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How Did Ghana Survive Her Economic Woes ? - Politics - Nairaland

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How Did Ghana Survive Her Economic Woes ? by Logba: 3:08pm On Aug 01, 2011
Ghana was once in a bad economic situation. Ghanians fled the country in thousands to seek survival in other lands. Nigeria received large population of them in the 70s to early 80s. Every shoe cobbler in Nigeria then was a Ghanian and all menial works were reserved for them. Their ladies could be found in all corners of the country engaging in prostitution.
However, If you find a Ghanian in Nigeria today, he/she must be on holiday or fulfilling another purpose in his career or personal life.
The question is what happened to Ghana suddenly that the country was able to turn herself around from a rejected land to sourced land.

Every company in Nigeria now wants to operate from Ghana and the economy of the country has stabilized.

The only one thing i remember that helped Ghana to a large extent was the great Jerry Rawlings. He led a revolution that arrested past Ghanians leaders and made them to return the stolen money into the government covers. That was the pedestal Ghana needed to take off. It became a crime to steal government money in Ghana and the money recovered was used judiciously.
A new begining was set and things started taking proper shape. No wonder they celebrated 10 years of power stability.

I think Nigerians too should borrow a leaf from this.
Re: How Did Ghana Survive Her Economic Woes ? by anointedf(m): 5:01pm On Aug 01, 2011
Yes, not just to borrow a leaf but execute an amplified version of Rawlings program. Naija is overdue for that and i think the time is very close too.
Re: How Did Ghana Survive Her Economic Woes ? by tpia5: 9:32pm On Aug 01, 2011
any country anywhere which has a huge number of its population seeking greener pastures elsewhere, is not a paradise.

ok?
Re: How Did Ghana Survive Her Economic Woes ? by emofine(f): 11:01pm On Aug 01, 2011
tpia@:

any country anywhere which has a huge number of its population seeking greener pastures elsewhere, is not a paradise.

Especially one that has been relatively peaceful since it's existence.

Logba, all fingers are not equal. There was a time when Angola was the poster child of hopelessness now everyone has seen the remarkable strides that nation has taken - it's called rise and fall. Our trajectories are not the same nor is our potential, our problems are not identical thus our solutions will differ. All this "look at Ghana" or "look at South Africa" constant chatter will not guarantee us solutions to our own very different problems. For your information Nigeria's economy is growing.

*sigh* Nigerians are really diverse eh, even the Internet ones are a different band altogether *rolls eyes* thank goodness for reality - I meet sane ones in real life tongue

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Re: How Did Ghana Survive Her Economic Woes ? by tpia5: 1:38am On Aug 02, 2011
^^
Re: How Did Ghana Survive Her Economic Woes ? by ektbear: 1:38am On Aug 02, 2011
emofine:

Logba, all fingers are not equal. There was a time when Angola was the poster child of hopelessness now everyone has seen the remarkable strides that nation has taken - it's called rise and fall. Our trajectories are not the same nor is our potential, our problems are not identical thus our solutions will differ. All this "look at Ghana" or "look at South Africa" constant chatter will not guarantee us solutions to our own very different problems. For your information Nigeria's economy is growing.

+1000

QFT.
Re: How Did Ghana Survive Her Economic Woes ? by Nobody: 6:09am On Aug 02, 2011
But who will bell the cat of Revolution?
Re: How Did Ghana Survive Her Economic Woes ? by DrummaBoy(m): 8:04am On Aug 02, 2011
This is very good discourse & I wish peeps will not derail d thread with insults
Some say what we need is a benevolent,
Re: How Did Ghana Survive Her Economic Woes ? by DrummaBoy(m): 8:06am On Aug 02, 2011
dictactor. Its obvious dis democracy thing isn't working
If d rise of a dictator like Rawlings will giv good governance
Re: How Did Ghana Survive Her Economic Woes ? by DrummaBoy(m): 8:08am On Aug 02, 2011
So be it.
Maybe that's why Bakare's prophesy of a coming dictator givs me so much hope.
But Nig must change.
Re: How Did Ghana Survive Her Economic Woes ? by femmy2010(m): 8:34am On Aug 02, 2011
They reduced corruption and they became the best for it.
Re: How Did Ghana Survive Her Economic Woes ? by Logba: 9:14am On Aug 02, 2011
Universities, polytechnics and other schools of higher learning turn out graduates every year. Youths in their prime age stay idel without hope for tomorrow. Yet leaders keep stealing money that would have better the lives of common man in the country. I heard Dimeji Bankole is in court to contest his prosecution after being accused of mismanaging 43billion. Nigeria has so much money that would have turn this country to paradise.

People have no hope of two square meals. Nigerians sleep in slums and gutters around the country. Theophilus Danjuma once came out publicly to announce that he had no idea of what to do with $500,000,000. The money he made from the sale of one oil bloc. Several people live in stupendous affluence while some can hadly feed.

It really calls for concerns. We need to rise up and take our destiny in our own hands
Re: How Did Ghana Survive Her Economic Woes ? by Meddler(f): 10:36am On Aug 02, 2011
If indeed we want change it will definitely not start by either a dictatorship or a revolution. A revolution will only work when we consider ourselves one nation and indivisible. Right now we don't. Everyone is in his or her own corner. If we truly want a better nigeria it has to start with the general masses-a change in attitude is what's needed in this country and true unity. Even if we execute the corrupt public official who is to say the next person stepping up won't be worse. Have you really thought why JJ Rawlings was able to succeed or why the revolution in Tunisia took place? The key ingredient was everyone came together as one. But our nation's problem is once money is thrown at a particular group making noise everyone keeps quiet. Look at what happened to Corpers earlier this year. Noise was made and money was thrown around. End of discussion. Nothing happened. And that's how it is with everything here.
Re: How Did Ghana Survive Her Economic Woes ? by 1025: 8:50pm On Aug 02, 2011
ghana killed all their obasanjos and tony annenihs as well as their bode georges. if we try same here, we will be on our ways to greatness.
Re: How Did Ghana Survive Her Economic Woes ? by femmy2010(m): 9:07pm On Aug 02, 2011
1025:

ghana killed all their obasanjos and tony annenihs as well as their bode georges. if we try same here, we will be on our ways to greatness.

It was done at a time when it was possible and the community of Nations would see no wrong but not impossible at the age we live in now.
Re: How Did Ghana Survive Her Economic Woes ? by redsun(m): 9:17pm On Aug 02, 2011
femmy2010:


It was done at a time when it was possible and the community of Nations would see no wrong but not impossible at the age we live in now.


It is still very possible with no international collaborators raising an eyelid.Look at syria today,the despot is killing his people in thousands with nobody bothering.

Sometimes i wonder why gaddafi who has killed less of his people than the syrian madman is different?
Re: How Did Ghana Survive Her Economic Woes ? by femmy2010(m): 9:26pm On Aug 02, 2011
redsun:

It is still very possible with no international collaborators raising an eyelid.Look at syria today,the despot is killing his people in thousands with nobody bothering.

Sometimes i wonder why gaddafi who has killed less of his people than the syrian madman is different?

Ours is a very complex one.
If you kill 10 Yoruba,10 Hausa and 9 Igbo corrupt leaders,some tribe would shout CHEATING,MARGINALIZATION.etc.
Our best bet is look for a way to set aside our many a recycled leaders and equally look for a way to flush out the ills in the youth of our present generation.
Re: How Did Ghana Survive Her Economic Woes ? by Ibime(m): 9:49pm On Aug 02, 2011
I remember one Ghanaian politician stole $100k and it was the talk of the town. Ma ghanian friends were discussing it like it was a big abomination. I laugh tell them say una never see. Abi na $100k dey make una trip like this? For Naija dat one na Local Government Level stealing
Re: How Did Ghana Survive Her Economic Woes ? by Logba: 8:14am On Aug 03, 2011
The stealing in Nigeria has taken a dangerous dimension and i know many countries are not happy with this. Many countries would be happy to see a major uprising against corruption in whatever form.
Re: How Did Ghana Survive Her Economic Woes ? by Seum(f): 5:39pm On Aug 03, 2011
Logba:


Ghana was once in a bad economic situation. Ghanians fled the country in thousands to seek survival in other lands. Nigeria received large population of them in the 70s to early 80s. Every shoe cobbler in Nigeria then was a Ghanian and all menial works were reserved for them. Their ladies could be found in all corners of the country engaging in prostitution.
However, If you find a Ghanian in Nigeria today, he/she must be on holiday or fulfilling another purpose in his career or personal life.
The question is what happened to Ghana suddenly that the country was able to turn herself around from a rejected land to sourced land.

Every company in Nigeria now wants to operate from Ghana and the economy of the country has stabilized.

The only one thing i remember that helped Ghana to a large extent was the great Jerry Rawlings. He led a revolution that arrested past Ghanians leaders and made them to return the stolen money into the government covers. That was the pedestal Ghana needed to take off. It became a crime to steal government money in Ghana and the money recovered was used judiciously.
A new begining was set and things started taking proper shape. No wonder they celebrated 10 years of power stability.

I think Nigerians too should borrow a leaf from this.


Bros,
The answers to you question is very easy and simple.
1. In 2001, Kuffour declared Ghana as HIPC- Highly Indebted Poor Country (they are still on that list till now). This resulted in Debt cancellation and they were to pay only the capital.

2. The same Kuffour approached Nigeria to borrow a hugh sum of money to revive the dying economy. OBJ gave out this loan without National Assembly approval (Remember when the National Assembly wanted to impeach him-during Okadigbo regime?)

3. The same Kuffour was getting 20,000 barrels of crude oil per day from OBJ. Ya'adua increased this to 30,000 barrels per day,


So to ansa your question, Nigeria-the Giant of Africa is responsible for Ghana's survival, till date,
Re: How Did Ghana Survive Her Economic Woes ? by Olaisrich(m): 5:58pm On Aug 03, 2011
Bros,
The answers to you question is very easy and simple.
1. In 2001, Kuffour declared Ghana as HIPC- Highly Indebted Poor Country (they are still on that list till now). This resulted in Debt cancellation and they were to pay only the capital.

2. The same Kuffour approached Nigeria to borrow a hugh sum of money to revive the dying economy. OBJ gave out this loan without National Assembly approval (Remember when the National Assembly wanted to impeach him-during Okadigbo regime?)

3. The same Kuffour was getting 20,000 barrels of crude oil per day from OBJ
. Ya'adua increased this to 30,000 barrels per day,


So to ansa your question, Nigeria-the Giant of Africa is responsible for Ghana's survival, till date,

No wonder he{Kuffour} honoured him{OBJ} with a way in the Accra heartland! OLUSEGUN OBASANJO WAY.
Re: How Did Ghana Survive Her Economic Woes ? by Nobody: 6:41pm On Aug 03, 2011
femmy2010:

Ours is a very complex one.
If you kill 10 Yoruba,10 Hausa and 9 Igbo corrupt leaders,some tribe would shout CHEATING,MARGINALIZATION.etc.
Our best bet is look for a way to set aside our many a recycled leaders and equally look for a way to flush out the ills in the youth of our present generation.

on point.which can only be achieved through protests and strikes.since our govt's main source of income is oil.any organised protests and strikes must include NUPENG and PENGASSAN workers if we wish to gain the govt's attention.and when i say protests and strikes, i mean against any form of graft/misappropriation of govt funds
Re: How Did Ghana Survive Her Economic Woes ? by ektbear: 6:47pm On Aug 03, 2011
@Seum:

1. How much money did Ghana borrow from Nigeria? And did they get some sweetheart interest rate?
2. Was Nigeria giving these 20k or 30k barrels to Ghana for less than the market price? If so, by how much?
Re: How Did Ghana Survive Her Economic Woes ? by Gbenge77(m): 6:53pm On Aug 03, 2011
They did survive with the help of Nigeria "the big brother".
Re: How Did Ghana Survive Her Economic Woes ? by Nkonkonsa: 6:55pm On Aug 03, 2011
Seum:

Bros,
The answers to you question is very easy and simple.
1. In 2001, Kuffour declared Ghana as HIPC- Highly Indebted Poor Country (they are still on that list till now). This resulted in Debt cancellation and they were to pay only the capital.

2. The same Kuffour approached Nigeria to borrow a hugh sum of money to revive the dying economy. OBJ gave out this loan without National Assembly approval (Remember when the National Assembly wanted to impeach him-during Okadigbo regime?)

3. The same Kuffour was getting 20,000 barrels of crude oil per day from OBJ. Ya'adua increased this to 30,000 barrels per day,


So to ansa your question, Nigeria-the Giant of Africa is responsible for Ghana's survival, till date,

^^^^
There you go again. Taking credit where there isn't one. ECOWAS countries help each other all the time, that is the point. So, Nigeria given Ghana barrels of oil does not mean that Nigeria is necessarily responsible for Ghana's success. It is what Ghana did with the 'help' that matters. Ghana has relatively less resources than Nigeria, and has had to borrow massively to survive anyway. The beauty of Ghana is how they manage the little they get, be it from borrowing, aid or its own revenue sources.

Ghana has provided a lot of economic help to Liberia, helping with electricity production and road construction --- should Ghana take credit for the success of Liberia and ignore the effort Liberians themselves have contributed to making such help beneficial to them?

Ghana is succeeding because it is less corrupt and more efficient. Nigeria with all its resources cannot 'help' itself - think about that.

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Re: How Did Ghana Survive Her Economic Woes ? by Nobody: 8:18pm On Aug 03, 2011
Nkonkonsa:

^^^^
There you go again. Taking credit where there isn't one. ECOWAS countries help each other all the time, that is the point. So, Nigeria given Ghana barrels of oil does not mean that Nigeria is necessarily responsible for Ghana's success. It is what Ghana did with the 'help' that matters. Ghana has relatively less resources than Nigeria, and has had to borrow massively to survive anyway. The beauty of Ghana is how they manage the little they get, be it from borrowing, aid or its own revenue sources.

Ghana has provided a lot of economic help to Liberia, helping with electricity production and road construction --- should Ghana take credit for the success of Liberia and ignore the effort Liberians themselves have contributed to making such help beneficial to them?

Ghana is succeeding because it is less corrupt and more efficient. Nigeria with all its resources cannot 'help' itself - think about that.


GBAM! You hit the nail on the head.

I wonder why we should take pride in being the 'big brother' to Ghana, when they're wiser in using the resources we dole out to them and the ones we have, we can't do anything sensible with.

I've stayed in Ghana previously for a long while and I know how they work. Until we get down from our high horse of looking down at others and calling ourselves 'big brother', we may not learn to see how we can change things.


emofine:

Especially one that has been relatively peaceful since it's existence.

Logba, all fingers are not equal. There was a time when Angola was the poster child of hopelessness now everyone has seen the remarkable strides that nation has taken - it's called rise and fall. Our trajectories are not the same nor is our potential, our problems are not identical thus our solutions will differ. All this "look at Ghana" or "look at South Africa" constant chatter will not guarantee us solutions to our own very different problems. For your information Nigeria's economy is growing.

*sigh* Nigerians are really diverse eh, even the Internet ones are a different band altogether *rolls eyes* thank goodness for reality - I meet sane ones in real life tongue
Agreed. But as the economy is growing, how come its not translating to the citizens well being? let's not use that alone. I think the matter here is more of how to make us transformed as a whole (or not). Our economy may be growing but millions of people will still be living in poverty everyday. The average youth will stil be unemployed. Anyway, let's see how things will happen in the next few years that GEJ will be in power. I want to be optimistic and hope he has something up his sleeves.
Re: How Did Ghana Survive Her Economic Woes ? by dejavume: 8:42pm On Aug 03, 2011
Y SHOUTING. SHAME CATCH 9JA
1 GHANA CEDI = N105.219
BLACK MARKET 1 GHANA CEDI = N117.
1 U.S DOLLAR = 1.5GHN CD

9JJa economic
Re: How Did Ghana Survive Her Economic Woes ? by Seum(f): 9:30pm On Aug 03, 2011
Nkonkonsa:

^^^^
There you go again. Taking credit where there isn't one. ECOWAS countries help each other all the time,  that is the point. So, Nigeria given Ghana barrels of oil does not mean that Nigeria is necessarily responsible for Ghana's success. It is what Ghana did with the 'help' that matters. Ghana has relatively less resources than Nigeria, and has had to borrow massively to survive anyway. The beauty of Ghana is how they manage the little they get, be it from borrowing, aid or its own revenue sources.

Ghana has provided a lot of economic help to Liberia, helping with electricity production and road construction --- should Ghana take credit for the success of Liberia and ignore the effort Liberians themselves have contributed to making such help beneficial to them?

Ghana is succeeding because it is less corrupt and more efficient. Nigeria with all its resources cannot 'help' itself - think about that.

With all due respect, I think I provided ansas to the questions raised by the OP. IMO, any other information is a different ball game together!\
Nigeria is the Big Brother of Africa-Whether we have useless leaders or citizens is another kettle of fish,

ekt_bear:


@Seum:

1. How much money did Ghana borrow from Nigeria? And did they get some sweetheart interest rate?
2. Was Nigeria giving these 20k or 30k barrels to Ghana for less than the market price? If so, by how much?

My dear, to be honest I dont have that info at the back of my hand but I can do a little google research and feedback the info, This is the kind of questions I expect people to be asking NOT the usual bashing here in NL.
Re: How Did Ghana Survive Her Economic Woes ? by Seum(f): 10:07pm On Aug 03, 2011
ekt_bear:

@Seum:

1. How much money did Ghana borrow from Nigeria? And did they get some sweetheart interest rate?
2. Was Nigeria giving these 20k or 30k barrels to Ghana for less than the market price? If so, by how much?

ABUJA— PRESIDENT Olusegun Obasanjo has approved a loan of $45 million (N6.2 billion) for Ghana and S[/b]ao Tome and Principe to assist the two countries.

Information on the loan was conveyed vide a letter to Senate President, Chief Adolphus Wabara, which was read on the Senate floor yesterday. The announcement drew spontaneous mutterings from the opposition side in the Senate chambers. However, the misgivings about the loan package were drowned by the dominant PDP majority aided by the Senate president. A move by Senator Mohammed Anka, Senate minority whip, to question the loan was dismissed by Senator Wabara who asked him if he wanted his own personal loan.

[b]
N5.52 billion ($40 million) of the loan package is to help Ghana complete its part of financing of the West African Gas project,
while N690 million ($5 million) is to enable Sao Tome and Principe meet emergency needs of the little island nation.

http://www.modernghana.com/news/60030/1/nigeria-grants-ghana-40-million-loan.html
Re: How Did Ghana Survive Her Economic Woes ? by Nkonkonsa: 12:22am On Aug 04, 2011
Seum:

With all due respect, I think I provided ansas to the questions raised by the OP. IMO, any other information is a different ball game together!\
Nigeria is the Big Brother of Africa-Whether we have useless leaders or citizens is another kettle of fish,

My dear, to be honest I dont have that info at the back of my hand but I can do a little google research and feedback the info, This is the kind of questions I expect people to be asking NOT the usual bashing here in NL.


Nigeria is rich in resources and that is not in dispute here. What is in dispute however is that Ghana is succeeding 'because' of Nigeria. What people refuse to accept is that, Ghana is succeeding 'in spite' of Nigeria. If Nigeria did not issue the loan to Ghana, someone else will. Ghana helped launch Nigeria's independence, does that make Ghana the 'big brother' of Nigeria? Countries help each other all the time. What is Nigeria's obsession with being perceived as a 'Big Brother' anyway? Is Nigeria never at the receiving end of nationals loans?

No one is a 'big brother' of anyone. Understand that every country incl. Nigeria seeks 'help' wherever it can get it. Once again, is how the 'help' is internalized that matters.

Ghana is planning on supplying Nigeria with electricity in the next coming years. If this becomes a reality, by your logic, Ghana will be the 'big brother' of Nigeria.

This 'big brother' assertion merely brands Nigeria as a 'Glory Hunting' nation and nothing more.
Re: How Did Ghana Survive Her Economic Woes ? by shesi(m): 12:54am On Aug 04, 2011
Bros,
The answers to you question is very easy and simple.
1. In 2001, Kuffour declared Ghana as HIPC- Highly Indebted Poor Country (they are still on that list till now). This resulted in Debt cancellation and they were to pay only the capital.

2. The same Kuffour approached Nigeria to borrow a hugh sum of money to revive the dying economy. OBJ gave out this loan without National Assembly approval (Remember when the National Assembly wanted to impeach him-during Okadigbo regime?)

3. The same Kuffour was getting 20,000 barrels of crude oil per day from OBJ. Ya'adua increased this to 30,000 barrels per day,

So to ansa your question, Nigeria-the Giant of Africa is responsible for Ghana's survival, till date,

Complete Nonsense.

How did you draw the bolded conclusion from those 3 points you listed above there?


1.Did Nigeria invent the HIPC inititiativ? Was it Nigeria who signed Ghana up for the HIPC initiative? Is Nigeria even a party to the HIPC intiative?
the answer to al these questions is no

2. That 45M USD loan Obasanjo's government gave to Ghana was solely to finance Ghana's portion of the West Africa gas pipeline project. That project meant to sell Gas from Nigeria to the rest of West Africa. It was as much in Nigeria's interest that the project was completed, as it was in Ghana's interest. If not more.

You think 45M USD is what transformed Ghana's economy?  that's quite silly. What is 45M in the grand scheme of things? I don't even know why Nigerians keep mentioning this. I've met more than a few nigerians who have brought up this 45M loan issue. In Ghana, this barely made the news. Infact only the very informed ghanaians, those to take an active interests in current government affairs would know about this issue.

3. Nigeria sells (I emphasize SELLS, not "give"wink oil to Ghana. At normal prices might i add. So does, Angola, So does Saudi Arabia, So does several other OPEC countries.  What is magnanimous in that arrangement? (on nigeria's part) Nigeria sells oil to the US too, to China too. Are you responsible for China's economic growth?

If you don't understand economics, just stick to discussing social factors
Re: How Did Ghana Survive Her Economic Woes ? by lexzybaba(m): 1:52am On Aug 04, 2011
well, 2 my own point of view; i think every1 has spoken 2 his/her own understanding and i really enjoyed reading all these intelligent comments, but 2 d best of my knowledge, i wouldn't consider nigeria d gaint of africa neither are we big brother 2 any nation, am sure only a few ppl are aware of d fact dat ghana gained independence 3yrs b4 nigeria did. I only wonder y we consider ourselves gaint when we know things are not well with us, Only God knows where ghana would have been 2day if they possess d natural resources we're blessed with. re blessed with.

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