Kwaku Kwarteng criticizes blaming global events for Ghana's economic woes

The Chairman of Parliament's Finance Committee, Kwaku Kwarteng, has rejected the notion that Ghana's current economic challenges are primarily due to global crises like the COVID-19 pandemic and the Russia-Ukraine war.

He argued that irresponsible public spending and economic mismanagement by both past and present governments have played a significant role.

“I am not with the school of

Read full articlethought that we were not going to experience a financial crisis but for COVID-19 and the Russia-Ukraine War,” he stated on Joy News.

Mr Kwarteng acknowledges that while these events might have delayed the crisis, Ghana was on an unsustainable path that would have led to financial difficulties regardless.

“The country was always going to have some financial crisis. It might have been delayed a little bit if COVID-19 and the Russia-Ukraine war had not happened but the fact remains that with the path we were walking, we were definitely going to get here.”

He criticized the existing laws and institutions, suggesting that they have not been effective in curbing economic mismanagement.

According to Kwarteng, legislative measures and institutional frameworks alone are insufficient to address Ghana's economic challenges without a collective commitment to change.

He emphasized the importance of a change in mindset and behavior to avoid further economic crises and promote sustainable growth.