Business General

Mahama vows to sanitize the financial sector

Over the years, since Ghana’s attainment of independence and the genesis of democratic rule, one very important factor that is always considered in determining which government served the country better is economic development.

Former President of the Republic of Ghana and Presidential candidate for the National Democratic Congress (NDC), John Dramani Mahama, has promised to ‘sanitize’ Ghana’s financial sector, giving the country her most stable and prosperous period of economic management.

The ex-President, speaking at the NDC’s 2020. Manifesto Launch which took place on the 7th of September, stated that in the bid to make Ghana’s economy a stable one, the NDC, when voted into power under his leadership come December 7th, will roll out prudent macroeconomic measures anchored in sound management.

A measure to be taken because per his deduction, unprecedented mounting public debts, depreciating cedis, among others, are all a telltale sign of an economy in deep distress; a problem he looks forward to solving.

According to ex-President Mahama, “The NDC has the experience to turn around the dire economic situation to bring relief to the suffering masses of Ghana. We will sanitize the financial sector”.

He further promised, “We will bring the public debts under control, we will stabilize and strengthen the long suffering cedi, reduce inflation, ensure a low progressive taxation regime and restore inclusive growth”.

Per research, Ghana’s Gross Domestic Product (GDP) in 2016, was $42.80billion with a 3.7 percent increase in the Economic Growth Rate (EGR) while Akufo-Addo’s first year in office saw the GDP rise to $47.33billion, with an 8.5% EGR increase.

According to statistics from the Ghana Statistical Service, Inflation rate at the end of Mahama’s tenure in 2016 was 17.5 per cent. The Akufo-Addo government brought the figure down to 12.4 percent in 2017. In 2018, inflation was pegged at 9.47 percent.

Will the National Democratic Congress, led by John Dramani Mahama and Professor Jane Naana Opoku-Agyemang be able to hold up or even so, manage the economy better than the New Patriotic Party under the Nana Addo-Bawumia rule has done?

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