The governing New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has highlighted the factors that led to the country’s economic downturn.
Dr. Bawumia attributed the COVID-19 pandemic and the Russia-Ukraine war as the major factors that led the country to an economic depression.
The country experienced an economic crisis between late 2022 and 2023, forcing the government to secure a bailout from the International Monetary Fund (IMF).
“However, between 2020 and 2022, we experienced severe challenges triggered by the pandemic, which brought the world and our country to a thundering halt. We may be tired of hearing it, but there is no avoiding the fact that the COVID-19 pandemic and the Russia-Ukraine war resulted in the greatest economic depression in the world since the 1930s, with most countries recording negative GDP growth,” he made these remarks when he addressed the nation on February 7, 2024, at UPSA.
He also highlighted supply chain disruptions and the rising price of oil resulting in major increases in the prices of fuel, freight, and food across the globe.
“Supply chain disruptions and the rising price of oil resulted in major increases in the prices of fuel, freight, and food across the globe.”
——-
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital
