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Bawumia: Ghana’s economy rebounding from COVID-19 crisis

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Dr. Mahamudu Bawumia, Vice President and Flagbearer of the New Patriotic Party (NPP) says Ghana’s economy is rebounding. This comes after Ghana’s economy, along with other world economies, was crushed by the global COVID-19 pandemic.

Speaking on “Ghana’s Next Chapter: Selfless Leadership and Bold Solutions for the Future” on February 7, 2024 in Accra, the VEEP explained that Ghana’s economic indicators were headed in the right direction before the ‘chaos.’

“Between 2020 and 2022, we experienced severe challenges, triggered by the pandemic which brought the world and our country to a thundering halt. We may be tired of hearing it but there is no avoiding the fact that the COVID-19 pandemic and the Russia-Ukraine war resulted in the greatest economic depression in the world since the 1930s, with most countries recording negative GDP growth. The severity, especially of the pandemic, was captured in the words of the IMF Managing Director,” he said.

But Ghana’s economy is on the right track, the Vice President insists.

“The good news is that the data shows that the economy is recovering from the crisis we faced. Inflation has declined from 54% in January to 23% in December 2023. Economic growth is rebounding, spending is under control with the fiscal deficit as a percentage of GDP declining from 10.8% in 2020 to 4.2% in 2023. The debt to GDP ratio, after increasing from 61.2% in 2019 to 76.6% in 2021, has declined to 66.4% in 2023. And exchange rate depreciation has also slowed down sharply since February 2023. Whereas the exchange rate depreciated by 30% in 2022, between February and December 2023, it only depreciated by 9%,” he said.

The public forum in Accra was the NPP flagbearer’s first major statement detailing his vision and thoughts for a ‘better’ Ghana under his governance.

Source: A1Radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

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