The leader of the ruling New Patriotic Party, Dr. Mahamudu Bawumia, asserts that the nation is emerging from its economic crisis.
He noted that things had become difficult after 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.
It’s amazing that, despite the national and international crises we faced between 2020 and 2022, the economy performed better than it did between 2013 and 2016, when there was no global crisis, according to key economic indicators like GDP growth, trade balance, industry growth, agricultural growth, exchange rate depreciation, lending rates, gross international reserves, and employment.
He cited several examples, such as the GDP growth of Ghana and the expansion of the agricultural and industrial sectors. He claimed that despite the economic crisis, the GDP has drastically decreased.
Regarding GDP growth, it is important to remember that Ghana’s GDP grew by 3.9% on average between 2013 and 2016. Our first term’s GDP growth increased to an average of 5.3% between 2017 and 2020. After COVID-19 and the global recession, Ghana’s GDP grew at an average annual rate of 4.9% from 2017 to 2022.
“What is remarkable about this performance is that economic growth under our 8 government is still stronger on average than under the 2013–2016 era preceding our coming into office, despite the global economic crisis caused by COVID-19 and the Russia-Ukraine war.”
