GHANA’S BAD ECONOMY IS DUE TO OUR RELIANCE ON FOREIGN GOODS – Vice President, Bawumia Speaks

 

Vice President of the nation Dr. Mahamudu Bawumia has outlined the causes of the economic recession in the country currently.

According to the recognized economist, Ghana is solely to blame for its current predicament.

This assertion was made by the vice president of Ghana during his speech at the Accra-based Standard Chartered Digital Banking Innovation & Fintech Festival.

He continued by implying that it would be exceedingly difficult to restart the economy without public engagement due to the government’s historically high trade surpluses.

He said;

“The nature of production needs to change. You are seeing Ghana, consistently over the last five years, having more and more trade surpluses. This is like for the first time in about twenty years that we’ve consistently had trade surpluses on our balance of payments. At the same time, we have a lot of current accounts deficits, which means that a lot of the foreign exchange that we are earning from our trade doesn’t stay in Ghana.”

“And one of the areas where we have to address is to reduce the import dependency that we have as a country. But as the global economy is going to realign to the new reality with more self-reliance, Ghana cannot be left behind. We also have to look very closely at how we enhance domestic production and reduce dependence on imports for commodities that we can very easily produce here in Ghana.”

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