Ghana’s economy is on a path of recovery – Bawumia
18th August 2024
The Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has acknowledged the challenging times Ghana and the rest of the world have gone through in the past two years, and has also expressed relief and optimism at clear signs of recovery.
He noted that in the past two to three years, several economies around the world have been hit by unprecedented levels of inflation and rising cost of living, with Ghana getting its share as inflation hit over 50% at a point with fuel hitting nearly 20 cedis per litre.
Speaking at the launch of the 2024 NPP Manifesto in Takoradi on Sunday, Dr. Bawumia recounted the challenges the country faced and also gave a glimmer of hope, referencing what he said are considerable improvements, with inflation in particular, now down to around 20%, as international agencies predict a turnaround.
“The hardship is real. Our debt became unsustainable and had to be restructured. Bondholders saw a sharp decline in their net worth following the painful yet unavoidable debt restructuring programme. We faced very challenging times,” Dr. Bawumia recalled.
“But with calm leadership and the support and understanding of the good people of Ghana, we have weathered the worst of the storm and the economy is firmly on a path of recovery, with increasing GDP growth and declining inflation. It is gratifying to note that our policy interventions have started yielding the desired macroeconomic results,” he noted.
Dr. Bawumia added that inspite of the clear signs of improvements, many households are still grappling with high cost of living, and he expressed his desire and commitment to put in place measures as president, to continue with the gains being made and address the challenges.
“Many economists and analysts have rightly stated that Ghana has turned the corner but we know that for many families, the cost of living is still very high and we are committed to doing more to relieve the difficulties Ghanaians are facing.”
Dr. Bawumia noted that despite creating more jobs than any other government in history, youth unemployment remains high, and he stated his government’s commitment to to put in place effective measures to create more jobs.
“We are equally committed to creating more job opportunities that will significantly reduce youth unemployment,” he said.
“We have so far created 2.3 million jobs – the most of any government in this Fourth Republic, youth unemployment remains a problem that we are dealing with. We are committed to doing even more.”
“This is why it is better to continue with a party that has created more jobs than any other in the Fourth Republic than go back to a party and a leader who, after four years of dumsor, created more unemployment than any other government in the Fourth Republic. As they say, “follow who know road”.