He outlines expenditures made to cushion Ghanaians
The event was organised by TESCON
Dr. Mahamudu Bawumia, the Vice President, has stated that amid economic difficulties, the Nana Addo Dankwa Akufo-Addo government has put in place some measures that will cushion Ghanaians.
Speaking at a TESCON event in the Central Region on Thursday, April 7, he admitted the challenges and economic hardship Ghanaians are going through.
“From the man on the streets to the business mogul, the food we eat, the clothes we wear, the shelter we seek or have, to the benevolence we extend to friends and family, the health of the economy is the cardinal instrument.
"To bring this home, essentially the economy is what we feel in our pockets. I acknowledge that times are hard. This is the reality irrespective of the cause
"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 . . . Even the price of my favourite 'Kofi Brokeman' and kenkey are seeing price increases. These are the stark realities that confront us today, ” he said.
Dr. Bawumia noted that Ghana "is directly affected by the Russia-Ukraine war" however, it has introduced measures to reduce the hardship.
“The increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. The longer the conflict the greater will be the disruptions to global food supply.
"In Ghana for example, 30% of our cereal grains, wheat flour and fertilizer is from Russia. 60% of iron rods and metal sheets imports is from Ukraine. 20% of Ghana's manganese exports is to Ukraine. . . So we are directly affected by the Russia-Ukraine war. Unfortunately, we do not know when it will be over..." he added.
Dr. Mahamudu Bawumia disclosed the summary of payments made to cushion Ghanaians in the last 5 years:
Free SHS - GH¢ 5.3 billion
Fertilizer subsidy - GH¢ 2.95 billion
Teacher Training Allowances - GH¢ 770 million
Nursing Training Allowances - GH¢ 860 million
NABCO - GH¢ 2.1 million
BECE exam fees subsidy - GH¢ 250 million
COVID Expenditures - GH¢ 8.1 billion
Financial Sector Clean up - GH¢ 25 billion
Excess Capacity Payments - GH¢ 17 billion
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