Vice President, Dr. Mahamudu Bawumia has blamed Ghana for going back to the International Monetary Fund (IMF) as a result of COVID-19 and the Russia-Ukraine war, the banking sector clean up and the excess energy capacity payments.
Dr. Bawumia described these four reasons as “quadruple whammy”
Giving his speech at the launch of two new high-level information technology programmes at Accra Business School today, Thursday, 14 July 2022, Dr. Bawumia said “It should be noted that without the GHC54.0 billion debt for the three exceptional items (COVID-19, Financial Sector and Energy), Ghana’s debt to GDP would be within the sustainability threshold of some 68% instead of the 76.6% at the end of 2021.”
“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.”
Apexnewsgh.com/Ghana/ Ngamegbulam Chidozie Stephen
