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Dr. Mahamudu Bawumia, the NPP’s flagbearer, acknowledged the severe economic challenges Ghana and the world have faced over the past two years but expressed relief and optimism about the signs of recovery.
He reflected on the global economic turmoil that led to unprecedented inflation and soaring living costs, with Ghana experiencing inflation rates exceeding 50% and fuel prices nearing 20 Cedis per liter.
Addressing the NPP’s 2024 manifesto launch in Takoradi on Sunday, Dr. Bawumia candidly recounted the difficulties, noting the unsustainable debt that required restructuring and the significant loss in net worth for bondholders. He admitted that the nation faced “very challenging times.”
Despite these hurdles, he highlighted the progress made, with inflation now reduced to around 20% and positive economic growth projected by international agencies. “The hardship is real,” he said. “But with calm leadership and the support of the Ghanaian people, we have weathered the worst of the storm. The economy is on a path to recovery, and our policy interventions are beginning to show positive macroeconomic results.”
Dr. Bawumia acknowledged that many households still struggle with high living costs and pledged to continue addressing these issues if elected President. “Many economists and analysts have stated that Ghana has turned the corner, but we recognize that the cost of living remains high for many families. We are committed to further easing these difficulties.”
Regarding job creation, Dr. Bawumia noted that despite creating 2.3 million jobs—the highest under any government in Ghana’s Fourth Republic—youth unemployment remains a concern. “We are committed to creating even more job opportunities to significantly reduce youth unemployment,” he stated.
He contrasted the current government’s achievements with past failures, emphasizing that the NPP has delivered more jobs and better economic management than previous administrations. “It’s better to continue with a party that has a proven record of job creation than to return to a leader and party that, after four years of power outages, created more unemployment than any other government in the Fourth Republic. As they say, ‘follow who know road.’”
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