Ghanaian leaders on 54th Republic day

In 1957, Ghana became the first sub-Saharan country in colonial Africa to gain its independence. Ghana’s independence made Ghana a symbol of Black achievement and helped to inspire other African nations to seek independence. It also had a major influence on Pan-Africanism and the Black Pride movements in the United States of America.
Ghana is a significant petroleum and natural gas producer, one of the world’s largest gold and diamond producers, and is projected to be the largest producer of cocoa in the world as of 2015. Ghana is home to Lake Volta, the largest artificial lake in the world by surface area. Ghana is a regional power in West Africa and on continental Africa, a founding member of the Non-Aligned Movement, and a member of both the Economic Community of West African States (ECOWAS) and the Group of 24 (G24). Ghana’s sweet crude oil reserves, ranks at 5th on continental Africa and 21st–25th globally and Ghana’s natural gas reserves, ranks at 6th on continental Africa and 49th globally. Ghana ranks as the 58th most peaceful country in the world.
Ghana undergone a series of coups making the progress of the country unstable in the past. Since independence in 1957, Ghana has experienced six years of one-party system, 21 years of military dictatorship and 29 years of multi-party system. The country has favorable amount of natural resources which promises a developed economic prospectus.
People in the country have witnessed failing conditions due to lack of administrative concerns. The country faces economic challenges over years of failing policies for economic stability and development. This failure has degraded the trust of its people in minor aspects. Amid all the chaos caused by coups government could not implement existing policies and develop new for the benefits of its countrymen. The 54th republic day celebration was considered a day for regaining the trust of fellow Ghanaians on the existing government. Various eminent leaders of the country made speeches to contain the trust of their countrymen.
The District Chief Executive (DCE) of Asuogyaman, the Hon. Thomas Ampem Nyarko in his speech advised the countrymen to be patient about the economic crisis as the government is working at its best to develop policies beneficial to the people. Thomas Ampem Nyarkio continued that despite the economic challenges facing the country, the government has not relented on its responsibility of ensuring development across the country. He said a number of developmental projects have been completed while others are ongoing.
President John Dramani Mahama on the occasion inspired his countrymen to co-operate completely with the government to help achieve goals laid for the development of the people. The first African country to be independent has promising resources which has shown fastest growing economy amongst the African countries. The President announced special policies that would help boost the economy which included projects that would bring oil extraction online providing facilities for employment. He also added that construction of Chinese firm Sinopec which would be a processing plant for natural gas thus improving the fuel availability in the nation. He assured that ‘stability agreements’ with mining companies were maintained to improve royalty and taxes.
Ghana’s recent oil findings and gas reserves would create a wave of optimism for the economy of the nation. These reserves would open new avenues for global investment and trade. Ghana is one of the most attractive markets in the Sub-Saharan Africa. The unearthing of commercial quantities of oil and gas off the coast of Ghana in June 2008 has given rise to high expectations and optimism for improved prospects for rapid economic development and poverty reduction. The International Monetary Fund (IMF) expects that revenues from Ghana’s oil production will reach $1.3 billion per year and remain at or slightly above that level until 2022. Under projections on Government revenue from Jubilee Field production, the World Bank estimates the maximum available for budgeting to be US$250 million on average between 2011 and 2029.
Economic benefits, the country stands to gain from increased growth of its Gross Domestic Product. Revenues from oil are expected to be extensive, being estimated to average about 5 percent of GDP. The development eventually aims to bring social benefits. The oil income will finance and invest in basic and higher-level public infrastructure.
Ghana’s growth prospects are positive in the long-term, as suggested by econometric models which predict average per capita growth rates of 4 to 6 percent for 2014-24 one should expect that oil revenues will bridge the expenditure-revenue gap of any government.
The country is going through a current phase of development where it has successfully overcome many hurdles and obstacles in the history. The Ghanaian leaders showed assurance in their speeches on this auspicious day, confidence of development, progress and economic stability. With leaders who have a vision for a better tomorrow prosperity would definitely reach its countrymen in short duration. The words of Ghana’s first President, Osagyefo Dr Kwame Nkrumah, had inspired a lot of hope in the Black race with his famous proclamation: “… that after all the Black man is capable of managing his own affairs” has regenerated a hope amongst the people of Ghana, which the current government adheres to.

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