Nene Agbadiagba Ofoe-Teye
The Tema East Constituency Chairman of the ruling New Patriotic Party (NPP), Nene Agbadiagba Ofoe-Teye, is pointing out that even though COVID-19 has had devastating effect on economies around the world, President Akufo-Addo has been proving himself more than capable of taming the storm.
In a recent write-up, the Chairman points out that in spite of the pandemic, Ghana under Akufo-Addo has still managed to keep a commendable trade balance.
“In spite of the virus, our Trade balance for 2021 was over US$1.1billion. This is proof that in spite of the devastating effect of the virus, our president has been firmly in charge of the storm,” Nene Agbadiagba Ofoe-Teye wrote.
He, therefore, urged Ghanaians to “trust His Excellency President Akufo-Addo to guide us through these difficult times,” adding that, “it was not the president who brought the virus, but he is ensuring that it does not destroy our economy.”
Trade balance is the amount by which the value of a country's exports exceeds the cost of its imports. The Bank of Ghana has confirmed that in 2021, Ghana’s trade balance was $1.107 billion.
This is 1.5% of Gross Domestic Product but lower than the $2.043 billion registered in 2020.
But according to Nene Agbadiagba Ofoe-Teye, “If you consider our performance, we have done better than many African countries who have in the period exported comparatively very little and imported more,”
According to the data, exports for the period stood at $14.73 billion, whilst imports recorded were estimated at $13.62 billion.
The Central Bank also confirms that the development is due to the impact of the COVID-19 pandemic.
“if even amidst the pandemic, our economy can perform so resiliently, it is proof that the fundamentals of our economy are still strong and once this phase of the trying times pass, we will bounce back better and stronger,” Nene Agbadiagba Ofoe-Teye wrote.
This is the second time Nene Agbadiagba Ofoe-Teye is making the point that president Akufo-Addo is better at managing the economy within the space of weeks. Earlier, he had pointed out that Ghana’s existing import cover, which is more than five months, is proof that president Akufo-Addo is a better manager of the economy than former president Mahama.
Meanwhile, Nene Agbadiagba Ofoe-Teye has encouraged Ghanaians to accommodate the e-levy, saying that the good economic indicators are proof that the president is managing the economy well.
“No doubt, these are troubling times that require that all of us sacrifice and so it behoves us to make this necessary sacrifice for the betterment of our own country and our own future as a people.” Nene concluded.