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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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The Ghana’s economy has improved with a stable outlook, and it indicates that Ghana’s economy is in the right direction, Vice President Dr Mahamudu Bawumia, said on Tuesday.
He explained: “We’re not where we want to be, but we believe that we’re on course. Our commonly known macroeconomic indicators-inflation rate, interest rate, exchange rate may hover around, moving ups and downs and buffeted by occasional headways from domestic and external causes.
“But as all good sailors know, rough and turbulent seas are no indication that you’re not sailing well, but what is most important is to know where you’re, and whether you’re sailing a seaworthy path”.
Dr Bawumia said since the Nana Akufo-Addo-led Government took over the administration of the country, the economy had experienced positive outcomes, with the growth rate moving from 3.7 percent in 2016 to 8.5 percent at the end of 2017.
Opening this year’s Ghana Industrial Summit and Exhibition, the Vice President said Agricultural growth was trending upward, while industrial growth rate moved from a negative half percent in 2016 to 17.7 percent at the end of 2017.
Additionally, the Vice President said, the inflation rate continued to decline from 15.4 percent in 2016 to the current rate of 9.9 percent.The Treasury Bill Rate had declined, while the country’s trading position was significantly strengthening, he said.Also, the Gross International Reserves now covers 3.9 months of imports.
The Vice President emphasised that this economy is in good hands and Ghana is striving for a low inflationary rate, a low interest rate environment, a stable and predictable external value of the cedi.
