COVID, Russia-Ukraine war not only cause of Ghana's current economic crisis – Kwaku Kwarteng

The Chairman of Parliament’s Finance Committee, Kwaku Agyemang Kwarteng has ruled out the notion that the ongoing Russia-Ukraine war and the COVID-19 pandemic are the sole contributors to Ghana’s current economic crisis.

According to him, the crisis is largely due to decades of reckless expenditure and mismanagement of economic resources.

“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,” the New Patriotic Party (NPP) Member of Parliament for Obuasi West told JoyNews in an interview.

While noting pervasive culture of overspending and lack of fiscal discipline in Ghana’s economic management, the MP said the situation is not the sole doing of the current government but an aggregation of bad politics and economic management over the years.

This he said calls for a fundamental change in mindset and a commitment to fiscal responsibility lest Ghana risks becoming a failed state.

GA/SARA

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