Economist Accuses Government of Exploiting Covid-19 to Worsen Economic Woes

Professor Godfred Bokpin of the University of Ghana has accused the country’s political leaders of exploiting the Covid-19 pandemic to exacerbate Ghana’s economic challenges.

In remarks made on JoyNews’ Newsfile on July 27, Prof. Bokpin contended that while Covid-19 inflicted significant harm on Ghana, the government’s response to the pandemic has worsened the economic situation.

“The impact of Covid-19 on Ghana is more about the actions taken in response rather than the pandemic itself. It appears that the virus was used as an opportunity to exacerbate existing issues,” he stated.

Prof. Bokpin compared the situation to the previous financial sector cleanup, noting that the overall costs far exceeded the anticipated benefits.

He also highlighted the energy sector as a significant concern, projecting a shortfall of approximately GHS 98 billion through 2026, which could threaten fiscal stability.

He further noted that while domestic and external debt restructuring has provided some financial relief, it has merely deferred addressing the core problems.

“Despite creating some fiscal space through restructuring, the fundamental issues remain unresolved, indicating a long journey ahead,” Prof. Bokpin remarked.

He criticized the government’s handling of debt accumulation, stating, “Given the amount of debt incurred over the past seven and a half years, the real assets generated do not reflect prudent management.”

Source: Norvanreports