William Kwesi Peprah, Associate Professor of Finance at Andrews University in Michigan, shed light on the ongoing U.S. government shutdown and its potential global consequences during an interview on the Asaase Breakfast Show on Thursday, 2 October.
“When we say government shutdown, it’s like in Ghana when Parliament must approve the appropriation bill before government can spend after the budget is done.
“The Democrats say the way most of the health insurance funding has been cut will make healthcare more expensive, so they have refused to sign,” Peprah explained.
The professor highlighted that the deadlock in Washington stems from partisan gridlock over budget appropriations, particularly concerning funding for the Affordable Care Act, commonly referred to as “Obamacare.”
He warned of the broader economic implications, saying, “Already, it sends some signal of uncertainties in the global market.
“Once investors see uncertainties, they wait. This may lead to a weakening of the dollar, and eventually a global increase in interest rates. The cost of funds globally will become very expensive.”
Source:Lovinghananews.com
