Dr. Mahamudu Bawumia, Ghana’s Vice President, maintains that the economy’s underpinnings are not as shaky as they appear.
Despite the current economic downturn, he believes the fundamentals are still “strong and resilient.”
The Vice President said the economy has enjoyed growth in terms of Gross Domestic Product (GDP) and low inflation rates while speaking at the National Tertiary Students Confederacy (TESCON) Training and Orientation Conference at Kasoa in the Central Region on Thursday.
“Our fundamentals for growth are robust and resilient.” In the perspective of Sub-Saharan Africa, Ghana’s GDP growth has continuously outperformed that of the region since 2017. Even in 2020, when Sub-Saharan Africa’s growth rate was negative as a result of COVID-19, Ghana was one of the few countries with positive growth.
Ghana’s growth averaged 5.3 percent between 2017 and 2021, while Sub-Saharan Africa’s averaged 2.2%, and the evidence in the data is extremely apparent.”
Dr. Bawumia said that the NPP has bettered the economy’s management and that current economic data cannot be compared to those of the former National Democratic Congress (NDC).
“President Nana Akufo-government Addo’s worked hard to improve the situation from where it was previously. We proceeded to fix the economy as a country together. We made significant progress, as evidenced by the records.”
Meanwhile, Ghanaian President Dr. Mahamudu Bawumia has acknowledged that the country is facing challenges.
“The economy is what we feel in our pocketbook,” he remarked. I recognize that we are going through a difficult period. As a result of the COVID-19 pandemic and the more recent Russia-Ukraine conflict, countries and economies all around the world are facing serious challenges. The epidemic, which began in early 2020 and lasted until early 2021, caused the worst economic downturn since the 1930s, with most countries seeing negative growth.”
“Fuel prices have risen over the world as a result of supply chain disruptions and increased oil prices,” he noted.
