Ghana’s economy is recovering, says Dr Bawumia

Vice President and presidential candidate of the New Patriotic Party (NPP) Dr Mahamudu Bawumia has stated that all statistical indicators available to him show that the Ghanaian economy is on a very quick recovery path.

Dr Bawumia made this observation about the economy at the maiden edition of the presidential manifesto gala dinner with chief executive officers (CEOs) in Ghana.

The event was held at the Movenpick Ambassador Hotel in Accra on Thursday, 7 November 2024, under the theme; “Reigniting the Business Economy: A Manifesto for Innovation, Accountability, and Sustainable Development.”

In his address, the NPP presidential candidate, Dr Bawumia, observed that “the Ghanaian economy and subsequently many Ghanaian businesses have suffered from the malaise of the recent global economic crisis, the worst since 1933,” however, he is delighted to note that the economy is on swift path to recovery.

“Our inflation rate rose to as high as 54% in 2022 with attendant currency depreciation. Our debt levels also increased significantly. I would like to take this opportunity to show gratitude to the Ghanaian people, especially the business community and the bondholders, for the sacrifices you all made in supporting government’s efforts to restructure our debts and safeguard the economy.

“However, the good news is that the Ghanaian economy is recovering. The Ghanaian economy expanded by 4.8% in Quarter 1 and 6.9% in Quarter 2 of 2024 – the highest quarterly GDP growth in the past five years,” Dr Bawumia remarked.

“Non-oil GDP growth was equally strong with a growth rate of 5.6% in the first half of 2024, far higher than the 3.8% growth rate in the first half of 2023.

“The industry sector experienced an average growth of 8.0% in the first half of 2024. The Agriculture and Service sectors also expanded by 5.0% and 4.4% respectively in the first half of 2024,” the Vice President further remarked.

NPP superior record

In his address, the Vice President juxtaposed the economic record of the NPP administration led by President Akufo-Addo with that of former President John Mahama and pointed out that “it is important to note that notwithstanding the impact of the global economic crisis on [Ghana’s] economy, it may come as a shock to some (including the former president himself) that when it comes to the 4th Republic, Former President Mahama has the worst economic performance of all Presidents in the fourth Republic.”

“However, he seems not to understand that and continues to talk about our economic performance as if his was better. The data shows that in virtually, all sectors of the economy: Jobs created, Gross International Reserves, Primary Balance, Trade Balance, GDP, Agricultural and Industry Growth, [the NPP] government, even in the midst of the global crisis, has outperformed the Mahama Government,” Dr Bawumia pointed out.

Bold Solutions

The vice president was quick to add that even though the Ghanaian economy has seen significant progress on several fronts, teething challenges remain. Dr Bawumia said “many CEOs, especially those who do business outside Ghana, will know that the challenges we face are common to our sub-regional peers and even throughout the global economy.”

“More than ever, there is a need for continuous innovation if we are to triumph over the challenges that we face as a country. This is why I am proposing to upgrade Ghana through innovative BOLD SOLUTIONS.

“It is important to note that the NPP government has demonstrated policy innovation in tackling some of the most challenging issues in our country in the last few years,” Dr Bawumia stated.

Reporting by Wilberforce Asare in Accra

Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseRadioXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand

The post Ghana’s economy is recovering, says Dr Bawumia appeared first on Asaase Radio.