The New Patriotic Party (NPP) has praised the administration of President Akufo-Addo and Vice President Bawumia for their careful management of Ghana’s economy, despite the fact that they implemented the historic Debt Exchange Program and sought a bailout from the International Monetary Fund (IMF).
At a press conference on Tuesday, the National Chairman of the New Patriotic Party, 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.
COVID-19 and the effects of the Russia-Ukraine War have been blamed by the opposition NDC for causing the current economic crisis.
“The simple fact of the matter is that this administration has handled the economy with care and competence. The epidemic of the COVID-19 virus and the war between Russia and Ukraine are causing difficulties for people all over the world, including those that we are experiencing in Ghana.
Workers in some of the world’s largest economies are calling for pay raises as a result of historically high global inflation.
“It is occurring in the countries of Germany, France, and the United Kingdom. A couple of weeks ago, I learned that people in the United Kingdom were required to restrict both vegetables and cooking oil due to a shortage.
Imagine having to ration pepper in Ghana; is it even a possibility? Kamala Harris, the Vice President of the United States, has validated the effects that COVID-19 and the Russia-Ukraine War had on the economy of the United States, as well as the difficulty that has been associated with the efforts to recover.
Kenya can’t get any more U.S. dollars because of recent events, even though it has one of the most active economies in all of East Africa.
The majority of petrol and oil importers state that they are unable to bring the goods in because they do not have the necessary amount of foreign cash. Because of this, most of the country’s major cities and towns, including Nairobi, are always running out of fuel.
In addition, the National Chairman of the NPP mentioned that “before COVID-19 and the Russia-Ukraine War, the NPP government had a remarkable 7 percent average growth in GDP for three fiscal years” (2017–2019).
If COVID-19 had not taken place, Ghana’s economy would have continued to expand well into the year 2020, and the story of Ghana’s economy as it stands today would not be one of struggle but of progress and success.