The COVID-19 epidemic and the Russia-Ukraine war, according to Rev Dr Worlanyo Mensah, a chartered economist, provided Ghana more rewards than obstacles.
Mensah claimed Ghana’s economic troubles are primarily due to mismanagement on Wednesday (15 June) on The Asaase Breakfast Show.
“Certainly, this beats my imagination when even the president talks about our troubles, our challenges related to the Russia-Ukraine war and the COVID-19 issue,” he remarked.
“I believe the COVID-19 issue and the Russia-Ukraine conflict are more of a blessing than a curse for our economy.” Look at the amount of money that has come in to help us,” Mensah stated.
“You understand that when COVID-19 arrived, the amount of resources we received to boost our economy was enormous, and as a country, we have yet to account for these sums.” So, I feel that if we had used these funds well, we could have turned this economy around.”
Due to the Ukraine situation, he claims, the government is now generating more revenue from crude oil.
“Now, if you consider the Russia-Ukraine war, the war’s most significant effect has been to raise international fuel prices, and Ghana is now a crude oil exporter.”
“That implies we’re making a lot more money from crude oil than we were before, and the Russia-Ukraine war has brought the state a lot more good fortune… Our current issue is solely one of mismanagement. I don’t believe we’re dealing with a tragedy.
“Now is the moment for our continent to regain its feet.” All of this is contingent on the financial mechanisms that we will put in place for the future, which is now,” Mensah continued.