Tough days ahead but recovery coming — Bawumia on Ghana’s economy

By Chris-Vincent Agyapong
Economy & Investments Tough days ahead but recovery coming — Bawumia on Ghanas economy
SEP 27, 2022 LISTEN

While visiting Kenya to attend President Ruto’s inauguration a few days ago, Vice President Bawumia spoke about current global economic challenges and how Ghana is coping.

Speaking with Kenyan media, Bawumia also highlighted the benefits of the African Continental Free Trade Area (AfCFTA) of which Ghana is the secretariat and how it will play a large part in Africa’s continued economic growth.

"It is important that Africa trades by itself… we are very passionate about it. There are a lot of opportunities and potential to realise," he told The Standard.

When asked about the current economic situation facing Ghana specifically with high levels of inflation, Bawumia emphasised it is a problem affecting all global economies following the global pandemic and Russia’s invasion of Ukraine.

"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 told KTN News in an interview.

To further lessen the burden on families in Ghana in terms of increasing living costs, the Vice President noted that Ghana government continues to offer free secondary school education to citizens and is exploring other ways in which it can help all Ghanaians cope with the global crisis.

Dr. Bawumia, during his time at the Central Bank, helped to reduce inflation from 40 percent to just 10 percent and is now drawing on his decades of experience to help Ghana move forward and recover.

For the government, central to Ghana’s recovery is a bottom-up economic model that includes all Ghanaians from all over the country and all backgrounds. The NPP’s ongoing digitisation agenda is an example of this strategy that is helping all Ghanaians move forward and not be left behind.