The long queues which formed up at the thresholds of forex bureaus in Accra last Friday was a clear indication about how economies and currencies especially respond to the slightest of movements on the world stage.
Even speculations about an imminent war between major players can spawn ripples with far-reaching repercussions on countries as far afield as ours.
It took a government announcement about pumping an amount of $2 billion to shore up our own Cedi to have hoarders of dollars rush to change their hoarded foreign currency to avert an expected reversal of their windfall.
A mere announcement of intention was enough to do the magic.
Even when it became imminent that Russia was going to invade Ukraine, stocks stumbled and now the far-reaching sanctions have prompted a run on the banks. No wonder the Russian authorities have ordered a ceiling of withdrawals.
These are realities known by not only economists and bankers but by persons who follow global trends including politicians.
We are indeed troubled by Russia’s invasion of Ukraine no matter the nomenclature Vladimir Putin wants to ascribe to his invasion of Ukraine. In Russia, reference to the invasion as such is abhorred and can earn the source of such a referral a fine or jail term.
With the two countries producing a large percentage of global wheat output, the continuation of the war will impact negatively on food supply to all parts of the world.
Egypt, and indeed the Middle East, have started reeling from the impact of the gradual restriction of wheat supply, a major staple in their part of the world.
The world has reached such a stage where global issues must be grasped by persons who have continuously been manipulated by megalomaniac/politicians.
The foregone are known facts to the leadership of the NDC but their inordinate quest for power has beclouded their thinking so much that they no longer regard economic indicators as credible criteria of determining the health of a country’s economy.
Listening to the Minority Leader a few days ago ranting about the state of the economy vis-a-vis the recent measures announced to salvage the situation, made many including us wonder where veracity has gone among the rank and file of the NDC. Has this virtue ever existed within the fold of the opposition party anyway?
We are unable to ignore the suggestion of an observer of the political terrain that one of Ghana’s challenges is the NDC, a party consumed by mischief and ungodly machinations.
Why would the leadership of the party choose the path of mendacity in the face of the reality of a global economic infirmity?