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Ghanaians are going through difficult times — Bawumia admits

Vice President Dr. Mahamudu Bawumia has admitted Ghanaians are currently going through some economic challenges in the country.

Veep Dr Mahamudu Bawumia

Speaking at a special town hall meeting to address the challenges of the economy at Kasoa in the Central Region, Dr. Bawumia named the mobile money interoperability, drone supply of medicines, digitalisation of passport applications, acquisition of the driver’s license, and the introduction of the Ghana Card, amongst others as some of the innovations brought about by the NPP-led administration, he never mentioned the E-levy.

"And they still don’t understand the link between digitalisation and the economy," he stated.

He said "The economy is what we feel in our pockets. I acknowledge that we are going through difficult times, this is the reality. Our economy is experiencing rising prices of fuel and virtually all commodities. Prices are on the rise."

"These have come as a surprise to many Ghanaians and many questions have been asked about the state of the economy. Do these questions include what has happened to the fundamentals? Why are the prices of goods and services increasing so fast? Why has the Cedi depreciated so fast this year?" Dr. Bawumia asked.

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"What programess does the government have to show for the higher debt? Where is the new economy that the government promised to build? I will address these questions based on data and facts.

"I will admit where there have been challenges and we will all leave here with a better state of the economy, where we have come from, and where we are going," he added.

Dr. Bawumia also attributed the hardships to the current conflict between Russia and Ukraine.

"The increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30 percent of the global wheat export. The longer the conflict the greater will be the disruptions to the global food supply. The country is also likely to slow global growth.

"According to the AfDB, the price of wheat has shot up by 62 percent since the war has begun. The price of fertilizer is up by 300 percent, and the price of maize is up by 36 percent since the war begin. Here in Ghana, 60 percent of our total imports of iron ore and steel are from Ukraine.

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"Russia accounts for some 30 percent of Ghana’s imported grains, 50 percent of flour, and 39 percent of fertilizer. So we are directly affected by the Russia-Ukraine war. Unfortunately, we do not know when it will be over. The global increase in fuel prices is causing hardship," he stated.

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