Dr Mahamudu Bawumia, the Flagbearer of the New Patriotic Party (NPP), has attributed Ghana’s macroeconomic stability to recent government measures.
During a National Thanksgiving service held at the NPP Headquarters in Accra, Dr Bawumia highlighted the decrease in inflation and the reduction in prices of goods and services as indicators of the government’s commitment to revitalizing the Ghanaian economy.
Dr Bawumia expressed optimism regarding the country’s economic trajectory amid the challenges posed by the post-Covid-19 era globally.
He commended Ghana’s resilience in the face of economic and social shocks brought about by the pandemic.
“We are already aware that the post-Covid-19 era remains a difficult period in the history of the world, and many countries across the globe are still recovering from the economic and social shock the pandemic created. Ghana has been no exception. As a party in power during such a challenging period in our global history, we can only thank God Almighty for how far He has brought us,” Dr Bawumia stated.
He emphasized the need for collective efforts to alleviate the burdens carried into 2023, expressing gratitude to God for the progress made so far.
“We have to work extra hard to lessen the burden that crossed into 2023 with us. We started the year with an inflation rate of 56.3 percent in January. As of November, the rate has dropped to 26.4 percent. It’s a significant decrease, and when we consider inflation, we can see that it has come down,” Dr Bawumia explained.
Highlighting specific economic achievements, Dr Bawumia remarked, “But what is remarkable is that prices of items that we normally buy are falling. Cement prices are falling, fuel prices have fallen, cooking oil prices are falling, iron rod prices, rice prices are falling, maize prices are falling. This indicates that something positive is happening, as we typically witness price increases, but now we are experiencing a decline in pricing.”
These remarks by the NPP Flagbearer underscore the government’s commitment to implementing policies and measures aimed at achieving macroeconomic stability. The observed decrease in inflation and the reduction in prices of essential goods and services reflect efforts to alleviate the economic challenges faced by Ghanaians, particularly in the aftermath of the global Covid-19 pandemic.
As Ghana moves forward, it is expected that stakeholders will continue to work together to sustain and further enhance the country’s economic progress, ensuring a prosperous and stable future for all citizens.
By Vincent Kubi