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Business News Tue, 26 May 2020

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Economic growth increased; unemployment rate reduced – Bawumia

Vice President Dr. Mahamudu Bawumia, has said the Ghanaian economy is growing following the prudent measures the government has put in place.

He also noted that the local currency, the cedi, has been stabilized against the major trading currencies especially the dollar.

Speaking on the Super Morning Show on Joy FM, Monday, he said “I think that fundamentally we have managed the cedi much better by all account. We did arrest the runaway depreciation in the cedi and therefore if you look at the record in terms of the depreciation of the cedi in the last four, five years or eight years, we will see that since the NPP government came to power, the rate of the cedi depreciation is 50% less than what it was before. That is what the data shows, so it’s 50% less.

“We have arrested the depreciation of the cedi, brought down inflation, we have brought down the interest rate, we have increased growth, reduced unemployment reduced the suffering of the people in terms of paying for electricity and created many jobs,” he stated.

He further stated that the government is satisfied with the way the economy has been managed in the face of Covid-19.

“So in terms of our management of the economy, we are very happy and very willing to fight on the record of what we have achieved across the board…”

Source: laudbusiness.com

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