Ghana’s economy to bounce back after relaxed COVID-19 measures – Bawumia

Market Survey

Ghanaian Vice President Mahamudu Bawumia said that economic activities in the country would bounce back after the relaxation of COVID-19 restrictions and the opening of the country’s land borders.

Addressing the national conference of the Tertiary Students Confederacy of the ruling New Patriotic Party Thursday, Bawumia said despite the impact of COVID-19 on economic growth globally, Ghana’s economic fundamentals were still robust.

Given the uncertainty surrounding geopolitical developments and their impact on the economy, he said the government would continue to monitor the data and introduce measures required to meet Ghana’s budget targets.

“The relaxation of the COVID-19 restrictions and the opening of the land borders are expected to result in increased economic activity and economic growth,” Bawumia said.

While responding to public outcry against economic hardships in the country, Bawumia blamed COVID-19 and the Russia-Ukraine crisis for the country’s debt stock, fiscal slippage, higher inflation, and general hike in the cost of living.

The vice president noted that Ghana’s current higher inflationary trends grew worse due to the ongoing Russia-Ukraine crisis with increases in commodity prices. He said the prices of wheat and fertilizer, for instance, which Ghana imports in large volumes from these two countries, increased by 62 percent and 300 percent, respectively, since the conflict started. He predicted better times ahead for Ghanaians as the government was putting in measures to reverse economic decline and hardships.

“We are on the right path. With sound policies to enhance growth, fiscal and monetary discipline, we are bouncing back better and stronger,” Bawumia assured.

Ghana’s annual inflation rate increased to 15.7 percent in February amid rising fuel and other commodity prices. Enditem

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