Vice President Dr. Mahamudu Bawumia spoke about current global economic issues and how Ghana is dealing while in Kenya a few days ago to attend President Ruto’s inauguration.
In an interview with Kenyan media, Dr. Bawumia also emphasized the advantages of the African Continental Free Trade Area (AfCFTA), whose secretariat is Ghana, and how it will significantly contribute to the continent’s continuing economic progress.
“It is important that Africa trades by itself… we are very passionate about it. There are a lot of opportunities and potential to realise’ he mentioned to The Standard.
Following the global pandemic and Russia’s invasion of Ukraine, Bawumia stressed that the high levels of inflation plaguing Ghana’s economy are a concern impacting all global economies when asked about it.
“We are trying to deal with the issue in this context of very squeezed and tight budgets. On the monetary side, the Central Bank is trying to contain inflation through a number of interest rate increases. Ultimately, you deal with this crisis by expanding your production. If it is a food crisis, then we need to increase food production” he told KTN News in an interview.
Dr. Bawumia stated that the government continues to provide free secondary school education to people and is looking into various ways it may assist all Ghanaians in coping with the global crisis in order to further alleviate the strain on families in Ghana with regard to rising living expenses.
“For the government, central to Ghana’s recovery is a bottom-up economic model that includes all Ghanaians from all over the country, from all backgrounds. The NPP’s ongoing digitisation agenda is an example of this strategy that is helping all Ghanaians move forward and not be left behind,” Dr Bawumia said.
The vice president used his many years of experience to help Ghana advance and recover while he was working at the Bank of Ghana, where he contributed to lowering inflation from 40% to barely 10%.