A few days after Vice President Dr. Mahamudu Bawumia outlined the reasons why the once-promising economy has seen a downturn, President Akufo-Addo restated his commitment to reviving and putting Ghana’s struggling economy back on the path of economic growth.
However, Dr. Bawumia has informed the general population and the business community that the administration will not stop working until the economy starts to resemble pre-Covid19 figures.
What the Vice President described as a promising economy was sidetracked by the financial sector clean-up, the Covid-19 outbreak, and the ongoing special military action by Russia in Ukraine, but he reaffirmed the administration’s commitment to turning things around.
Dr. Bawumia described the initiatives that have been implemented to boost economic confidence during his presentation at this year’s Internal Audit Conference in Accra on Tuesday.
This cover, among other things, the government’s 20% expenditure cut announcement and the improvement of expenditure monitoring mechanisms.
To address the unsettling depreciation of the Cedi and combat the worst inflation in two decades, which has risen above 30%, the government is negotiating with the IMF to get a support program and making other actions.