Dr Theo Acheampong, Petroleum Economist and Political Risk Analyst

Economist and Political Risk Analyst, Dr. Theo Acheampong, has stated that Ghana’s economic woes began before the Covid-19 pandemic struck the country.

This follows government’s constant claim that the Covid-19 negatively influenced the country’s economic fortunes.

“I’ve seen some of the communication and the narrative that comes from certain government circles as though Covid-19 is the big factor that brought us where we are today. I think that is perhaps true but the problem did actually start way before Covid-19,” he said.

Speaking on JoyFM’s Super Morning Show, on Monday, February 7, 2022, he argued that available data attests to this.

“If you look at the data as far back as 2019, some of the macro fundamentals were beginning to trend downwards and there was the issue about debt overhang beginning to creep up within the system.”

“I’ve said that what Covid-19 actually did for us was to ‘expose the soft underbelly of the base,’ in the sense that we were not, in my view, exactly heading toward the right direction even before Covid. Covid just highlighted the problems,” he added.

Earlier, President Akufo-Addo had attributed the current economic challenges confronting the nation, amidst the high public debt burdens, to the effects of Covid-19.

Delivering the keynote address at the 73rd Annual New Year School and Conference at the University of Ghana on Tuesday, January 25, 2022, President Akufo-Addo said contrary to unfounded claims that the situation is due to economic mismanagement by the government, Covid-19 affected all sectors of the economy.