By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Starr FmStarr FmStarr Fm
  • Home
  • Election Hub
  • General
    GeneralShow More
    Timber dealer remanded for assaulting farmer with chainsaw in Ofoase Ayirebi
    July 13, 2025
    UK Eases Trade Rules for Africa to Boost Exports and Economic Growth
    July 13, 2025
    GTDC boss outlines commercial vision for tourism development
    July 12, 2025
    I don’t lobby for positions – Prof. Kobby Mensah
    July 12, 2025
    Mahama appoints based on competence – Prof. Kobby Mensah
    July 12, 2025
  • Business
    BusinessShow More
    UK Eases Trade Rules for Africa to Boost Exports and Economic Growth
    July 13, 2025
    Mayekoo doubles donations to African causes with new matching fund campaign 
    July 10, 2025
    Government inaugurates new NIB board, announces plan to recapitalise bank
    July 9, 2025
    Ghana’s gold now powers cedi stability – President Mahama
    July 8, 2025
    VRA sets the benchmark in African public procurement
    July 8, 2025
  • Politics
    PoliticsShow More
    I don’t lobby for positions – Prof. Kobby Mensah
    July 12, 2025
    Mahama appoints based on competence – Prof. Kobby Mensah
    July 12, 2025
    Politics is not a business venture – GTDC CEO schools party financiers
    July 12, 2025
    Back parties for values, not favours – GTDC CEO advises young voters
    July 12, 2025
    Young leaders must do better with state institutions – Prof. Kobby Mensah cautions
    July 12, 2025
  • Entertainment
    EntertainmentShow More
    Afro Nation 2025: The global meeting point of love, expression, and African culture
    July 13, 2025
    GTDC CEO slams former leaders over mismanagement and lack of innovation
    July 12, 2025
    Sim Majorley: Korea, Ghana to share cultures through stage production
    July 11, 2025
    I took a pause to gather strength- Kwesi Slay
    July 8, 2025
    Kinaata questions TGMA credibility over ‘Record of the Year’ snub
    July 7, 2025
  • Sports
    SportsShow More
    Tottenham secure Mohammed Kudus in high-profile transfer deal
    July 10, 2025
    Ghana, Nigeria share spoils in thrilling opener of 2025 WAFU U20 Boys Cup
    July 10, 2025
    Otumfuo rallies mining sector to support revamp of Ashanti sports facilities
    July 10, 2025
    Liverpool’s Ambitious Summer: Chairman Predicts Big Moves as Champions Build a Stronger Squad
    July 10, 2025
    Kofi Adams undertakes inspection of Baba Yara Stadium
    July 9, 2025
  • Technology
    TechnologyShow More
    Samsung Galaxy Z Flip7: A pocket-sized AI powerhouse with a new edge-to-edge flexwindow
    July 10, 2025
    Real Quantum Dot Technology in Samsung QLED TVs
    June 29, 2025
    GCAA and South Korea sign deal to advance Ghana’s Drone sector
    June 25, 2025
    Onafriq, PAPSS partner to launch cross-border payment services in Ghana 
    June 20, 2025
    Yellow Card, Visa partner to accelerate stablecoin adoption across emerging economies
    June 19, 2025
  • International
    InternationalShow More
    47th AU Forum: Ablakwa criticizes $1.2m AfCFTA allocation as ‘highly insufficient’
    July 10, 2025
    Minority demands audit over $1.2m passport relaunch cost and delays
    July 9, 2025
    Minority demands compensation for citizens stranded by US embassy closure
    July 9, 2025
    Foreign Minister Okudzeto Ablakwa and Chinese Ambassador Tong Defa sign $30 million grant agreement for Aflao market
    Ghana secures $30 million Chinese grant for Aflao market project
    July 9, 2025
    The end of USAID is not catastrophic for Africa – Dr. Brian Reuben
    July 8, 2025
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: We will not take economically unsustainable policy decisions – Bawumia
Share
Notification Show More
Font ResizerAa
Starr FmStarr Fm
Font ResizerAa
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Search
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Have an existing account? Sign In
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
HeadlinesPolitics

We will not take economically unsustainable policy decisions – Bawumia

Starrfm.com.gh By Starrfm.com.gh Published September 24, 2018
Share
SHARE

The government of President Nana Addo Dankwa Akufo-Addo will not be swayed by political expediency to take wrong decisions which would provide short term gain but would have debilitating long term effects on the country, the Vice President of the Republic, Dr Mahamudu Bawumia has maintained.

Speaking at the 4th National Policy Summit in Tamale on Monday 24th September, 2018, Vice President Bawumia said government is convinced that the policies being implemented to ensure macroeconomic stability are yielding positive results despite the effects of a few external shocks, and it would be wrong to deviate in order to make political gain while jeopardizing long term growth.

“We will not be forced by external shocks into taking politically expedient but economically unsustainable decisions. We know we are on the right track and we are going to stay the course because we have to look after the long term interest of Ghana and not short term political expediency,” the Vice President declared.

Reading a tall list of macroeconomic gains recorded in the past 20 months, Vice President Bawumia said the Akufo-Addo administration is committed to restoring macroeconomic stability to stimulate growth, and the data shows that the right policies and programmes are being implemented.

“A major flagship programme of government is the restoration and sustainability of macroeconomic stability as the anchor for economic growth and enhanced private sector investment. Fiscal policy has been underpinned by fiscal consolidation and expenditure prioritization, as well as moving the economy from a focus on taxation to a focus on production.

“After a year of disciplined economic management, the results have been quite remarkable: Economic growth has increased from 3.7% in 2016 to 8.5% in 2017. Non-Oil GDP grew at 5.4% of GDP in the first quarter of 2018 compared to 4.0% in 2017.

“Agriculture growth increased from 3.0% in 2016 to 4.3% in 2017. Thanks to the remarkable gains chalked under the Planting for Food and Jobs programme, we will not import maize this year.

“Industry growth rose from -0.5% in 2016 to 17.7% at the end of 2017. The fiscal deficit was reduced from 9.3% of GDP in 2016 to 5.9% of GDP in 2017 (the first time since 2006 that a government has met the deficit target), it is at 2.8% of GDP in June 2018 within the target of 4.5% of GDP in December 2018,” the Vice President indicated.

Other measures such as inflation, Interest Rates on the 91-day Treasury bill, the Debt-to-GDP ratio and our gross international reserves had all recorded positives, Vice President Bawumia emphasized.

“With the fiscal deficit declining, interest rates and inflation declining, growth increasing, the trade account and foreign reserves improving it is clear that the fundamentals of Ghana’s economy are relatively strong.”

Given these indications, Government would continue to take the long term view in the design and implementation of policies to ensure sustainable economic growth, while striving to minimize the impact of external forces such as the almost doubling of world oil prices between September 2016 and September 2018, the Vice President reiterated.

Touching on the strength of the cedi against the dollar and other currencies, Vice President Bawumia said prudent management of the economy had slowed its depreciation, and it had remained relatively stable when compared with movements in other currencies against the dollar.

Dr Bawumia chastised the erstwhile NDC government for its abysmal management of the Ghanaian currency during its 8 year tenure, which had led to an almost quadruple depreciation of the cedi against the dollar, from Ghs 1.1 to the dollar in 2008 to GHC4.2/$ as at the end of 2016, according to data from the Bank of Ghana.

“The NDC took the cedi exchange rate from GHC1.1/$, to GHC2/$ (doubling the nominal rate) to GHC3/$ and GHC4.2/$! (Close to a quadruple increase). Let’s count: 1, 2, 3, and 4! They were not even on double track on the exchange rate, they were on quadruple track!

“The question then is: given this abysmal quadrupling record of the NDC in the management of the cedi relative to the dollar, what nominal value would they have taken the price of the cedi per the dollar to if they were still in power today or given another 8 years to rule? Your guess is as good as mine.”

Government, Vice President Bawumia maintained, would continue to stick to fiscal discipline and market determination of exchange rates and, despite marginal depreciation arising from a strengthening dollar, government would weather the storm.

“Ghana’s economy is in good hands. We are striving for a low and stable inflation rate, a low interest rate environment, a stable (not constant) and predictable external value of the Cedi. We are building a resilient fiscal-monetary platform that can absorb shocks to the economy, and striking the right balance between fiscal consolidation and growth. And we are putting in place measures to ensure irreversibility of the macro-economic gains achieved so far.”

Source: Ghana/Starrfmonline.com/103.5FM

You Might Also Like

Timber dealer remanded for assaulting farmer with chainsaw in Ofoase Ayirebi

GTDC boss outlines commercial vision for tourism development

I don’t lobby for positions – Prof. Kobby Mensah

Mahama appoints based on competence – Prof. Kobby Mensah

Politics is not a business venture – GTDC CEO schools party financiers

TAGGED:BawumiaNational policy summit
Share This Article
Facebook Twitter Email Print
Share
Previous Article Mohamed Salah wins FIFA Puskas Award
Next Article Luka Modric wins FIFA Men’s Player award

Starr 103.5FM

Starr FmStarr Fm
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
newsletter icon
Join Us!

Subscribe to our newsletter and never miss our latest in news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?