Business News of Sunday, 26 February 2017
Vice President, Dr Mahamudu Bawumia, has said the NPP government is on track to fix the “ailing economy” it inherited from the previous NDC administration.
Dr. Bawumia is optimistic that the modalities being worked on by the Akufo-Addo-led administration will transform Ghana, giving a strong indication the private sector will be the engine of growth.
“This is our sixth week in government but we have already started doing some things we believe are going to turn around this economy and all what we are doing is focusing on private enterprises, private investments and protecting the public purse making sure that we have value for money for what we do,” the economist told a delegation from the US Senate at the Flagstaff House on Saturday.
“So we want to basically appeal to our friends in the United States [and] the government of the United States that we need to enhance our engagement to protect what Ghana has in the sub-region and we think that greater cooperation, especially in the spheres of economy, counter-terrorism, cyber security and so on will really enhance the peace and stability not only of Ghana and West Africa but the world as a whole,” he added.
It will be recalled that President Akufo-Addo during his maiden State of the Nation Address stated the economy is in a wobbling situation with an energy sector debt standing at 2 billion dollars.
“The attempts by the previous government to resolve the dumsor crisis have led to a gargantuan debt overhang in the sector…we have inherited a heavily indebted energy sector, with the net debt reaching 2.4 billion US dollars as at December 2016.
“I have to point out the alarming fact that 800 million US dollars of this debt is owed to local banks, which threatens their stability. Huge indebtedness of the energy sector constitutes the single major hurdle to Ghanaians enjoying reliable and affordable electricity supply,” he said.