Ofori-Atta continues to blame Ghana’s economic problem on Covid-19 and the Russia-Ukraine war

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Ken Ofori-Atta, the finance minister, has repeated what he sees as the root of the current economic problem.

The Covid-19 pandemic in 2020 and the conflict between Russia and Ukraine were highlighted by the minister as the country’s problems.

On Thursday, Mr. Ofori-Atta was before the House of Representatives to provide an update on the steps taken to satisfy the debt requirements in order to obtain a $3 billion bailout from the International Monetary Fund (IMF).

The administration has previously used these considerations to justify the present situation of the economy.

The Minority, however, has always disputed these assertions, pointing to poor economic management and careless borrowing as the underlying culprits.

The Minister felt the need to reiterate the argument in order to drive home the goal of the debt restructuring program when addressing Parliament on the development of the Domestic Debt Exchange Program.

“Let me clarify that, the current state of our debt is because of the lingering effects of the CoVID-19 pandemic, the Russia–Ukraine war. This has been exacerbated by the high macroeconomic instability experienced in 2022, occasioned by downgrades by rating agencies as well as the consequential pressures on Government finances due to the actions of non-resident investors and the delayed passage of our revenue bills,” Ofori-Atta stated.

Samuel Okudzeto Ablakwa, a North Tongu MP, is perplexed as to why the administration continues to blame these outside forces for the appalling status of the economy.

As of right now, the DDEP deadline has passed, and the Ministry has confirmed that around 85% of applicants participated.

Source: Ghanatodayonline.com

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