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Economic crisis can't be solely attributed to COVID-19 and Russia-Ukraine war — Kwaku Kwarteng

Kwaku Kwarteng, Member of Parliament for Obuasi West, has pinpointed decades of imprudent public spending and economic mismanagement as the fundamental causes of the current economic turmoil in the country.

Kwaku Kwarteng

While acknowledging the detrimental impacts of both the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, Kwarteng, who also chairs the Finance Committee, dismissed the notion that these global events were solely responsible for the crisis.

During an interview on JoyNews, Kwarteng asserted that "I am not with the school of thought that we were not going to experience a financial crisis but for these [COVID-19 and Russia-Ukraine War].

"The country was always going to have some financial crisis. It might have been delayed a little bit if Covid-19 and the Russia-Ukraine war had not happened but the fact remains that with the path we were walking, we were definitely going to get here."

Additionally, Kwarteng highlighted that Ghana's current challenges stem not solely from recent economic management but rather from a culmination of years of poor governance and economic mismanagement.

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He stated that "Overruns and reckless expenditure have become a culture."

Earlier, the flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia emphasized the undeniable impact of the COVID-19 pandemic and the Russia-Ukraine war on global economies, including Ghana.

Despite inheriting challenges from the previous administration, the Akufo-Addo government successfully stabilized the economy, but these efforts were hindered by the adverse effects of the pandemic and war on economic indicators.

Speaking at the University of Professional Studies, Accra (UPSA) auditorium, the venue for the address on Wednesday, February 7, 2024, as he outlines his vision ahead of the general elections, Bawumia said notwithstanding the difficulties "we inherited, we had to get on with …we have to among other things fix dimsor, National Health Insurance, clear the arrears, make education free and accessible."

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