Inculcating a culture of accountability, transparency and financial discipline is extremely important with immediate effect. Whether at home, school, work or society in general, you must be held accountable for your actions. If you’re lauded for your victories, you must also be punished for your failures.

We should not be allowed to say ‘we made a mistake’ and carry on. Leaders must lead by example and they’ll be respected when they accept responsibility and vacate their positions when they fail.

Transparency is equally important. The public must be treated with respect and the truth must be told. Then no one will find fault or criticise. Accurate information about the financial situation of the country, the resources available and the preventive measures citizens should take to avert further crises should be provided regularly.

Financial discipline should be instilled from top to bottom – by streamlining expenses, eliminating waste, working within budgets and explaining variances; and this should be introduced immediately as we have absolutely no time to waste.