Just as a person's character can determine his or her prospects, a nation's character can determine its prospects. National character, the general personality characteristics attributed to a nation's people, significantly contributes to its economic development.

National character traits such as trust among citizens, government, public institutions, and political leadership, as well as honesty, truthfulness, hard work, patriotism, time consciousness, work ethics, innovation, probity, accountability, transparency, civil societies, and creativity, all contribute to a nation's economic development.

Trust among a country's citizens is a national character element that contributes immensely to a nation's economic development. However, despite the importance of this value in nation-building, trust among Ghanaian citizens is entirely non-existent.

Trust, a fundamental component of social capital, is a key contributor to economic development. In a World Value Survey conducted in 2014 that allows cross-country comparisons of self-reported trust attitudes, Ghana scored 4.96% compared to Nigeria, which scored 14.78%. These numbers mean Nigerians are three times more trustworthy than Ghanaians.

If you ask 100 Ghanaians if they trust one another, only five will tell you that they trust fellow citizens. These alarming statistics should cause us to pause and reflect on our values and their impact on national development. I have often said that Ghanaians' problems are not economic but social and moral. Our economic problems will vanish by default if we change our morals and values.

In countries like Norway, Sweden, and Finland, more than 60% of the survey respondents in the World Value Survey felt people could be trusted compared to a country like Ghana, where less than 5% of the people felt people could be trusted.

The study finds that trust has a positive and statistically significant correlation with the probability of becoming a successful entrepreneur, even after controlling for education, age, and individual income.

It also revealed that African countries would have a five-fold income in GDP per capita if they had the same level of inherited social attitudes as Sweden after controlling for lagged GDP per capita.

Trust is essential for financial and economic success because it allows for efficient transactions and exchanges. When individuals and businesses trust each other, they are more likely to engage in mutually beneficial exchanges, such as lending and borrowing money, investing in each other, and trading goods and services. Trust also helps to build stable and predictable financial and economic systems, which can attract investment and promote economic growth.

Additionally, trust in institutions such as banks and the government can help to maintain stability in times of economic uncertainty. Ken Arrow (1972), Nobel Prize–winning economist, said that virtually every commercial transaction has an element of trust. Indeed, he went on to say that one can plausibly argue that much of the economic backwardness in the world can be explained by the lack of confidence.

The numbers we discussed earlier and the level of trust in Ghana are a cause for concern, but let us ask some simple questions to bring home some of the problems of distrust in Ghana. How many Christian men reading this article will entrust their wives to their church pastors when traveling outside? How many of us trust our family members to entrust part of our savings to invest for them? How many of you will feel comfortable going into business in Ghana with your brothers or sisters?

A friend told me he went to Ghana and needed to repair his car, so he sent a nephew to buy him some auto parts. It turns out he bought the wrong one, so he accompanied the nephew to the shop owner to go and collect his money back. When they got there, the shop owner or the cashier gave him half the money, so he asked him to refund the remaining amount. The cashier looked at his nephew intensely and asked him to respond to his uncle. The uncle asked why the nephew had to respond to the query. To cut a long story short, the nephew had asked the shop owner to inflate the price so he could pocket the excess.

Some years ago, when I entered a graduate program in organizational leadership, I heard all the professors talking about the role of trust in leadership and organization. They emphasized that great companies and corporations that have endured for a long time have done so based on trust. They gave examples of companies that built trust among their shareholders, customers, and the general public, and have survived up to this time. They also mentioned companies that snowballed through deceptive means and are no more in business.

So what is trust? The Oxford dictionary defines trust as "the belief that somebody or something is good, sincere, honest, and will not try to harm or trick someone." Trust is the belief that something is true or that you can rely on it. Coleman (1990) observed that "an individual trusts if he or she voluntarily places resources at the disposal of another party without any legal commitment from the latter, but with the expectation that the act of trust will pay off."

Immanuel Kant maintained that trust is based on mutual respect and the belief that others will act by certain moral principles and that it is essential for the functioning of a just society. He believed that individuals should be treated as ends in themselves and that they should be respected and trusted to make their own choices.

Plato's most famous work, the Republic, explores the idea of trust in the context of justice. He argued that a just society is one in which individuals trust one another to act by their respective roles and responsibilities. He observed that trust is an essential component of friendship, as true friends can rely on one another and trust in each other's good intentions.

Recognizing the critical role that trust plays in human interactions, the people of the Ancient Near East established and enforced trust through many means, including the use of legal contracts and treaties, the exchange of gifts and favors, and the establishment of diplomatic relationships between rulers and other leaders. Trust was also established through intermediaries, such as merchants and ambassadors, who could act as intermediaries between different groups and help build trust between them.

Additionally, trust was established through religious and ritual practices, such as oaths and ceremonies, which helped reinforce the bond of trust between different groups. One way of establishing and enforcing trust among the ancients was covenant-making.

A country will face significant challenges and may not reach its full potential without generalized trust among its citizens. Financial trust plays a crucial role in facilitating economic activity, and without it, transactions and exchanges can become more complex and costly. For example, if individuals and businesses do not trust each other, they may be less likely to lend or invest money, limiting economic growth and development.

Similarly, people who do not trust banks or other financial institutions may be less likely to deposit their money there, making it harder for businesses to access the capital they need to grow and create jobs. A lack of trust in government institutions can make it harder for a country to attract foreign investment, which can be crucial for economic development. A lack of trust can also lead to economic instability and uncertainty, making it harder for businesses to plan for the future.

A lack of personal trust among citizens of a country can impede its economic development in several ways: A lack of trust between individuals can lead to a lack of cooperation and collaboration, making it harder for businesses to form and for people to engage in mutually beneficial exchanges. When individuals do not trust each other, they may be less likely to lend or borrow money, limiting economic growth and development. Low levels of trust can also lead to increased transaction costs, as individuals may be more likely to engage in costly legal and contractual arrangements to protect themselves from the risk of being taken advantage of.

People who do not trust each other tend to be less willing to take risks. This can be detrimental to economic development as entrepreneurs and investors must take risks to innovate and grow the economy. Trust is also important for the functioning of institutions critical to economic development, such as banks, government, and the legal system; if citizens do not trust these institutions, they may be unable to function effectively.

For example, if two parties do not trust each other, they may use a third-party intermediary to facilitate a transaction, which can add additional costs. They may also choose to invest in more extensive legal contracts and insurance to protect themselves from the risk of fraud or default. Additionally, a lack of trust can lead to increased monitoring and enforcement costs, as individuals and businesses may need to devote more resources to checking that the other party is fulfilling their obligations.

Furthermore, low trust levels can also lead to higher search costs, as individuals may need to spend more time and resources finding trustworthy partners to engage in transactions with.

In his work, "The politics of moral capital," British political scientist John Kane emphasized the role of trust in politics. Kane explores the idea of moral capital and its role in politics. He argues that moral capital refers to individuals' and institutions' moral reputation, integrity, and credibility. He suggests that moral capital is a valuable commodity in politics and can be used to gain trust and support from the public.

The author also discusses how moral capital can be lost and how political leaders can rebuild their moral capital through honesty and transparency. In conclusion, the author emphasizes the importance of moral capital in shaping political outcomes and influencing public opinion.

Trust is essential for financial and economic success because it allows for efficient transactions and exchanges. When individuals and businesses trust each other, they are more likely to engage in mutually beneficial exchanges, such as lending and borrowing money, investing in each other, and trading goods and services. Trust also helps to build stable and predictable financial and economic systems, which can attract investment and promote economic growth.

Additionally, trust in institutions such as banks and the government can help to maintain stability in times of economic uncertainty. Ken Arrow (1972), Nobel Prize–winning economist, said that virtually every commercial transaction has an element of trust. Indeed, he went on to say that one can plausibly argue that much of the economic backwardness in the world can be explained by the lack of confidence.

The numbers we discussed earlier and the level of trust in Ghana are a cause for concern, but let us ask some simple questions to bring home some of the problems of distrust in Ghana. How many Christian men reading this article will entrust their wives to their church pastors when traveling outside? How many of us trust our family members to entrust part of our savings to invest for them? How many of you will feel comfortable going into business in Ghana with your brothers or sisters?

A friend told me he went to Ghana and needed to repair his car, so he sent a nephew to buy him some auto parts. It turns out he bought the wrong one, so he accompanied the nephew to the shop owner to go and collect his money back. When they got there, the shop owner or the cashier gave him half the money, so he asked him to refund the remaining amount. The cashier looked at his nephew intensely and asked him to respond to his uncle. The uncle asked why the nephew had to respond to the query. To cut a long story short, the nephew had asked the shop owner to inflate the price so he could pocket the excess.

Some years ago, when I entered a graduate program in organizational leadership, I heard all the professors talking about the role of trust in leadership and organization. They emphasized that great companies and corporations that have endured for a long time have done so based on trust. They gave examples of companies that built trust among their shareholders, customers, and the general public, and have survived up to this time. They also mentioned companies that snowballed through deceptive means and are no more in business.

So what is trust? The Oxford dictionary defines trust as "the belief that somebody or something is good, sincere, honest, and will not try to harm or trick someone." Trust is the belief that something is true or that you can rely on it. Coleman (1990) observed that "an individual trusts if he or she voluntarily places resources at the disposal of another party without any legal commitment from the latter, but with the expectation that the act of trust will pay off."

Immanuel Kant maintained that trust is based on mutual respect and the belief that others will act by certain moral principles and that it is essential for the functioning of a just society. He believed that individuals should be treated as ends in themselves and that they should be respected and trusted to make their own choices.

Plato's most famous work, the Republic, explores the idea of trust in the context of justice. He argued that a just society is one in which individuals trust one another to act by their respective roles and responsibilities. He observed that trust is an essential component of friendship, as true friends can rely on one another and trust in each other's good intentions.

Recognizing the critical role that trust plays in human interactions, the people of the Ancient Near East established and enforced trust through many means, including the use of legal contracts and treaties, the exchange of gifts and favors, and the establishment of diplomatic relationships between rulers and other leaders. Trust was also established through intermediaries, such as merchants and ambassadors, who could act as intermediaries between different groups and help build trust between them.

Additionally, trust was established through religious and ritual practices, such as oaths and ceremonies, which helped reinforce the bond of trust between different groups. One way of establishing and enforcing trust among the ancients was covenant-making.

A country will face significant challenges and may not reach its full potential without generalized trust among its citizens. Financial trust plays a crucial role in facilitating economic activity, and without it, transactions and exchanges can become more complex and costly. For example, if individuals and businesses do not trust each other, they may be less likely to lend or invest money, limiting economic growth and development.

Similarly, people who do not trust banks or other financial institutions may be less likely to deposit their money there, making it harder for businesses to access the capital they need to grow and create jobs. A lack of trust in government institutions can make it harder for a country to attract foreign investment, which can be crucial for economic development. A lack of trust can also lead to economic instability and uncertainty, making it harder for businesses to plan for the future.

A lack of personal trust among citizens of a country can impede its economic development in several ways: A lack of trust between individuals can lead to a lack of cooperation and collaboration, making it harder for businesses to form and for people to engage in mutually beneficial exchanges. When individuals do not trust each other, they may be less likely to lend or borrow money, limiting economic growth and development. Low levels of trust can also lead to increased transaction costs, as individuals may be more likely to engage in costly legal and contractual arrangements to protect themselves from the risk of being taken advantage of.

People who do not trust each other tend to be less willing to take risks. This can be detrimental to economic development as entrepreneurs and investors must take risks to innovate and grow the economy. Trust is also important for the functioning of institutions critical to economic development, such as banks, government, and the legal system; if citizens do not trust these institutions, they may be unable to function effectively.

For example, if two parties do not trust each other, they may use a third-party intermediary to facilitate a transaction, which can add additional costs. They may also choose to invest in more extensive legal contracts and insurance to protect themselves from the risk of fraud or default.

Additionally, a lack of trust can lead to increased monitoring and enforcement costs, as individuals and businesses may need to devote more resources to checking that the other party is fulfilling their obligations.

Furthermore, low trust levels can also lead to higher search costs, as individuals may need to spend more time and resources finding trustworthy partners to engage in transactions with.

In his work, "The politics of moral capital," British political scientist John Kane emphasized the role of trust in politics. Kane explores the idea of moral capital and its role in politics. He argues that moral capital refers to individuals' and institutions' moral reputation, integrity, and credibility. He suggests that moral capital is a valuable commodity in politics and can be used to gain trust and support from the public.

The author also discusses how moral capital can be lost and how political leaders can rebuild their moral capital through honesty and transparency. In conclusion, the author emphasizes the importance of moral capital in shaping political outcomes and influencing public opinion.

Trust is essential for financial and economic success because it allows for efficient transactions and exchanges. When individuals and businesses trust each other, they are more likely to engage in mutually beneficial exchanges, such as lending and borrowing money, investing in each other, and trading goods and services. Trust also helps to build stable and predictable financial and economic systems, which can attract investment and promote economic growth.

Additionally, trust in institutions such as banks and the government can help to maintain stability in times of economic uncertainty. Ken Arrow (1972), Nobel Prize–winning economist, said that virtually every commercial transaction has an element of trust. Indeed, he went on to say that one can plausibly argue that much of the economic backwardness in the world can be explained by the lack of confidence.

The numbers we discussed earlier and the level of trust in Ghana are a cause for concern, but let us ask some simple questions to bring home some of the problems of distrust in Ghana. How many Christian men reading this article will entrust their wives to their church pastors when traveling outside? How many of us trust our family members to entrust part of our savings to invest for them? How many of you will feel comfortable going into business in Ghana with your brothers or sisters?

A friend told me he went to Ghana and needed to repair his car, so he sent a nephew to buy him some auto parts. It turns out he bought the wrong one, so he accompanied the nephew to the shop owner to go and collect his money back. When they got there, the shop owner or the cashier gave him half the money, so he asked him to refund the remaining amount. The cashier looked at his nephew intensely and asked him to respond to his uncle. The uncle asked why the nephew had to respond to the query. To cut a long story short, the nephew had asked the shop owner to inflate the price so he could pocket the excess.

Some years ago, when I entered a graduate program in organizational leadership, I heard all the professors talking about the role of trust in leadership and organization. They emphasized that great companies and corporations that have endured for a long time have done so based on trust. They gave examples of companies that built trust among their shareholders, customers, and the general public, and have survived up to this time. They also mentioned companies that snowballed through deceptive means and are no more in business.

So what is trust? The Oxford dictionary defines trust as "the belief that somebody or something is good, sincere, honest, and will not try to harm or trick someone." Trust is the belief that something is true or that you can rely on it. Coleman (1990) observed that "an individual trusts if he or she voluntarily places resources at the disposal of another party without any legal commitment from the latter, but with the expectation that the act of trust will pay off."

Immanuel Kant maintained that trust is based on mutual respect and the belief that others will act by certain moral principles and that it is essential for the functioning of a just society. He believed that individuals should be treated as ends in themselves and that they should be respected and trusted to make their own choices.

Plato's most famous work, the Republic, explores the idea of trust in the context of justice. He argued that a just society is one in which individuals trust one another to act by their respective roles and responsibilities. He observed that trust is an essential component of friendship, as true friends can rely on one another and trust in each other's good intentions.

Recognizing the critical role that trust plays in human interactions, the people of the Ancient Near East established and enforced trust through many means, including the use of legal contracts and treaties, the exchange of gifts and favors, and the establishment of diplomatic relationships between rulers and other leaders. Trust was also established through intermediaries, such as merchants and ambassadors, who could act as intermediaries between different groups and help build trust between them.

Additionally, trust was established through religious and ritual practices, such as oaths and ceremonies, which helped reinforce the bond of trust between different groups. One way of establishing and enforcing trust among the ancients was covenant-making.

A country will face significant challenges and may not reach its full potential without generalized trust among its citizens. Financial trust plays a crucial role in facilitating economic activity, and without it, transactions and exchanges can become more complex and costly. For example, if individuals and businesses do not trust each other, they may be less likely to lend or invest money, limiting economic growth and development.

Similarly, people who do not trust banks or other financial institutions may be less likely to deposit their money there, making it harder for businesses to access the capital they need to grow and create jobs. A lack of trust in government institutions can make it harder for a country to attract foreign investment, which can be crucial for economic development. A lack of trust can also lead to economic instability and uncertainty, making it harder for businesses to plan for the future.

A lack of personal trust among citizens of a country can impede its economic development in several ways: A lack of trust between individuals can lead to a lack of cooperation and collaboration, making it harder for businesses to form and for people to engage in mutually beneficial exchanges. When individuals do not trust each other, they may be less likely to lend or borrow money, limiting economic growth and development.

Low levels of trust can also lead to increased transaction costs, as individuals may be more likely to engage in costly legal and contractual arrangements to protect themselves from the risk of being taken advantage of.

People who do not trust each other tend to be less willing to take risks. This can be detrimental to economic development as entrepreneurs and investors must take risks to innovate and grow the economy.

Trust is also important for the functioning of institutions critical to economic development, such as banks, government, and the legal system; if citizens do not trust these institutions, they may be unable to function effectively.

For example, if two parties do not trust each other, they may use a third-party intermediary to facilitate a transaction, which can add additional costs. They may also choose to invest in more extensive legal contracts and insurance to protect themselves from the risk of fraud or default. Additionally, a lack of trust can lead to increased monitoring and enforcement costs, as individuals and businesses may need to devote more resources to checking that the other party is fulfilling their obligations.

Furthermore, low trust levels can also lead to higher search costs, as individuals may need to spend more time and resources finding trustworthy partners to engage in transactions with.

In his work, "The politics of moral capital," British political scientist John Kane emphasized the role of trust in politics. Kane explores the idea of moral capital and its role in politics. He argues that moral capital refers to individuals' and institutions' moral reputation, integrity, and credibility. He suggests that moral capital is a valuable commodity in politics and can be used to gain trust and support from the public.

The author also discusses how moral capital can be lost and how political leaders can rebuild their moral capital through honesty and transparency. In conclusion, the author emphasizes the importance of moral capital in shaping political outcomes and influencing public opinion.

Trust is the most expensive commodity because demand far exceeds supply. Trust is the scarcest commodity on earth: While the demand for trust is unlimited, its supply is limited. People do not realize the wealth of trust in a business or everyday human interactions: that trust is worth millions of dollars, if not billions. If someone asks me what is the secret of business success?

I will tell them, trust, trust, trust. With trust, you can control enormous resources without paying for them. Without trust among citizens, government institutions, and our leaders, we cannot develop as a nation.

So, what causes distrust among citizens of a country? Several factors can lead to distrust among the citizens of a nation. Among them are corruption and unethical behavior by political leaders or government officials; broken promises and failure to deliver on political promises, disparities in wealth, income, and opportunities. Other contributing factors are government and institutions' lack of transparency and accountability, propaganda, misinformation, and fake news.

In some instances, discriminatory policies and practices, historical conflicts, injustices, police brutality and abuse of power, disregard for civil liberties and human rights, and failure to effectively address social and economic problems can lead to mistrust of citizens in governments and public institutions. It is important to note that distrust can arise from various sources, and the specific reasons for distrust vary greatly depending on the context.

Citizens, institutions, and governments can create trust by consistently fulfilling their obligations and responsibilities, being transparent and accountable in their actions and decisions, and treating each other with respect and fairness. Open and effective communication, participation in decision-making processes, and the provision of reliable and accessible information are also essential elements of building trust.

When trust is established, it can lead to a more cohesive and stable society, where individuals and institutions are more likely to work together towards common goals.