Author name: Dr Maxwell Ampong

I explained the Policy Rate and why you should care about this figure on the Monday & Thursday segment of “Entrepreneur In You”, at 8:00 PM on Joy Evening News and DStv Channel 421, and also on Joy 99.7FM on the Joy Business Report. It was a brief explanation.  Whether you’re saving money to start a new business, running an existing business, or just living your life, this rate affects how much things cost. It influences how easy it is to spend or save money and impacts how the economy welcomes our entrepreneurial endeavours. You can watch the brief explanation here: bit.ly/PolicyRate. To dive deeper, I wrote a lengthy piece that extends our understanding of what affects the Policy Rate and what the Policy Rate affects. But then, I looked at the figures. I examined the current numbers. I considered the picture that I paint when I use our prevailing statistics and realised this informative article might be misconstrued as a journalistic ‘hit-piece’. We’re at a charged and crucial time in Ghana’s history, politically and economically. Many factors feed into the present state of affairs, and the last thing I want is to get caught in the crossfire. Yet, what must be said, must be said. Mrs. Margaret Thatcher, the former Prime Minister of the United Kingdom, once gave a speech on Friday, October 14th, 1983, at Winter Gardens, Blackpool. Excerpts of this speech convey what must be said, and I hope, through the words of the legendary Prime Minister, with the omission of parts of the speech that do not have a direct link to the purpose of this article. The excerpts are in chronological order.  Mrs. Margaret Thatcher, the former Prime Minister, once said: …One of the great debates of our time is about how much of your money should be spent by the State and how much you should keep to spend on your family. Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more [or by borrowing against current or future tax revenue that you will pay]. And it is no good thinking that someone else will pay – that “someone else” is you. There is no such thing as public money; there is only taxpayers’ money. Prosperity won’t come by inventing more and more lavish public expenditure programmes. You do not grow richer by ordering another cheque-book from the Bank. And no nation ever grew more prosperous by taxing its citizens beyond their capacity to pay. We have a duty to make sure that every penny piece we raise in taxation is spent wisely and well… … Protecting the taxpayer’s purse, protecting the public services – these are our two great tasks, and their demands have to be reconciled. How very pleasant it would be, how very popular to say, “spend more on this, expand more on that.” And of course we all have our favourite causes – I know I do. But someone has to add up the figures. Every business has to do it, every housewife has to do it, every Government should do it… … But throughout history clever men, some of them economists, not all of them rascals, but few of them vicious men, have tried to show that the principles of prudent finance do not really apply to this Government, this budget, that institution. Not so! They always do, and every sensible person knows it, no one better than you, who had to deal with countries which flouted those principles and are now up to their eyes in debt. Who do they turn to? Those who follow prudent principles like us. When you have only so much money to spend, you have to make choices, and the same is true of Governments. It’s sometimes suggested that Governments can opt out of these choices. They cannot… … let me tell you how you really terminate the health service. You do it by pretending there are no hard choices. You do it by behaving as though Britain has a bottomless purse. You do it be promising what you cannot deliver, by assuming that all you need to do is to snap your fingers, cry “abracadabra” and lo and behold, the sky’s the limit. But the sky is not the limit, for this or for any other Government, or indeed for any other country, and to imply that it is or ever can be is sheer humbug and a fraud on the people… … In facing up to this problem of controlling public expenditure we in Britain are far from alone. Let me give you one or two examples of what is happening in other countries… … I do not say that these measures are the ones we should follow but I do say that no Government, whatever its political complexion, can suspend the laws of arithmetic or run away from reality. There is something else we share with other nations. The World recession has brought high unemployment to almost every country. And in such times, people understandably ask, “where will the new industries and the new jobs come from?” Because there is always a temptation to believe that the dynamism of the past is finally exhausted, and that the best we can hope for is to share out the work we have already got. Nothing could be more mistaken. That is not how our fathers and grandfathers transformed the standard of living in the western world. They did not wait for the boost or scan the horizon for the upturn. They were the upturn and they provided the boost themselves. If Britain had stayed as it was in 1900, millions of people in this country would still be working in agriculture and domestic service, and their standards of living would still be at 1900 levels. If people had known

Ghana was the first country to gain independence in Sub-Saharan Africa on 6th March 1957. Ghana’s path to freedom was fuelled by growing nationalistic sentiment, spearheaded by figures like Kwame Nkrumah, decades of resistance, and calls for self-government, coupled with gradual increases in autonomy through constitutional development. These ultimately led to Ghana breaking free from colonial rule and inspiring other African countries to follow suit. PRELUDE TO INDEPENDENCE Historical Context and Colonial Legacy Control of the British over Gold Coast was legitimised and spread with the bond of 1844, initially signed by most Fante Chiefs to cede jurisdiction of their states over to the British under the impression of protection by the British [16][8]. The British implemented tax collection and other laws as their influence spread to coastal areas in the 1850s until the second of four Anglo-Ashanti wars, from 1863 to 1864, between the then-sovereign Ashanti Empire and the British colony [13]. After the British displaced the Dutch from the Gold Coast, the Ashanti Empire lost allies and was increasingly weakened until a British military invasion that led to the deposition of Prempeh I, the Asantehene of the Ashanti Empire, rendering British colonial rule absolute, despite the Yaa Asantewaa war following the exile of the Asantehene [29]. After that, socioeconomic development in the Gold Coast skyrocketed as the youth received formal education and poverty rates decreased from the export of timber and gold and newly introduced crops, such as coffee and cocoa. Additionally, infrastructural development such as water supply, drainage, hydroelectric projects, public buildings, schools, hospitals, prisons, and communication lines, among others, was undertaken under the then-governor, Gordon Guggisberg. Introducing elementary and secondary schools promoted primary and higher education among the youth. However, this initiative was preferentially executed, leading to the formation of the ‘Ghanaian elite’ made of Chiefs, sons or relatives of Chiefs, or upwardly mobile men in the African communal societies who were privy to the decision-making process of the colony. This led to the creation of classes within the people of the Gold Coast: rural working class, urban working class, and, at the top, the national bourgeoisie. Though the bourgeoisie exploited the working class, they ushered in the concept of nationalism as a maladaptive response of the majority to the xenocentric education they received and the centralised governance of colonial rule [14][19]. Youth Mobilization and Ideological Formation Nationalist ideas fostered by the capitalist bourgeoisie catalysed the formation of the Gold Coast Aborigines’ Rights Protection Society (ARPS) in 1897. ARPS emerged in Cape Coast, Ghana, a crucial centre for intellectual and political resistance during colonial rule. The trigger for its formation came in response to the proposed Lands Bill, which threatened to empower the colonial government to seize “waste” or public lands. This move, seen as detrimental to African land ownership, roused the Ghanaian elite and urban youth, leading to the establishment of ARPS. The ARPS actively protested the Lands Bill, even sending a delegation to London to directly address Joseph Chamberlain, the British Secretary of State. This delegation, marked by inclusivity, disclosed a broader unification against the bill. Their efforts proved successful, as Chamberlain pledged support for dismissing the Lands Bill and preserving “native law” regarding land ownership. Though the influence of the ARPS declined, it formed the seminal resistance that eventually led to the fight for independence [18]. The Role of the Youth in Nationalist Movements In the 1930s, I.T.A. Wallace-Johnson rose to prominence in British West Africa. A passionate organiser and Pan-Africanist from Sierra Leone, Wallace-Johnson saw the injustices of colonial rule and dedicated himself to challenging the status quo. He advocated for a radical approach, introducing Marxist ideas and strategies aimed at mobilising the masses for political change. One of Wallace-Johnson’s most significant contributions was founding the West African Youth League (WAYL) in 1935. This organisation rapidly gained a large and committed following by focusing on securing greater liberties and opportunities for the people of the Gold Coast (modern-day Ghana) and other West African colonies. The WAYL distinguished itself by embracing inclusivity and challenging societal divisions. It advocated for equality, workers’ rights, and unity across tribal lines, fostering a sense of shared struggle among the populace. The WAYL’s methods were as bold as its message. They organised mass rallies, published newspapers to spread their ideas widely, and actively championed the cause of trade unions, empowering workers to fight for their rights. This approach stood in stark contrast to the traditional elite-centred political movements prevalent at the time. The colonial authorities noticed the WAYL’s success. Alarmed by the organisation’s growing popularity and its leader’s radical ideas, they sought to put an end to any potential uprising. Wallace-Johnson faced various forms of suppression, including imprisonment, aimed at hindering his activities and silencing his voice. Despite its challenges, the WAYL played a crucial role in West Africa’s history with its short but impactful existence, championed by youthful and consistent insistence to be heard and treated fairly. It demonstrated the power of mass mobilisation and its effectiveness in demanding greater self-determination for African colonies. The legacy of Wallace-Johnson, as a pioneering figure in the anti-colonial struggle, continues to inspire those fighting for social justice and equality [24]. Additionally, young people entered politics through the “Verandah Boys” movement, which emerged from the post-World War II mass nationalist movement. These were made up of alienated and disaffected young men and women, some working, others jobless, who, in the years leading up to independence, assisted Kwame Nkrumah and others in transforming elite nationalism into mass-based politics. They served as the foot soldiers whose activism in a variety of fields provided the catalyst for a quicker march towards independence. This victorious historical narrative, however, ultimately turns into a tale of failure as youth ascent to prominence in nationalist politics throughout Africa was quickly curtailed by their repression or entrapment in postcolonial state-building initiatives that aimed to downplay generational, class, and gender disparities and demands in the service of national unity [29]. THE INDEPENDENCE ERA The Declaration of Independence: Youth at the

I prefer we dig right into the pointers on the ends of the spectrum of job-seeking insights, highly relevant to a successful hunt, and leave the googleable stuff at the latter part of the article. Essentially, we start from the middle… THE IMPORTANCE OF SOFT SKILLS IN A TECH-DRIVEN MARKET While technical skills can get your foot in the door, soft skills open most of the doors to come. In a job market increasingly dominated by technology and automation, the value of human-centric skills such as emotional intelligence, communication, adaptability, and problem-solving cannot be overstated. Developing these soft skills can significantly enhance jobseekers’ marketability, complementing their technical skills and contributing to a well-rounded professional profile. MENTAL HEALTH AND WELL-BEING DURING JOB HUNTS The stress and uncertainty of job searching can affect one’s mental health and well-being. Acknowledging and addressing the psychological impacts of job hunting is crucial for maintaining resilience and motivation throughout the process. Focusing on mental health and well-being is essential for sustaining the energy and optimism needed to navigate the job search process successfully. By caring for your mental health, you can approach your job hunt with a clearer mind and a stronger sense of purpose. SUSTAINABLE CAREER DEVELOPMENT STRATEGIES Beyond the immediate goal of securing a job lies the broader objective of building a sustainable and fulfilling career. This requires strategic planning and a proactive approach to career development. Implementing these strategies can help individuals navigate the complexities of the job market and build rewarding and sustainable careers. By focusing on both the development of soft skills and the adoption of long-term career planning, job seekers can better prepare themselves for the future of work, ensuring that they not only thrive in their chosen fields but also enjoy a high degree of personal and professional fulfilment. THE MODERN JOB MARKET In the labyrinth of the modern job market, navigating the path to employment is more akin to a strategic game, fraught with challenges and uncertainties, than a straightforward journey. Today’s job seekers are thrust into a dynamic environment where traditional career pathways blur and new roles emerge with the rapid pace of technological advancement.  The landscape is further complicated by economic shifts, the burgeoning gig economy, and evolving work models, particularly remote work, which gained unprecedented momentum during the COVID-19 pandemic. This complex backdrop demands adaptability, resilience, and a proactive approach from job seekers. They must decipher the intricacies of job applications, stand out in an increasingly competitive pool of candidates, and continually update their skill sets to remain relevant. The challenges are varied, from navigating the cryptic nature of some interview questions to ensuring that their resumes bypass the automated filters of application tracking systems. Moreover, the hidden job market, where a significant portion of opportunities never make it to public job boards, may underscore the importance of networking and personal branding. Yet, amidst these challenges lies a plethora of opportunities. The shift towards a more flexible, technology-driven work environment opens new avenues for those willing to adapt and learn. Understanding the nuances of the modern job market, including the skills in demand and how to market oneself effectively, can transform the daunting task of job hunting into a journey of self-discovery and professional growth. Whether you’re a recent graduate stepping into the job market for the first time, a seasoned professional seeking your next challenge, or somewhere in between, the journey ahead is one of opportunity, growth, and potential success. THE TRANSFORMING JOB MARKET Today’s job market bears little resemblance to its predecessor, even a decade ago. A mixture of factors, primarily driven by rapid technological advancements, has reshaped the employment landscape, creating new opportunities while rendering some traditional roles obsolete. This multifaceted transformation affects not just the types of jobs available but also how we work and where we work. Technological Advancements At the forefront of this transformation are technological advancements. Automation, artificial intelligence (AI), and data analytics are not just buzzwords but fundamental forces currently reshaping industries. These technologies are automating routine tasks and creating new jobs that require more complex and creative problem-solving skills. The demand for digital literacy has skyrocketed, making it an essential skill across various professions. Job seekers today need to embrace technology not only to increase their employability but also to thrive in their careers. The Rise of the Gig Economy Parallel to technological advancements, the gig economy has seen significant growth. This shift towards freelance work, independent contracting, and short-term engagements offers unparalleled flexibility. Still, it comes with its own challenges, such as income instability and a lack of traditional employment benefits. For many, especially the younger workforce, the gig economy represents a preferred mode of work, emphasising the importance of adaptability and personal branding. Remote Work Revolution The COVID-19 pandemic catalysed one of the most significant shifts in the job market: the widespread adoption of remote work. What was once a perk offered by a select few companies has become a standard mode of operation for many. This shift has expanded the geographical boundaries of job searching and necessitated the development of new skills, such as managing remote teams, digital collaboration, and effective online communication. Navigating The New Landscape To navigate this evolving job market, job seekers must adopt a multifaceted approach. Staying abreast of industry trends, continuously upgrading skills, and embracing flexibility are no longer optional but necessary. The modern job market rewards those who are proactive, adaptable, and willing to step outside their comfort zones. As we continue to explore the challenges and opportunities within this new employment landscape, it becomes clear that success hinges on more than just technical skills; it requires a holistic approach to professional development and personal growth. COMMON CHALLENGES JOB SEEKERS FACE The journey towards securing employment is full of hurdles, each representing a unique challenge that job seekers must navigate. Understanding these common obstacles is crucial to developing effective strategies for a successful job hunt. Navigating Application Processes The often confusing and complex application process is