The leader of the ruling New Patriotic Party, Dr. Muhammadudu Bawumia, asserts that the nation is emerging from its economic crisis.
He noted that things had become difficult when the NPP took office, but he also emphasized how well they had done in bringing about the country’s revival.
In his speech to the people on February 7, 2024, Dr. Bawumia acknowledged the challenges the COVID-19 pandemic had caused between 2019 and 2022 and outlined his vision for the nation.
But he also pointed out that the current state of the economy is better than it was under the Mahama administration, which did not face a pandemic while in office.
“What is remarkable is that notwithstanding the domestic and global crisis that we have experienced between 2020 and 2022, the economic performance as measured by the key economic indicators (such as GDP growth, Agricultural growth, industry growth, Trade Balance, Exchange rate depreciation, lending rates, Gross international reserves and jobs) is better than that of the 2013-2016 period when there no global crisis.”
He cited a number of examples, such as the GDP growth of Ghana and the expansion of the agricultural and industrial sectors. He said that in spite of the economic downturn, the GDP has drastically decreased.
“On GDP growth, it is worth noting that between 2013- 2016, Ghana’s GDP growth averaged 3.9%. During our first term (2017-2020) GDP growth increased to an average of 5.3%. Following COVID-19 and the global slowdown, Ghana’s GDP growth declined to an average of 4.9% between 2017 and 2022.
“What is remarkable about this performance is that notwithstanding the global economic crisis from COVID-19 and the Russia-Ukraine war, economic growth under our 8 government is still stronger on average than under the 2013- 2016 era preceding our coming into office.”