The Member of Parliament (MP) for Amenfi Central, Hon Peter Yaw Kwakye-Ackah has emphasized that the Akufo-Addo Government should not attribute Ghana’s current economic challenges solely to the impact of COVID-19.
Highlighting the stability of the cedi during the pandemic, the MP noted that the economy, reliant on the cedi’s performance, was notably stable due to funds received from the World Bank.
“During COVID, we received funds from the World Bank to support us. The cedi remained stable during the pandemic. Economic challenges arose after COVID, not during, as the cedi was stabilized,” the MP asserted in an interview with Opemsuo Radio’s Parliamentary Correspondent, Nana Kwaku Boffah on November 15.
The Finance Minister Ken Ofori Atta, during the presentation of the 2024 budget on Wednesday, November 15, acknowledged the adverse effects of the economic downturn on Ghana’s revenue, exacerbated by additional expenditures incurred to safeguard lives and livelihoods during the COVID-19 pandemic.
“Mr. Speaker, 2020 was also in an election year. The first ever election in the Fourth Republic with zero donor funding. However, Government’s sensitivity to our people was remarkable: No lay-offs in the public service; salaries were dutifully paid over the year; and free water and electricity for the entire population was provided, especially for life-line consumers. Indeed, Entrepreneurship was not ignored as GH¢600 million of CAPBuSS from GEA was effectively deployed.”
He further clarified that the disruptions in Ghana’s macroeconomic trajectory were not unique to the country, attributing global challenges such as supply chain disruptions, shifts in work patterns, and changes in demand to the widespread impact on inflation and growth worldwide.
The finance minister characterized these challenges as contributing to the most significant global cost of living crises since World War II.
Story by Adwoa Serwaa Danso