Lecturer at the University of Education Winneba’s Kumasi campus, Aaron Kuma, has stated that the COVID-19 pandemic and the Russia-Ukraine conflict are not the root reason of Ghana’s current economic problems.
A university lecturer claims that the 2017 banking sector crisis significantly affected Ghana’s economy and was a major factor in the financial situation of the nation about six years later.
“It is not COVID and the Ukraine war that has got as to this point as a nation. The banking crisis is one of the major critical issues because a whooping amount of close to about 27 billion was used for bailout,” he stated on Kumasi-based Hello FM.
He pointed out that the Bank of Ghana, which had the last say over how to clean up the banking industry in 2020, had failed to adequately address the problem by forcing the closure of multiple banks without carefully examining each one individually.
“If I was the finance minister or the governor of the Bank of Ghana, I am not sure that is how I would have handled it. I would’ve done it on a case-by-case basis,” he noted.