Despite undertaking the historic Debt Exchange Programme and seeking a bailout from the International Monetary Fund (IMF), the New Patriotic Party (NPP) has hailed the Akufo-Addo-Bawumia administration for diligently managing Ghana’s economy.
At a Press Conference on Tuesday, the National Chairman of the NPP, Stephen Ntim, echoed claims that the current crippling economic crisis is due to the impact of Covid-19 and the effects of the Russia-Ukraine War and not the incompetence of the economic management team as propagated by the opposition National Democratic Congress.
“The plain truth is that this government has managed the economy diligently and well. The hardships we are experiencing in Ghana are being experienced everywhere because of the Covid-19 pandemic and
the Russia-Ukraine War. Workers in some of the world’s biggest economies are demanding salary increases due to historic global inflation.
“It is happening in—the United Kingdom, France and Germany. In the United Kingdom, I was told a couple of weeks ago that they had to ration vegetables and cooking oil. Can you imagine rationing pepper in Ghana? The Vice President of the United States, Kamala Harris, confirmed the impact of Covid-19 and the Russia-Ukraine War on the United States economy and how difficult the effort to rebuild has been.
“Kenya, one of the most dynamic economies in East Africa, has recently run out of U.S. dollars. Most fuel and oil importers claim they cannot import the product because they do not have foreign currency. This has led to widespread fuel shortages in major towns and cities, especially in Nairobi.”
The NPP National Chairman added that “before Covid-19 and the Russia-Ukraine War, the NPP government recorded an impressive 7 percent average GDP growth for three fiscal years (2017-2019). Had Covid-19 not happened, Ghana’s economy would have continued to grow into 2020, and the story of Ghana’s economy today would not be one of hardship but of growth and prosperity.”