Ghana is currently in an economic crisis resulting in our 17^th bailout by International Monetary Fund (IMF). It is interesting that we have had various flavours of this crisis occurring approximately every four years in 67 years of independence.

This means we have had such economic crises in democratic regimes, military regimes, and in the fourth republic, in both NDC and NPP regimes. Obviously, since our economic challenges cut across ideologic divides, democratic dispensations, etc., the solution to this should be applicable across the same.

(All references to ‘the government’ in this article are generic, not specific, referring to all governments we have had in Ghana, not any specific government in particular. The challenge of economic independence has persisted since Ghana’s independence; it is systemic and non-partisan.)

One way or the other, we will get out of the current crisis, the important thing is how to ensure we do not end up here again. The key issue therefore must be how to get a resilient sustainable economy. The answer unequivocally is that “We need ‘ECONOMIC INDEPENDENCE’ now!”

Economic Independence

‘Economic Independence’ is when an economy does not unduly depend on foreign capital, foreign skills, and foreign enterprise to achieve and sustain the economic aspirations and prosperity of its citizens. The ‘Independent Economy’ has a significant national component in the ownership, management, and control of the economy.

When an economy is independent it can prioritize its own interests and take control over its future free from excessive influence from other parties.

Why Economic Independence?

We will in the succeeding articles delve much deeper into the economic reasons why economic independence is so crucial, its features, benefits and some proposals on how to get there. For now let us focus on other reasons.

We need to achieve economic independence because it simply is the right thing to do. We should no longer endure the disgrace of being a chronically debt distressed nation. If Ghana were to be an actual 67 year old human going through his 17^th financial bailout we would not at all be proud of him/her. Ghana deserves better.

Ghanaians are known all over the world to be hardworking, enterprising, honest, law abiding people. We cannot be comfortable with the reputation of an irresponsible nation chronically incapable of managing its finances and affairs. Economic independence must be our primary objective.

We need to achieve economic independence now because the global environment may not continue to be as tolerant and forgiving of debt default as it currently is. It is not inconceivable that powerful creditor countries may in the future begin to seize assets of debtor nations in repayment of defaulted debts. We cannot continue along this path.

We need economic independence because it is what gives effect to political independence. National sovereignty is not very meaningful without the economic means to express, project, and enforce it. It is sovereignty backed by economic independence that will allow us to pass laws to protect our values without having to fear repercussions. 

When Kwame Nkrumah and the founding fathers won independence there was no doubt in their minds that they meant both political and economic independence. We need to achieve economic independence to finish the work our founding fathers started.  

Our failure to achieve economic independence could endanger our hard won political independence. Our fledgling democracy might not survive another debt crisis. We need to get serious about breaking out of this cycle of chronic debt distress.

Ghana is one of the most resource endowed nations on earth and it will be a shame if we are unable to become the prosperous nation, leading the African renaissance, as we were meant to become. We need economic independence to honour the memory of our proud ancestors who fought and died for the independence we currently enjoy and to make succeeding generations proud of us. We must be part of the generation that transitioned Ghana into economic independence. There is no other more noble, relevant or just objective for us as a people than economic independence.

Ghana needs economic independence, it has been established that Ghana is chronically debt distressed and needs help. Economic independence is the only sustainable way to get out and to stay out of the current situation. I hope this piece has ignited in you the will to seek economic independence for Ghana, together we will find a way to make it happen.

“Where there’s a will, there’s always a way”- Bob Marley