Ghana is frantically working to provoke talks with home bondholders on a restructuring of its native forex debt as a part of plan to safe a $3 billion loan from the IMF.
The administration and party communicators have constantly blamed the poor financial standing of the country partly on the Russia-Ukraine situation.
President Akufo-Addo in his deal with at this year’s United Nations General Assembly made makes an attempt to present how “every bomb in Ukraine” is hitting the pockets of economies on the African continent.
But talking at the 2022 Baah-Wiredu Lecture, Bright Simons argued that there’s no justification for the government to blame the sorry state of the Ghanaian financial system on the battle in Ukraine as a result of the country’s financial system is not as uncovered to the Russian financial system as other countries.
“When we start to do the comparative analysis you cannot use some other factor that has had a uniform effect. I tried my best to give you factors that could have shown that Ghana has been affected more, and as you saw I struggled with the data. I went to jobs, I went to growth, I went to how many people were killed and none of it bears out that we were affected worse. So if you are the worse performing in terms of currency, you cannot complain and say it is because of some factor that has affected everybody uniformly. It is as simple as that,” Bright Simons said.