Ghana’s Economy Recovering After Difficult Times – Bawumia

The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has acknowledged the challenging times Ghana and the rest of the world have faced over the past two years, while also expressing optimism about signs of economic recovery.

Speaking at the launch of the 2024 NPP Manifesto in Takoradi on Sunday, Dr. Bawumia candidly recounted the difficulties the country has endured but highlighted positive developments, particularly the reduction in inflation to around 20 percent, as international agencies predict a turnaround.

“The hardship is real. Our debt became unsustainable and had to be restructured. Bondholders saw a sharp decline in their net worth following the painful yet unavoidable debt restructuring program. We faced very challenging times,” Dr. Bawumia recalled.

“But with calm leadership and the support and understanding of the good people of Ghana, we have weathered the worst of the storm, and the economy is firmly on a path of recovery, with increasing GDP growth and declining inflation. It is gratifying to note that our policy interventions have started yielding the desired macroeconomic results,” he added.

Dr. Bawumia also noted that despite the clear signs of improvement, many households are still struggling with the high cost of living. He expressed his commitment, should he become President, to build on the gains made and address the ongoing challenges.

“Many economists and analysts have rightly stated that Ghana has turned the corner, but we know that for many families, the cost of living is still very high, and we are committed to doing more to alleviate the difficulties Ghanaians are facing,” he assured.

Commitment to provide more jobs for the youth

Dr. Bawumia also highlighted the government’s efforts in job creation, noting that while they have created more jobs than any other administration in history, youth unemployment remains a significant challenge. He reiterated his commitment to implementing effective measures to create more job opportunities.

“We are equally committed to creating more job opportunities that will significantly reduce youth unemployment,” he said.

“We have so far created 2.3 million jobs—the most of any government in this Fourth Republic—yet youth unemployment remains a problem that we are addressing. We are committed to doing even more.”

“This is why it is better to continue with a party that has created more jobs than any other in the Fourth Republic than to go back to a party and a leader who, after four years of ‘dumsor,’ created more unemployment than any other government in the Fourth Republic. As they say, ‘follow who know road.'”