Despite the devastating effects of the Corona-virus (COVID-19) epidemic, Vice President Dr. Mahamudu Bawumia stated the ruling New Patriotic Party (NPP) has an exceptional economic track record.
The Vice President told a throng of NPP members at the party’s National Delegates Conference in Kumasi on Sunday that COVID-19 has influenced the cost of living nearly everywhere in the world, including Ghana.
“It’s crucial to remember that, notwithstanding the global negative impact of the COVID-19 epidemic on economic growth, debt levels, and macro-economic deficits. Despite these difficulties, inflation is currently at 12.2%, which is lower than the 15.4% recorded in 2016.
“Today’s average bank lending rate of 21% is substantially better than the 32 percent recorded in 2016.” The average exchange rate depreciation for the last four years of our first term, according to the Bank of Ghana, is the lowest for any first-term government since 1992. The pace of depreciation of the currency in 2020 was the lowest in 28 years, and the cumulative exchange rate depreciation this year, November 2021, is 6.2 percent, compared to 9.7 percent in 2017,” he said.
In contrast to their opponents, the NDC, who froze public sector recruitment, Vice President Bawumi declared that the NPP government has produced over 750,000 employment.
“Our trade balance, which is the difference between our import and export, has been in surplus for four years in a row for the first time in over two decades.” Despite COVID, the statistics indicates that it will be five years in a row this year. The international reserve has grown by 10.8 billion dollars.” he stated.