If you’re interested, the war in Ukraine has caused Turkey, one of Europe’s economic powerhouses, to experience an inflation rate of *79%*.
Over US$ 750 billion is now required for Ukraine’s national recovery plan.
The US$750 billion that Ukraine needs for its national recovery plan as a result of the war in the country is greater than even the combined net worth of the top five billionaires.
This is the situation as it stands and the extent of the effects of the Russia-Ukraine War.
Undoubtedly, poor students (NDC) constantly celebrate and make fun of the situation when a great student (NPP) fails due to outside, unforeseen factors beyond his or her control out of jealously and unease.
Poor students (NDC) visited the IMF without COVID-19/the Russia-Ukraine War and with Dumsor.
Because of the effects of COVID-19 and the Russia-Ukraine War, excellent students (NPP) are attending the same IMF, and NDC is now feeling justified for their bad performance and ineptitude in 2015–2016.
It is extremely amusing that John Mahama and several NPP presidential hopefuls claim that Dr. Bawumia, the leader of the Akufo-Addo government’s economic management team, has fallen short of expectations because the NPP government is turning to the IMF for support.
Even when John Mahama left behind a poor economic narrative about Ghana, Dr. Bawumia, the leader of the Economic Management Team, assisted Akufo-administration Addo’s in providing economic turnaround remedies.
Between 2017 to 2020 even during COVID-19, Dr. Mahamudu Bawumia and the Economic Management Team were able to assist Akufo-Addo’s Government:
- Reduced Inflation rate from 15.4% in 2016 under Mahama to 10.4% at the end of 2020.
- Reduced average lending rate from 32% in 2016 under Mahama to 21% in 2020.
- Increased Ghana’s Gross International Reserves from US$6.1 billion in 2016 under Mahama to US$8.6 billion in 2020.
- Solved Dumsor which Mahama FAILED to address it in 2015/2016 even with the help of IMF bailout.
- Bring to Ghana VW, Sinotruck, Toyota and Nissan all assembly vehicles in Ghana, something Mahama couldn’t achieve during his days President of Ghana.
- Established Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Tree Crop Development Authority, Ghana Integrated Aluminum Development Corporation(GIADEC), Minerals Income Investment Fund(MIIF), over 100 plus Factories under 1 District 1 Factory, over 300 Ambulances, over 6 major Interchanges, STEM Educational Facilities etc. And all these were non-existence under John Mahama’s administration.
It is worthy to also state that during the peak of global COVID-19 pandemic without IMF Programme, Dr. Bawumia and the Economic Management Team were able to advise Akufo-Addo’s Government to provide:
- Free Water to Ghanaians including the household of John Mahama, his relatives and members of the NDC.
- Free Electricity to the household of Ghanaians including that of John Mahama, his relatives and members of the NDC.
- Free food to Ghanaians including that of hungry NDC’s footsoldiers and comrades.
- Free COVID-19 Vaccines to Ghanaians including the household of John Mahama, his relatives and members of the NDC.
The war in Ukraine has been reverberating across World’s Regions with advanced economies such as USA, UK, Europe, Asia and African Countries all suffering from high cost of food, rising inflation rate, high prices of oil and gas, struggling economy, low quality of living and slower growth, even forcing the World Bank in April 2022 to slash/cut/reduced the 2022 Global Growth Forecast to 3.2% from the initial projected 4.1%, citing the impact of Russia’s invasion of Ukraine is having on the World Economy.
Russia and Ukraine are the MAJOR commodities producers and the war between these two Countries has badly affected global supply chains leading to soar in global prices for oil, gas, Iron rods, food especially grains/wheat for bread and therefore resulting in wider fiscal & trade deficits, financial exposures and inflation pressures. Ukraine and Russia make up 30% of the global exports.
Henceforth, the incompetence of John Mahama can NEVER be transferable to Dr. Mahamudu Bawumia because Time and season in 2015/2016 which pushed John Mahama to IMF for bailout is NOT the same as in 2022 which has forced Akufo-Addo’s Government to IMF to support its own Economic Programme.