WHO DO YOU BLAME?

WHO TO BLAME? GOD OR GOVERNMENT?

Mark Twain once advised that, “Whenever you find yourself on the side of the majority, then it means that the time has come for you to pause and reflect.” I do not know if what I am sharing with you now is a reflection on my stance with the ‘supposed’ majority; however I believe that this piece will definitely keep you on the other side of the majority should you ever find yourself in that situation; at least that is my hope.  

There are two powerful abstract ideas at work in the world. One is the belief in the existence of God; the other is the belief in the existence of money. Almost everyone believes in the existence of money and that they “own” it, but money is just a form of barter. Money has no value unless other people accept it. Money is an intellectual agreement. It is real because we believe it exists.

Generally, the Ghanaian economy has been at the centre of a tug-of-war between the Government and some citizens if not most. If trade is not working well, people tend to both blame the government and look to the government for relief. The economy is in a confusing era where some citizens are blaming the government for their reduced standards of living due to the introduction of some taxes and the increment of some already existing ones which have led to the general rise in prices of most goods and the charges of some services while their income brackets have not been so versatile. I have also been plagued with news on Government’s borrowing and spending, and the thoughts and opinions of some Ghanaians on the matter. Currently, I could say that the Government may not be in the good books of some of us considering our conditions and thoughts not to mention the impact of several discoveries of corruption and embezzlement in some governmental institutions. Aside this, the ever uncomfortable power cuts keep the country in a silent fume as business activities are interrupted and productivity subsequently reduced; similarly those with automated power generators end up operating at higher costs. It looks as if everyone is feeling the ‘heat’ in one way or another; even the government itself keeps trying to stay afloat while it delivers on the expectations of its cherished citizens. 

Alternatively, there is this fraction of the citizenry who do not care how the Government manages the economy so long as God/Allah/whatever Deity is providing. This is one of the interesting observations I have made about majority of Ghanaians. I often hear this saying that “It is God who watches over man—Onyame na )hw3 onipa” and as such churches and prayer centres are experiencing an overflow in numbers as we go in search for answers to our problems. Now, I am not so much bothered about any of this but what boggles my mind is the increase in the search for solutions to financial problems in these ‘religious’ places (this includes shrines). I watch on television and I marvel; I hear on the radio stations and I wonder: What ever happened to the financial institutions in the country? In my opinion, they have been reduced to ‘sophisticated susu boxes’; where we go find the money, keep it there and go for it when in need. Not that it is a bad notion considering that deposit-taking is the most hyped (advertised) by these financial institutions. 

There are several financial advisory institutions that offer superb financial management tips and I believe the price to be paid for such consultancies leave them accessible to the few who can afford them. And yet, Securities and Exchange Commission (SEC) in the country  has ‘Increase in Financial Literacy’ as one of its objectives while the very same institutions that operate under them service a selected group in the economy: the elite mostly. Again, this state administrator with others are responsible for the licensing of firms and investment professionals, registration of certain securities offerings, examination of broker-dealers and investment advisers, enforcement of state securities laws, and investor education; yet, the ordinary Ghanaian has an aversion for financial institutions especially the investment banks, unless pay-day arrives or he/she is in search for a loan. 

I have also observed with grave concern that ultimately, after God has ‘provided’ for some of us; we end up going back for more. In other words, we are not self-reliable. So it’s either we are greedy or just do not know how to manage our finances. Although I am tempted to believe that the former is the cause, it seems to me that the latter holds better; however, it may be prudent to think that they go hand-in-hand. I am not really concerned about how you make money; whether God provides or you earn it; I am more interested in your management of this money you work or pray hard for because the truth as far as I am concerned is that, neither God nor Government is going to solve your financial problems for you. It is about high time we took responsibility for our actions and inactions in the treatment of our livelihoods, which is our earnings, and stopped this blame-game of ‘who is making me poor.’ Now, I am going to explain what really happens to your ‘money’, that is if it is yours to begin with.

Contrary to what is commonly believed, you do not “own” your money. Money is a government created and regulated commodity. While it is illegal for you to print your own currency, everyday people create “money,” when they create profit. The government recognizes the difference between currency and profit, and it taxes your profits rather than arresting you. You do not need to be in a business to generate a profit. When a labourer works for somebody else, his labour generates a profit called “income.” Different terms have been created to describe profit, based on how it is created. All money originates from profit, and the government constantly regulates it. It is either this or you could say, all ‘money’ belongs to God; either way, you end up owning nothing. So does that give you the right to blame God or the Government when trade is not yielding as expected? Yes, you could call for a relief or some assistance in your financial journey but to blame? That I cannot answer, maybe not just yet. This is because as at now, without money, you cannot do anything in this world. The government passes laws to regulate the economy, with the hopeful desire that everyone and every organization will thrive, but most laws are primarily written to adjust the effect of previous laws. 

The government is in a perpetual state of crisis management, trying to regulate the currency that it created. It is just unfortunate that other actions of government may directly or indirectly affect their regulations and hence throw the economy into chaos that is heard through the voices of agitated citizens and seen in the news of embezzlement and corruption. People are just desperate to own and control what they never could: ‘money’. That is why the government has allowed financial institutions to serve as a centre to help it regulate money for example, the Bank of Ghana (BoG) and Securities and Exchange Commission (SEC) and the institutions that operate under their licensing; so if the Government, that creates and regulates currency cannot fully control it unless with the help of these financial institutions, what really makes us think that we could survive, financially of course, without help from these institutions at a point or another? I wonder.

Albert Einstein shared that, if we “know where to find information and how to use it, then we have found the secret of success.” Information on how to be financially successful by learning to manage our finances, whether good or bad, to get us out of desperation and extreme poverty is available all around us. There are financial literacy forums being held, investment advice being thrown at us on the radio, televisions, in the newspapers (like right now) and on billboards. I believe the government is trying its best to help you get out of your financial plight by providing several financial institutions depending on the calibre of assistance you may need. There are the Commercial Banks, Microfinance Institutions, Savings and Loans, Rural Banks, Money Lenders, and the Investment Firms/Houses. Again, God has given you the will and mind to make sound decisions and take responsibility for them. I find it funny sometimes when we are eager to make (financial) decisions that will suit us and take praise for them and yet shy away from other (financial) decisions that come back to haunt us and that is when we try to shift blame and refuse to take responsibility. 

I believe I have an on-going obligation to help our readers develop the knowledge they need to make sound personal financial decisions. I believe that reaching our young citizens with financial education at a very early age can help them build a lifetime of good money management habits.  And I believe that financial education is the first and best defense against financial fraud, abuse, and exploitation. I recognize that the ability to make good financial decisions can make the difference in assuring that we, as Ghanaians become and remain productive economic contributors.  I also realize that the ability to make good financial decisions ultimately impacts the economic health of our families, our communities, our regions, and this nation as a whole. After all, God answered your prayers and the Government has tried its best or is still trying I must say; but it is ultimately up to you, the individual, to learn how to manage your finances in the best possible manner depending on your situation and I know that your voice will not be so quick to be heard in the ‘blame game’ sometime to come.

So, I encourage you to seek for information; in books, from qualified people (bankers, investment officers), the internet, on the radio and television and the newspapers. Mind you, it is not about getting the information; remember that it is about how you apply the information in your financial situation that will enable you to get to the next platform of your (financial) success. Believe me, if the Government could get the liberty to shift blame whenever it faced challenges in its administration of the economy, you would be in trouble every day of your life and if God/Allah/whatever deity decided to join you in your little ‘blame game’, well let me just say ‘Loser’ will not begin to adequately describe you. 

Take a bold step my dear reader. It is never too late to make a better and a more lucrative decision whenever your finances are concerned. I believe that you could always do better, no matter what. So do buckle up with me and let us psyche ourselves up to learn how to manage our personal finances better. Let us also endeavour to put into practice what we learn from whatever source (just make sure it is from a credible source) and do our best not to be selfish with information that we acquire, but share with others. Know that one who waits for a chance may wait forever. Bear in mind that you are potentially your own worst enemy when it comes to your financial management and even your life as a whole through your actions and inactions.

Finally I ask: Who do I blame if you read this article and still end up feeling God or Government has let you down? Do I blame God or the Government? You tell me!

 Written 3 years Earlier!