Despite the current obstacles, Vice President Dr. Mahamudu Bawumia has expressed confidence in the country's economic recovery. "Changing the structure of our economy via diversification and value addition is not going to happen quickly," he says. Dr. Bawumia, on the other hand, stated that the Akufo-Addo administration is determined to overcoming the current challenges in order to improve the economy.
On Thursday, he added, "It is a significant preoccupation of the government because it is our road to reduce import reliance, build the economy, generate employment, promote exports, and sustain the value of our currency."
The Vice President's speech on Thursday at the National TESCON Training and Orientation Conference is his first economic-themed speech since the start of price rises on petrol and other commodities, as well as the devaluation of the cedi.
A part of the public pressed him to make a public remark as the leader of the Economic Management Team. Dr. Bawumia said that the Covid-19 outbreak and the Russian-Ukraine situation had a negative impact on the economy. As a result, his speech concentrated on the government's efforts to solve the crisis.
President Akufo-Addo has already stated that the administration is taking practical efforts to reverse the economic downturn, despite the fact that this would not be an easy feat.
"The path to recovery will be hard and long, Mr. Speaker," the President remarked in his State of the Nation Address (SONA 2022) to Parliament, "but we have started on a strong footing by acknowledging that we are in a terrible position and are taking the necessary decisions that will bring us out."