Vice President and the flagbearer of the governing New Patriotic Party (NPP) Dr. Mahamudu Bawumia has outlined his economic vision for the nation, emphasising the need for diversification, industrialisation, and interest rate reform to drive sustainable growth and prosperity.
In a recent interview with Africawatch magazine, Bawumia addressed critical questions regarding Ghana’s economic future, offering insights into his proposed policies and strategies to foster economic resilience and generate more revenue beyond traditional commodities like cocoa and gold.
In response to inquiries about diversifying Ghana’s economy, Bawumia stressed the importance of reducing reliance on cocoa and gold by investing in modern agricultural practices, technology adoption, and value-chain development.
He highlighted forthcoming policies in the party’s manifesto aimed at boosting productivity and profitability in sectors such as oil palm, rubber, cassava, and fruits.
“I think that diversifying Ghana’s economy beyond its traditional reliance on cocoa and gold is essential for promoting sustainable economic growth, reducing vulnerability to external shocks, and unlocking new opportunities for development,” Dr Bawumia stated.
Addressing concerns about the economy’s heavy dependence on raw commodity exports, Dr Bawumia outlined a multifaceted strategy focusing on industrialization, innovation, and value addition.
“My administration will implement a multifaceted strategy focused on industrialisation, innovation, and diversification. We will prioritise industrialisation efforts aimed at adding value to Ghana’s raw commodities through processing and manufacturing activities,” Dr. Bawumia assured.
On the issue of high interest rates, the NPP flagbearer acknowledged the challenges posed by the current high rates and outlined measures his government would undertake to address them:
“I agree that the interest rates are high. So, bringing down the high interest rates is crucial for stimulating investment, promoting economic growth, and improving access to credit for businesses and individuals,” he said.
Dr. Bawumia also proposed fiscal management strategies such as controlling government spending, rationalizing subsidies, and enhancing revenue mobilization to reduce the government’s borrowing needs and ease upward pressure on interest rates. He also emphasized the importance of improving financial inclusion and expanding access to banking services:
“This may involve initiatives to upscale our digitalization agenda, improvement in financial services, microfinance, and community banking in underserved areas,” Dr Bawumia added.
