Presidential candidate of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has announced that the country’s economy is on a swift recovery path.
Addressing business leaders at the maiden edition of the presidential manifesto gala dinner with CEOs, Dr. Bawumia stated that statistical indicators show significant progress.
Economic Growth Rate
The Ghanaian economy expanded by 4.8% in Quarter 1 and 6.9% in Quarter 2 of 2024, marking the highest quarterly GDP growth in the past five years.
Non-oil GDP growth also showed a strong growth rate of 5.6% in the first half of 2024, surpassing the 3.8% growth rate in the first half of 2023.
Sectoral Performance
The industry sector experienced an average growth of 8.0% in the first half of 2024, while the Agriculture and Service sectors expanded by 5.0% and 4.4%, respectively.
NPP’s Economic Record
Dr. Bawumia highlighted the NPP administration’s superior economic record compared to former President John Mahama’s tenure.
Despite the global economic crisis, the NPP government has outperformed the Mahama government in various sectors, including jobs created, Gross International Reserves, Primary Balance, Trade Balance, GDP, and Agricultural and Industry Growth.
Challenges and Solutions
While acknowledging the economy’s progress, Dr. Bawumia recognized the remaining challenges.
He emphasized the need for continuous innovation to overcome these challenges, proposing “BOLD SOLUTIONS” to upgrade Ghana.
Previous Economic Struggles
Ghana’s economy faced significant struggles, including a 54% inflation rate in 2022 and currency depreciation.
However, Dr. Bawumia expressed gratitude to the Ghanaian people, the business community, and bondholders for their sacrifices in supporting government efforts to restructure debts and safeguard the economy.
-BY Daniel Bampoe
