Bawumia Promises Economic Recovery In Coming Days But Admits Things Are Tough

Bawumia Promises Economic Recovery In Coming Days But Admits Things Are Tough

  • One of the top economists in Ghana, Dr Mahamudu Bawumia, has admitted that the economic conditions are really dire
  • The vice president told the Kenyan press that the Akufo-Addo administration was determined to position the economy better before the end of its tenure in 2024
  • He said what Ghana needs to move out of the economic difficulty would be for the country to expand its production

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Vice president Mahamudu Bawumia has admitted that Ghana’s economy was facing a difficult task but has promised that things will pick up soon.

He said it was important that African countries recognise the importance of intra-continental trade through the African Continental Free Trade Area (AfCFTA).

Mr Bawumia told the Kenyan press during the inauguration of Ruto as president that the opportunities for intra-continental trade were endless.

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Ato Forson: Ghana's public debt to GDP is about 100%; it is simply unsustainable and scary for the country

Ofori-Atta and Bawumia
Finance minister Ken Ofori-Atta (L) and vice president Mahamudu Bawumia. Source: Facebook/@mbawumia
Source: Facebook
“There are a lot of opportunities and potential to realise,” he said.

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Speaking specifically on Ghana’s troubled economy, the vice president who has been bashed in recent times for failing his promise to improve the economy said all is not lost.

“We are trying to deal with the issue in this context of very squeezed and tight budgets. On the monetary side, the central bank is trying to contain inflation through a number of interest rate increases.
“Ultimately, you deal with this crisis by expanding your production. If it is a food crisis, then we need to increase food production,” he said.

He added that the government was using the free SHS initiative to lessen some of the financial burdens on families.

He said the Nana Akufo-Addo administration was also exploring more ways to help all Ghanaians cope with the global crisis that has caused Ghana’s economic hardship.

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Economic Crisis: Dr Ato Forson paints gloomy image; says it will take 20 years for Akufo-Addo's mess to be cleaned

Ghana's Public Debt To GDP Is About 100%; It Is Simply Unsustainable – Ato Forson Sounds The Alarm Bells reported in a separate story that NDC Member of Parliament for the Ajumako-Enyan-Essiam constituency in the Central Region, Dr Ato Forson, has said Ghana's current public debt to GDP has hit unsustainable levels.

He said the figure is hovering around 100%, which makes it scary for the country's economic outlook.

He also adds that the country's current debt status cannot lead to restructuring, particularly when the government is seeking an IMF bailout.

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