterday, Vince Cable, the Business Secretary, said: “It’s very clear that in addition to the disciplines that the southern Europeans are going to have to adopt, the Germans are going to have to play their role in supporting the euro zone.
“That’s either directly or through the central bank — making absolutely sure that the big countries that are subject to speculative attack are properly supported with adequate liquidity.”
Tony Blair, the former prime minister, said it would be “catastrophic” if the euro collapsed. “The decisions are immensely difficult but they have got to be taken,” Mr Blair said. “Right now for the single currency it is absolutely essential, if it is to be preserved, that the whole weight of Europe and its institutions come behind it.
“If the single currency broke up it would be catastrophic”."
End of Robert Winnett's Telegraph article.
The second of the two culled Telegraph articles, by Tim Ross, follows below:
"CBI: Britain's economic recovery 'blown off course'
By Tim Ross, Political Correspondent
6:15AM GMT 14 Nov 2011
Britain’s economic recovery is at risk of being “blown off course” by the Eurozone crisis and gloomy forecasts for growth at home, business leaders have warned.
The CBI called on ministers to overhaul new European Union laws giving “gold plated” employment rights to temporary workers, arguing that the rules were hampering the recovery by making firms reluctant to hire agency staff.
The warnings came amid signs of growing tension inside the Coalition over how to tackle the flagging economy, as the Bank of England prepares to cut its forecasts for growth.
The CBI report suggested that businesses are reducing the number of temporary staff they employ and are imposing pay freezes on existing employees, in light of the new EU Agency Workers Directive.
A survey of over 460 firms found that only one in six planned to increased recruitment of temporary workers, while one in five expected to cut back.
The CBI’s deputy director general, Neil Bentley, said the directive was having a negative impact on recruitment, which should set “alarm bells” ringing in Whitehall.
“We want a review next year to make sure it does not cause any more damage,” he said. It is in everyone's interest to help as many people as possible to get into the labour market.
“Employers are making hiring plans on shifting sands and there is a risk the tentative private sector jobs recovery could be blown off course by fast-moving economic events at home and abroad.”
The warnings come ahead of fresh unemployment figures, to be published this week. Ministers are braced for the number of under-25s year-olds out of work to exceed one million for the first time since records began 20 years ago.
The Bank of England is expected to cut its forecasts for economic growth on Tuesday. Analysts suggest that the Bank’s prediction will be for a rise in GDP of just 1% this year, down from an earlier forecast of 1.5%.
However, senior Liberal Democrats and Conservatives appear to be split on how to respond to the slowdown in the British recovery.
On Sunday, Vince Cable, the Business Secretary, claimed he was “right” to have warned before last year’s election that cutting public spending too fast would undermine growth.
In a further sign of friction, the Deputy Prime Minister, Nick Clegg, postponed a speech on the economy, which he was due to give today, partly because key policies were not yet agreed between the two governing parties.
The Chancellor, George Osborne, is due to publish his plan for stimulating growth in his annual autumn budget statement at the end of the month.
But proposals must first be signed off by the “Quad” of key decision makers in the Cabinet: Mr Osborne, the Prime Minister, Mr Clegg and the Lib Dem Treasury chief secretary, Danny Alexander.
The Chancellor is drawing up plans for a £50 billion pound infrastructure development programme, including road and house building schemes, to create jobs and stimulate private sector investment.
While Lib Dems are believed to support the infrastructure projects, other key areas of economic policy are yet to be agreed.
Senior party figures have rejected moves to reform employment law to allow firms to “fire at will” staff who are underperforming.
Lib Dem ministers also object to suggestions that the Treasury should abandon a promise to increase benefits in line with inflation, which is higher than had been expected.
Party sources said the proposal was being fought on the grounds that the poorest families need more disposable income to spend on the high street to help the economy to grow.
Mr Cable told the BBC Politics Show that there was “no doubt” that benefits should be increased in line with inflation, although he conceded that there were “issues” and “detail” still to be decided ahead of the Chancellor’s autumn budget statement."
End of the second of two articles culled from today's online version of the Telegraph.
Well, one hopes, dear reader, that when the budget is read this week, Ghanaians will hear constructive criticisms and useful suggestions, from our nation's smug chattering classes - instead of the usual pure nonsense on bamboo stilts that often fill the columns of so many Ghanaian newspapers: and we are forced to endure, listening to programmes reviewing the budget, on radio and television.
As can be seen from the two culled Telegraph pieces, the world could be heading towards another global financial crisis - and it is possible that that might even affect the Ghanaian economy negatively.
Surely, in a changed and dangerous world (financially), it is time we got some sense from our educated urban elites, in the days following the reading of budgets in Nkrumah's Ghana - instead of the usual post-budget circus-of-dunces' that some of us have hitherto been forced to put up with in silence?
The truth of the matter, to use a Ghanaian pidgin English phrase, is that: "Massa, nowhere cool!" Consequently, what our leaders must tell us, if Ghana will be impacted negatively by the financial woes of the debt-ridden wealthy nations of the West, is exactly what they plan to do to protect Ghanaians and their nation's economy. A word to the wise...
Tel (Powered by Tigo, the one mobile phone network in Ghana that actually works!): + 27 (0) 27 745 31
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