Bawumia highlights declining prices of essential goods as indicator of economic progress

The Vice President and Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has asserted that recent government measures have played a crucial role in achieving macroeconomic stability.

Dr. Bawumia underscored the significant decrease in inflation and the lowering of prices of goods and services as clear indications of the government's commitment to revitalizing the Ghanaian economy.

Speaking at a National Thanksgiving service held at the NPP Headquarters today in Accra, Dr. Bawumia expressed optimism about the economic trajectory. Despite the challenges posed by the global post-Covid-19 era, he highlighted Ghana's resilience in the face of economic and social shocks.

Acknowledging the difficulties encountered globally due to the pandemic, Dr. Bawumia stressed the need for collective efforts to alleviate the burdens carried into 2023. He expressed gratitude to God for the progress made and emphasized the government's commitment to further improvement.

"We are already aware that the post-Covid-19 era remains a difficult period in the history of the world, and many countries across the globe are still recovering from the economic and social shock the pandemic created. Ghana has been no exception. As a party in power at such a difficult period in our global history, we can only thank God Almighty for how far he has brought us."

Dr. Bawumia highlighted specific economic achievements, stating, "We have to work extra hard to lessen the burden that crossed 2023 with us. We started the year with an inflation rate of 56.3 percent in January. As we speak, the rate for November is 26.4 percent, a significant drop. When you look at inflation, it has come down."

He also cited the decline in prices of essential items, such as cement, fuel, cooking oil, iron rods, rice, and maize, stating that these trends indicate positive developments in the economy.