Ghana, unlike other countries, practices a mixed economy system; one that has both public and private enterprises. The Ghanaian economy has undergone several phases since gaining independence. Although Ghana is said to have a mixed economy, the economy can be broadly classified into three major sectors; agricultural sector, industrial sector and service sector. Until recently when the service sector took over, the agricultural sector contributed the largest share to the Gross Domestic Product (GDP) of Ghana. The Ghana Statistical Service (GSS) in their 2021 4th Quarterly Gross Domestic Product (QGDP) Newsletter reiterated that the services sector continued to be the largest sector of the Ghanaian economy in the fourth quarter of 2021 with a share of 50% of GDP at basic prices.
The GDP share of Industry and Agriculture were 29% and 21% respectively. In spite of the service sector’s success, Ghana’s economy is predominantly informal, with a greater proportion of the Ghanaian labor force informally employed. Clara Osei-Boateng and Edward Ampratwum (2011) categorically state in the paper “The Informal Sector in Ghana” that 80% of Ghanaian workforce works in the informal sector.
Ghana’s inflation rate stands at 29.8%, and that has caused a hike in cost of living (food prices, utility bills, etc). These woes could be partly attributed to resource mismanagement and negative attitudes of citizens; and partly attributed to the global pandemic covid-19. The pandemic has greatly affected the health of most economies all over the world, even developed countries but most significantly less developed countries (LDC`s) and developing economies which has led to a global financial crisis.
In the midst of the global pandemic and financial crisis as well as the poor performance of the Ghanaian economy, we need to salvage the remnants from the aftermath of the virus in order to gain financial freedom. The big question is HOW?
Financial freedom is a trajectory which starts with keeping expenses lower than income. Taking steps to structure one’s core expenses and keep them at a controllable minimum whilst you focus on increasing your savings every month. To do this, one has to spend within their means and avoid borrowing from others. If an individual is able to live within his means and avoid borrowing, he is most likely to alleviate poverty.
Invest in yourself and take multiple jobs as you leverage on the positives of covid-19. Inasmuch as covid-19 was deadly, it was an eye opener to the vast opportunities the world of technology provides. You can take courses online to sharpen your skills, apply for jobs and work remotely which would earn you extra income.
“Grow what you eat and eat what you grow”, was the mantra of the former Head of State, General Kutu Acheampong: “Operation Feed Yourself”. This agenda encouraged Ghanaians to cultivate backyard gardens to supplement the shortage of food on market. With the current outrageous prices of foodstuff, reverting to the idea of “Operation Feed Yourself” will help individuals spend relatively less when they go to the market hence save a lot more. This has the tendency of causing a reduction in the prices of foodstuff as individuals will only go to the market to purchase only necessities.
The pandemic hit nations and individuals differently, nonetheless, it is possible to recover from the adverse effects it caused on economies if we are able to have an attitudinal change and leverage on the prospects of technology.
