An Overview of Ayadenomics
“Gradually but steadily, the process of capital formation in the state is being accelerated, courtesy of the Ayade administration.”
It was Aristotle, the great Greek philosopher who said: “Man, examine your life, for an unexamined life is not worth living”. this is quite true and it applies to every other thing in life. In the study of administration, we are told that there are five stages in policy formulation; but the final stage is the most important. The first stage involved observation. An observation is made of certain development in the polity: it is either the way people drive their cars on the highways or the general social behavior of the citizenry. properly guide the citizenry. Government continues to enact policies through these processes for the well-being of the citizenry; to either promote certain development or to discourage some others. After the myriad of policies have operated for some time, they would be over-viewed to ascertain their work ability and effectiveness. the overview of a policy or a the second step in the formulation of
policy continuum is the formulation of hypothesis which is meant to explain the observation made. In economics, we observe that when prices are high, the quantity demanded of a particular commodity would fall.
A hypothesis is formulated to explain this phenomenon: that is, why should the quantity demanded of a particular commodity fall when its price rises? the third step is testing of the hypothesis, which is to confirm the validity of the explanation. If the explanation is valid, then the fourth stage is the formulation of theory. the fifth step is the formulation of the policy. Policy is then enacted to development program could be explained in another way. If you want to see the layout of a city in its proper perspective, you can climb a mountain and from there, properly view the entire ambiance. You will be surprised that some structures are causing obstructing while some are actually
promoting the environment. This is the same thing with policy or program overview. If you take a bird’s eye view of the myriad of programs initiated by the government, you can fathom out that some of the program are actually causing problems while some are actually facilitating social progress. But it takes time for any policy or program initiated by a government to cause problem because at each stage of the conceptualization of the program, government takes into consideration the well-being of the citizenry. After these preambles, I want to emphasize once again that democracy is all about the proper management of the economy to promote social progress and the well-being of the citizenry.
Administration after administration comes into governance to undertake a course of action that is aimed at promoting these social necessities. Government programs are guided and supported by policies. After a time, these programs are over-viewed to see their effectiveness in their proper perspective. Governor Ayade has, in his first term which would terminate in a few months’ time, enacted a number of economic policies and development programs that were intended to drive the Cross River State economy and guarantee the well-being of the citizenry. these programs are now being over-viewed to see their effectiveness and so justify His Excellency’s second term bid. Governor Ayade has, since assumption of office as the third Cross River State Governor in the Fourth Republic, been preoccupied with the failure of the market to properly distribute income in the economy. This is a universal problem, quite all right, but any government worth its salt can do something to ameliorate his subjects over this market failure. those who are actually engaged in the actually working of the economy earn so little through no fault of their or that of the government. Majority of the citizens of the state fall into this category of the labor force. they are engaged as peons, tilling the soil all day but earning so little.
The effect of this abysmal failure of the market is the drab in consumer spending which is affecting other sectors of the economy. So to ameliorate the citizenry against this hazard, Governor Ayade has to come up with a policy that is aimed at augmenting the incomes of these people. His Excellency evolve a policy tagged conditional cash transfer where households in the lowly income bracket are paid monthly stipends to augment their income. this program paid off handsomely as consumer spending in the economy rose, thereby encouraging investment, particularly in the small and medium enterprises (SMEs) category.
When Ayade assumed office, the state as a going concern had no asset base. the little assets that were accumulated through investment in infrastructure and corporate entities by the past governments of U J Esuene, Clement Isong and Clement Ebri were all sold out because of unscrupulous government policy called privatization of public corporations. these capitals were sold to people who could not even run them properly. the economy was, therefore, denuded of the potency of a public sector. Consequently, the Ayade administration has to embark on aggressive industrialization to revive the public sector of the state’s economy as well as the economy as a whole. Accordingly, his industrialization policy is aimed at creating infrastructure and to accumulate capital that would harness the enormous natural resources of the state. Gradually but steadily, the process of capital formation in the state is being accelerated, courtesy of the Ayade administration.
In a few years’ time, unemployment in the state would be tackled head-long. What is needed now is for us to rally around the Governor and support him for his second term bid so that his economic policy thrust could come into fruition.