Vice President Dr Mahamudu Bawumia has given a firm indication of a take-off by the Akufo-Addo government to implement its second term vision after the approval of its 2021 budget.
Parliament last week approved the 2021 budget and the House is expected to finalise the Appropriation Bill on Monday to pave way for government to take off.
As he stated government’s eagerness to start implementing its second term programmes, the Vice President who is also head of government’s Economic Management Team, also outlined major first-term accomplishments of the Akufo-Addo administration.
“Dear Friends, as we look forward to the implementation of the 2021 budget in our second term, it is important that we take note of the accomplishments of the Nana Akufo-Addo government in our first term after inheriting an economy in crisis,” Dr Bawumia outlined them in a Facebook page on Sunday.
He then went on to catalogue all the major first term accomplishments in different sectors.
On macroeconomic management, Dr. Bawumia stated the reducrion of inflation from 15.4% in 2016 to 10.4% at the end of 2020, reduction of average lending rates from 32% in 2016 to 21% in 2020, lowest average exchange rate depreciation for any first term government since 1992 at 7.3%, increased internal reserves $6.1b in 2016 to 68.7b in 2020, upgraded sovereign credit rating from B- to B, among other economic gains.
In other sectors, the Vice President also listed massive industrialisation success under 1D1F, increased food production through Planting for Food and Jobs, introduction of pension scheme for cocoa farmes, about 550,000 public employment opportunities, which included doctors, teachers, nurses, other health workers and police officers.
Dr. Bawumia also touched on government’s efforts at reducing the rate of debt accumulation per anum; from an average of 243% per anum between 2012-2016 to an average of 137% per anum between 2017 and 2020.
As the government looks forward to its second term, Dr. Bawumia acknowledged some challenges facing the Ghanaian economy, especially the impact of COVID-19, and assured that the government will do its best to transform the Ghanaian economy for the benefit of all.
“Notwithstanding these solid achievements, there are still challenges facing the Ghanaian economy and Ghanaians following the impact of the COVID-19 pandemic and I look forward to working with President Akufo-Addo to address these challenges and deliver on his vision to transform and modernize the economy for the benefit of all Ghanaians in our second term,” Dr. Bawumia wrote.