The Vice President Dr. Mahamamudu Bawumia has detailed what the ruling New Patroitic Party government has done so far in its first term in office on Ghana’s economy.
Bawumia said In their first three years in office, prior to the Coronavirus pandemic, they reduced inflation, doubled economic growth, reduced the rate of exchange rate depreciation, reduced the fiscal deficit and improved their external payments position
He adds that, the Fiscal Deficit declined from 6.8% of rebased GDP in 2016 to 3.8% in 2018 and 4.8% in 2019, excluding cost of the one-off financial sector bailout.
The Veep claimed that, for the first time in a decade, Ghana also recorded Primary Balance surpluses for three years in a row: 0.5% of GDP in 2017, 1.4% in 2018, and 0.9% in 2019 compared to a deficit of 1.1% in 2016
Adding that, inflation dropped steadily from the high of 15.4% at the end of 2016 to 7.9% (rebased) at the end of December 2019, about the lowest recorded since 1992.
“For the first time in over 20 years, the Trade Balance recorded a progressively large surplus in 2017, 2018, and 2019” Dr. Bawumia claimed.
Between 2017 and 2019, the Cedi exchange rate has been twice as stable as it was under the Mahama-led NDC government (2013-2016): an average depreciation of 8.7% under NPP and 18% under the NDC
“Ghana successfully issued the longest-dated, and lowest priced Eurobond by a Sub-Saharan African country. It was also oversubscribed by 350%”
Bawumia further stressed that, in real terms, the average real growth before 2017 (2014 to 2016) was 2.8%, while from 2017 (2017 to 2019) it was 6.96%, growth in 2017 was 8.4%, 6.2% in 2018 and 6.5% in 2019, amongst some of the fastest growing economies in the world for the last three years
To him, the Ghanaian Economy has never been this Good. Indeed the NPP has the key to Ghana’s Development.
By: Muftaw Iddrisu | Talks Africa Media