A lecturer at the Kumasi campus of the University of Education Winneba, Aaron Kuma has stated that the cause of Ghana’s current economic crisis predates the COVID-19 pandemic and the Russia-Ukraine war.

According to university lecturer, the banking sector crisis of 2017 has had a very significant impact on Ghana’s economy and has played a vital role in the state of the country’s finances some six years on.

“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 noted that the Bank of Ghana with ultimate responsibility of reforming the banking sector through a cleanup in 2020 failed to address the issue effectively by collapsing several banks without looking at the banks on a case-by-case basis.

“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.

GA/SARA

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