Speaking on the economic challenges in the country on Thursday, April 7, 2022, at a special town hall meeting at Kasoa in the Central Region, Dr. Bawumia revealed what accounted for the high public debt as well as the financial sector clean-up which led to the collapse of some insolvent financial institutions costing the taxpayer GH¢21 billion.
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Gov't borrowed to build Tamale Airport, Kumasi Airport Phase II, Pokuase Interchange — Bawumia
"The projects that we have undertaken from the loans over the years, you will see that we borrowed to build the University of Environment Science and Sustainable Development, that is part of the debt, the Pokuase Interchange is part of the debts, the Tema-Mpakadan Railway is part of our debt, the Kumasi Airport Phase 2 is part of our debt, Tamale Airport is part of our debt," Vice President Dr. Mahamudu Bawumia has said.
Dr Mahamudu Bawumia
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He indicated that the government spent GH¢50.1billion during the peak of the COVID-19 pandemic adding that the government took the decision in order to save the lives of the people.
Pokuase Interchange
Pulse Ghana
He also attributed the hardships to the current conflict between Russia and Ukraine.
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"The increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30 percent of the global wheat export. The longer the conflict the greater will be the disruptions to the global food supply. The country is also likely to slow global growth.
"According to the AfDB, the price of wheat has shot up by 62 percent since the war has begun. The price of fertilizer is up by 300 percent, and the price of maize is up by 36 percent since the war begin. Here in Ghana, 60 percent of our total imports of iron ore and steel are from Ukraine.
Kumasi International Airport
Pulse Ghana
"Russia accounts for some 30 percent of Ghana’s imported grains, 50 percent of flour, and 39 percent of fertilizer. So we are directly affected by the Russia-Ukraine war. Unfortunately, we do not know when it will be over. The global increase in fuel prices is causing hardship," he stated.
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