Lecturer at the Kumasi campus of the University of Education Winneba, Aaron Kuma, has emphasised that the origins of Ghana's present economic crisis can be traced back to a period preceding the COVID-19 pandemic and the Russia-Ukraine conflict.

This university lecturer highlights that the banking sector crisis of 2017 holds substantial responsibility for the current state of Ghana's finances, exerting a lasting impact on the nation's economic situation even six years later.

“It is not COVID and the Ukraine war that have gotten us to this point as a nation. The banking crisis is one of the major critical issues because a whooping amount of close to $27 billion was used for bailouts,” he stated on Kumasi-based Hello FM.

He observed that the Bank of Ghana, which was tasked with the crucial responsibility of restructuring the banking sector through a cleanup in 2020, fell short in effectively tackling the issue.

The approach of collapsing multiple banks without a thorough case-by-case examination was, in his view, inadequate.

“If I was the finance minister or the governor of the Bank of Ghana, I am not sure that is how I would have handled it. I would’ve done it on a case-by-case basis,” he noted.