Vice President, Dr. Mahamudu Bawumia, insists that the foundations of Ghana’s economy are not weak as perceived.
He maintains that the fundamentals are still “strong and resilient” despite the existing economic recession.
Speaking on Thursday at the National Tertiary Students Confederacy (TESCON) Training and Orientation Conference at Kasoa in the Central Region, the Vice President said the economy has experienced growth in terms of Gross Domestic Product (GDP) and low inflation rates.
“Our growth fundamentals are strong and resilient. In the context of Sub-Saharan Africa, GDP growth in Ghana has consistently outpaced the growth in sub-Saharan Africa since 2017. Even in 2020 when as a result of COVID-19, sub-Saharan Africa recorded a negative rate, Ghana was one of the few countries with positive growth. Between 2017 and 2021, growth in Ghana averaged 5.3 percent while that of Sub-Saharan Africa averaged 2. 2 percent, and the evidence in the data is very clear.”
Dr. Bawumia said the NPP has managed the economy better and that the current economic indicators cannot be matched with those under the erstwhile National Democratic Congress (NDC).
“The government of President Nana Akufo-Addo put in a lot of effort to turn things around from the situation it used to be. Together, as a country, we proceeded to fix the economy. We made great gains and the records attest to this.”
Meanwhile, Dr. Mahamudu Bawumia has acknowledged that Ghanaians are going through hard times.
He said “the economy is what we feel in our pockets. I acknowledge that we are going through challenging times. This is the reality countries and economies throughout the world are experiencing severe challenges following the COVID-19 pandemic and the more recent Russia-Ukraine war. The pandemic which started early in 2020 resulted in the greatest economic depression since the 1930s, with most countries recording negative growth.”
“Supply chain disruptions and the rising price of oil have resulted in the prices of fuel going up across the globe,” he added.
