Former president of Ghana John Mahama claims that, among other things, corruption, improper use of Covid-19 funding, excessive borrowing, and the exorbitant cost of banking reforms are to blame for the nation’s escalating economic problems.
The rapid inflation in Ghana has been linked to trade disruptions caused by the Russian-Ukraine war, as well as a drop in the value of the cedi, which increased the cost of imported products such as cooking oil and gasoline. Kamil Sodiq has more…
Ghana’s former President John Mahama says the country is facing growing economic troubles due to corruption, mismanagement of Covid-19 funds, excessive borrowing and the high cost of banking reforms, among other factors.
John Mahama was reacting to comments by the International Monetary Funds’ managing director Kristalina Georgieva, who attributed the country’s economic challenges to the global pandemic and Russia’s invasion of Ukraine.
The government of President Nana Akufo-Addo has said the crisis is due to external factors.
Former president further outlined the reason why he believes the incumbent president cannot fight corruption and incompetence in his government.
Among the reasons, he said, is the blood relations president Nana-akufo Addo has with some of his appointees.
Ghana’s economy has been struggling of late, with inflation over 30%.
The rapid inflation in Ghana has been linked to trade disruptions caused by the Russian-Ukraine war, as well as a drop in the value of the cedi, which increased the cost of imported products such as cooking oil and gasoline.
The Ghanaian cedi has dropped by a whopping 47.10% against the US dollar since the start of the year, making the cedi the world’s second-worst performing currency after the Sri Lankan rupee.
