Minister of Finance Kenneth Nana Yaw Kuntukununku Ofori-Atta has blamed the coronavirus pandemic and the war in Ukraine for the current economic crisis in Ghana.
He insists that the difficulties the country is faced with is not peculiar to the country.
But with “firm leadership, bold initiatives and responsive citizens”, the country has managed its difficulties remarkable well.
The Finance Minister, however, laments that the pandemic has left in its wake huge bills which are outstanding for the country to settle.
“But, we knew that Ghana, like most countries in the world, had a tall list of coronavirus-induced bills to pay from 2020 and 2021 and came out with plans and policies to boost investor confidence and job prospects for 2022 and beyond,” Mr Ofori-Atta stated while addressing journalists in Accra on measures taken by government to tackle the economic difficulties.
“As you recall, we lost GH¢13.1 billion of revenue and had to increase our expenditure by GH¢14.2 billion with combined fiscal impact of GH¢26 billion.”
He said there was indeed plans by the government to settle the debts until three events took them unawares.
The first was Parliament’s initial rejection of the 2022 budget statement and the resistance to the e-levy. The seocnd was the effect on investor confidence by the resistance of the Minority on the e-levy and the third was the war between Russia and Ukraine.
“We do not know how long the conflict will last, but it is clear that it has already forced many countries, in Europe and beyond, to adjust their economic plans for 2022 and Africa is likely to be amongst the worst hit outside of Ukraine.”