Vice-President and flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia says but for the Gold for Oil Programme, the economy of Ghana would have collapsed.
Addressing questions posed to him by journalists at his Media Host in Accra, Dr. Bawumia said the economy suffered severe crisis in 2022 and was on the verge of collapse.
The crisis, he indicated, had led to the country’s reserves almost depleting and the local currency recording its worst performance with inflation going through the roof.
Dr. Bawumia said he was particularly disturbed by the rate of the cedi’s depreciation against major trading currencies and fear the country was heading to the Sri Lanka’s situation.
However, the Gold for Oil Programme, which he conceived, saved the situation and brought the country on the path of recovery.
“Frankly, without this gold for oil, the gold purchase program, this economy would have collapsed,” he stated.
The Vice-President said this while responding to a question on whether the current depreciation of the Ghanaian cedi is an indication of weak economic fundamentals as he asserted while in opposition.
Dr. Bawumia reiterated his assertion, arguing that crisis the country experienced was as result of the shocks that weaken the foundation of the economy.
He stated that between 2017 and 2019, the economy was showing positive signs until the global crisis occasioned by the COVID-19 pandemic and the Russia war against Ukraine.
Despite these difficulties that almost collapsed the economy, the NPP leader said the government has performed creditably well and implemented policies that have reduced the suffering of the people.
He believes things will improve significantly if he and his party are given the mandate again to implement some of the ideas they have in store for the country.
On why he has not implemented some of his policy ideas since he and his government are still in office, the Vice-President said he does not have the full authority to do so.
