We had to break the bank to save the economy during COVID-19 – Oppong Nkrumah

We had to break the bank to save the economy during COVID-19 – Oppong Nkrumah

- Kojo Oppong Nkrumah has revealed that the Akufo-Addo-led government had to borrow more to get the Ghanaian economy functioning

- This according to him, made the economy function despite the coronavirus

- He added that government had to borrow amounts it had not borrowed before

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The Akufo-Addo-led government was lauded by Ghanaians for being better managers of the economy even during the COVID-19 period.

As many economies were reportedly suffering various losses, it looked like the Ghanaian economy seemed to be doing well despite the coronavirus.

The minister of Information, Kojo Oppong Nkrumah, has revealed that the Akufo-Addo-led government had to borrow more money to get the Ghanaian economy functioning despite the harsh impact of COVID-19.

We had to break the banks to save the economy during COVID-19 – Oppong Nkrumah
We had to break the banks to save the economy during COVID-19 – Oppong Nkrumah
Source: UGC

According to him, the media must play a role in reminding Ghanaians about the devastating impact the pandemic has had on the world economy and the need to work with government in finding solutions.

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“We have to literally break the banks, borrowed money that we have never borrowed before, exceed some of our very fine statistical limits that we have put in place. We have to sacrifice all that so we can pump resources into ensuring that today you and I are still alive and we are not like India,” he said.

In a report filed by Citinews, he stressed: “Today you see a deficit of 11%, you see debt to GDP ratio over 70%, you see revenues are falling, you see expenditure is challenged. That is to be expected if we are going to sacrifice that to protect lives”

Oppong Nkrumah, therefore, entreated Ghanaians to remain calm and trust in the government’s efforts to stabilize the economy.

In other news, Kojo Oppong Nkrumah has indicated that the views by a section of the Ghanaian public that the culture of silence is virtually creeping back into the country cannot be correct.

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He questioned how a country with over 500 vibrant media houses operating can be said to be in a culture of silence.

“This claim that there is culture of silence in this country cannot be true, this is a country with about 500 radio stations, 100 television stations, millions of social media accounts and everybody is freely expressing themselves”.

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