Dr Bawumia reminded TESCON attendees that although the Akufo-Addo administration inherited a difficult situation, it was able to successfully lead the country towards growth until a pandemic.
Dr Bawumia assured the audience that Ghana had taken steps to grow the economy and reach accelerated development, despite the difficulties getting in their way. They have plans in action to change outcomes.
Finding ourselves once again on the brink of despair, we find ourselves in a very similar situation around 20 years ago. These difficulties have been resurfacing to a seemingly lesser extent since 2008, including joblessness, economic troubles and even pandemic worries.
The economy was on the verge of collapse, and without a solution, it would have meant disaster for the country. A legacy of take-or-pay contracts saddled our economy with annual excess capacity payments close to $1 billion which was solved by taking decisive action.
Not dealing with the banking crisis would have led to the entire banking system collapsing, leading to disaster for the country. Additionally, not fixing the problems with excess capacity payments would lead to an economic crisis.
“Under President Nana Addo Dankwa Akufo-Addo, the government put in much effort to improve the quality of life for Ghanaian citizens. When the government took over from then, they knew they had to do their best and make things work. The standards of living have improved since then.
We fixed the economy before the Coronavirus pandemic by making great strides.
“The relatively strong performance of the economy led to Ghana becoming the destination of choice for Foreign Direct Investments (FDI) in West Africa according to UNCTAD’s World Investment Report”
Under the Akufo-Addo administration, there have been multiple social initiatives introduced to cushion Ghanaians. These include lifting the freeze on employment as well as doubling the Capitation Grant and funding for LEAP and School Feeding programs.
Free water and electricity have also become available. In addition, there are no public sector salary cuts or lay-offs under this government which has been in power since 2016. Dr Bawumia asks that we work with Government to address the challenges in front of us.
The president of Ghana was very hopeful in the face of current economic challenges. He lays out the key points on their path to economic transformation and acknowledges they have been buffeted by the winds of the pandemic and war.
The special message from Dr Bawumia to Ghanaian youth
We understand your dreams and hopes for the future, in the face of what you are currently experiencing. People like you are crafting the nation we will build together.
I’m looking for people who want to help make our country great again. We won’t be able to do everything we set out to do, but you have my full support and commitment.