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Business News of Thursday, 20 September 2018


Ghana's economy in good hands; ignore our opponents - Bawumia

Vice President, Dr Mahamudu Bawumia Vice President, Dr Mahamudu Bawumia

Ghana’s economy is in good hands and being steered in the right direction, Vice President Dr. Mahamudu Bawumia has said.

The Vice Pesident admonished Ghanaians to ignore those painting the negative picture of Ghana’s economy.

“Be reassured that this economy is in good hands. We are not where we want to be, but we believe that we are on course. But as all good sailors know, rough and turbulent seas are no indication that you are not steering well,” he said.

Commenting on Ghana’s recent ratings by Standards and Poor’s, he said, “Our recent ratings by Standard and Poor’s agency from B- to a solid B with a stable outlook is a confirmation that we are building fundamentals of the economy in the right direction. If you listen to the critics you will miss the following facts about the economy. That the economic growth has more than doubled from its 2016 level from 3.7% to 8.5%, that the agricultural growth is trending upward and industry growth rose from a negative half a percent to 17.7% at the end of 2017.’’

On Inflation he said, “Inflation continues to decline just slightly below 10% at 9.9%.

The interest rate of the 91-day treasury bills are also on the decline. Our trade position has strengthened significantly and our gross international reserves now cover 3.9 months of imports.

The debt to GDP ratio has declined from 73% in 2016 to 64.4% in June 2018. We are striving for a low and stable inflation rate.’’