Vice President Dr Mahamudu Bawumia<\/span><\/span><\/p>\n<\/div>\nGhana\u2019s economic fundamentals are strong, Vice President Mahamudu Bawumia remarked at the Economic Management Team town hall meeting Wednesday, but a senior finance expert is not sold.<\/p>\n
On the Super Morning Show Thursday, Professor Godfred Alufar Bokpin, an economist and Professor of Finance at the University of Ghana, agreed with Dr Bawumia\u2019s observations, but said that in spite of the figures, the country is growing far below its potential.<\/p>\n
\u201cThere is an increasing inequality in Ghana,\u201d said Bokpin, who is also an IMANI fellow.<\/p>\n
He explained that most capital in the country comes from foreign investors. In exchange, Ghana provides them with resources, but that return on capital is low for locals.<\/p>\n
Professor Godfred Alufar Bokpin is an economist, Professor of Finance at the University of Ghana and IMANI fellow.<\/p>\n
\u201cForeign investors are benefiting but we are lagging,\u201d he said. \u201cGrowth is driven by internal sectors and job creation.\u201d<\/p>\n
Hydrocarbon production, mining, oil and gas were economic drivers for the economy last year, but because of foreign capital, \u201cwe recorded growth that we were unable to sustain.\u201d<\/p>\n
But of all the issues rattling Ghana\u2019s economy \u2013 even more than the cedi, which is currently struggling against the dollar \u2013 resource allocation and efficiency has been the country\u2019s biggest challenge.<\/p>\n
This year, Ghana is hoping to generate GH\u00a245 billion through tax revenue, but we will fail to maintain those funds if the government spends as it did last year, he insisted.<\/p>\n
Twenty-three billion cedis went to wages and salaries alone. Eighteen billion went to debt management. Capital spending? Eight billion.<\/p>\n
\u201c[Government] is imposing restrictions on growth. It is unacceptable.\u201d<\/p>\n
Read more: Fair distribution of wealth is NPP\u2019s ultimate goal \u2013 Bawumia<\/p>\n
At Wednesday\u2019s town hall meeting, Bawumia applauded his economic team for exceeding sub-Saharan Africa\u2019s economic growth rate.<\/p>\n
In 2017, Ghana\u2019s economy grew by 8.1%, \u201cone of the highest in the world,\u201d he said.<\/p>\n
He boasted that the country\u2019s GDP rate was robust and mentioned that non-oil growth has increased from 4.6% – 5.8%, increasing the per capita income to GH\u00a29864 \u2013 30% higher than in 2016.<\/p>\n
\u201cOur challenge is to make the distribution fair,\u201d he said. \u201cThis is the ultimate goal.\u201d<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"General News of Friday, 5 April 2019 Source: Myjoyonline.com 2019-04-05 Vice President Dr Mahamudu Bawumia Ghana\u2019s economic fundamentals are strong, Vice President Mahamudu Bawumia remarked at the Economic Management Team town hall meeting Wednesday, but a senior finance expert is not sold. On the Super Morning Show Thursday, Professor Godfred Alufar Bokpin, an economist and […]<\/p>\n","protected":false},"author":1,"featured_media":604747,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-605309","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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![\"Bawumia](\"https:\/\/cdn.ghanamma.com\/2019\/04\/29804232.295.jpg\" "\\"Bawumia")
Vice President Dr Mahamudu Bawumia<\/span><\/span><\/p>\n<\/div>\n