According to the media site, the financial crisis had a tremendous influence, leading to countless contractors firing workers and escalating the unemployment problem across the country.
In essence, the government is bankrupt. It was the 17th time since Ghana’s independence in 1957 that it had to use the fund. According to the report, the devastation caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and increasing food and gasoline prices were some of the factors that contributed to this most recent catastrophe.
The chairman of a consortium of Ghanaian construction companies, Emmanuel Cherry, recently said that, before interest, the government owed contractors a whopping 15 billion cedis ($1.3 billion) in delayed back payments.
The sources claim that Ghana’s government owes independent power producers $1.58 billion and may face bankruptcy.