A chartered economist, Rev. Dr. Worlanyo Mensah has indicated that the outbreak of the COVID-19 pandemic and the Russia-Ukraine war have bathed Ghana more blessings than the challenges experienced in the country.
In an interview with Kwaku Nhyira-Addo on The Asaase Breakfast Show on Wednesday (15 June), Rev. Dr. Mensah disclosed that Ghana’s economic challenges are mainly due to mismanagement.
“Definitely this also beats my imagination when even the president sometimes talks about our woes, our challenges based on the Russia-Ukraine war and the issue of COVID-19,” he said.
“I think the issue of COVID-19 and the Russia-Ukraine war is more of a blessing than a curse to our economy. Look at the number of funds that came in to help cushion us,” Mensah said.
“You realize that when COVID-19 came, the quantum of resources that we received to support our economy has been so gargantuan, and so as to at now as a country we failed to even account for these funds. So, I believe that we could have turned this economy around if we had really made judicious use of these funds.”
According to him, the incumbent is now raising more revenue from crude oil due to the Ukraine crisis.
“Now, if you consider the Russia-Ukraine war, the biggest effect of the war is that it has increased international fuel prices, and now Ghana is also an exporter of crude oil.
“So, that means that we are making an extraordinary profit from crude oil than before, and so the Russia- Ukraine war has brought a much more blessing to the state… Our problem now is purely mismanagement. I don’t think we have any tragedy at hand.
“The time is now for this continent to stand on a sound footing. It all depends on the financial structures that we will put in place for the future, which is now,” Mensah stressed