Vice President Dr. Mahamudu Bawumia says part of Ghana’s current economic challenges can blamed on “the previous government.”
In a speech at the Accra Business School, the vice president listed what he described as the “quadruple whammy” the current government faces – excess capacity payments, banking sector crisis, Covid-19 and the Russia-Ukraine war.
But Dr. Bawumia says the excess capacity payments and the banking sector crisis were inherited from the previous administration.
“Covid-19 expenditures alone were not reason for the large increase in Ghana’s debt stock by the end of 2021,” he said.
“If you take out the fiscal impact of this quadruple whammy, Ghana will not be going to the IMF for support because our fiscal, debt and balance of payments outlook would be sustainable. Of the four factors, two (COVID-19 and the Russia-Ukraine war) were external and the other two (the banking sector clean-up and the excess capacity payments) were the result of policies of the previous government.
