Vice President Dr. Mahamudu Bawumia has accepted that the economy is facing challenges.
According to him, the rise in fuel prices and general increase in cost of goods in the country were precipitated by the covid-19 pandemic.
“Unfortunately, the COVID-19 pandemic changed the economic circumstances of virtually every country in the world. Today, our economy is witnessing rising prices of fuel and virtually all commodities like bread, rice, sugar, sachet water, cement, iron rods and so on.
“From Malata market to Abofour market, to Techiman market, to Takoradi market, Circle to Kpando and everywhere across the country, prices are on the rise…these are the stark realities that confront us today,” he said.
Speaking on the economy at a forum organised by the NPP’s National Youth Wing, Thursday, the Vice President noted that the economy had been stabilised prior to the COVID-19 pandemic.
He said prior to COVID-19, government reduced inflation, reduced the rate of exchange rate depreciation and implemented flagship programmes such as Free SHS, NABCO, Planting for Food and Jobs and One District, One Factory to provide jobs for the youth and develop the economy.