The Vice President, Dr. Mahamudu Bawumia, has acknowledged that Ghanaians are going through hard times.
Delivering a lecture on the economy at a National Tertiary Students Confederacy (TESCON) Training and Orientation Conference at Kasoa in the Central Region, Dr. Bawumia said “the economy is what we feel in our pockets. I acknowledge that we are going through challenging times. This is the reality countries and economies throughout the world are experiencing severe challenges following the COVID-19 pandemic and the more recent Russia-Ukraine war. The pandemic which started early in 2020 resulted in the greatest economic depression since the 1930s, with most countries recording negative growth.”
“Supply chain disruptions and the rising price of oil have resulted in the prices of fuel going up across the globe,” he added.
He however indicated that government has put in place some measures to alleviate the situation
Fuel prices have skyrocketed within the last few weeks due to global factors and the depreciation of the Ghanaian cedi against other major trading currencies.
The country’s currency has performed poorly against major trading currencies like the dollar, while Ghana’s public debt has reached unsustainable levels and has crossed the dreaded 80 percent of GDP threshold.
There have been general increases in prices of goods and services, thus widening the poverty gap in the country.