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.
“African trade must be independent; this is something we are really passionate about.
He told The Standard that there are several prospects and untapped potential.
When asked about the current economic situation facing Ghana specifically with high levels of inflation, Bawumia emphasised it is a problem affecting all global economies following the global pandemic and Russia’s invasion of Ukraine.
“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.
To further lessen the burden on families in Ghana in terms of increasing living costs, Dr. Bawumia said government continues to offer free secondary school education to citizens and is exploring other ways in which it can help all Ghanaians cope with the global crisis.
“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, during his time at the Bank of Ghana, helped to reduce inflation from 40 percent to just 10 percent and is now drawing on his decades of experience to help Ghana move forward and recover.