He stated that “We had to undertake a major banking crisis reform. At that time, 2018/2019, it cost almost $7 billion in order to save the banking system. Now the choice that was available was that either you let the banking system collapse or you save there was really no middle way.
“So we had to save the banking system and the deposits of 4.6 million people [were safe].”
Dr. Bawumia attributing the economic hardships to COVID-19, he said the government was more focused on saving lives than the country’s fiscal discipline.
He indicated that “We had the worst economic depression since the 1930s in the global economy. Of course from the President’s point of view at the time of COVID-19, the emphasis was on saving lives and not on fiscal discipline.
“So yes, we focused on saving lives at great fiscal cost.”
