• Latest
  • Trending
Ghana’s economy is bouncing back – Bawumia

Ghana’s economy is bouncing back – Bawumia

September 14, 2021
Trump opens UN General Assembly meeting ; calls for nationalism within states

Trump opens UN General Assembly meeting ; calls for nationalism within states

September 24, 2025
Lawless Community Police Assistants Will Be Dismissed – Asutifi South DCE

Lawless Community Police Assistants Will Be Dismissed – Asutifi South DCE

September 24, 2025
Education Ministry vows swift action on School Placement issues

Education Ministry vows swift action on School Placement issues

September 24, 2025
Entertainment pundit sows seed in Sarkodie's life

Entertainment pundit sows seed in Sarkodie’s life

September 24, 2025
NIA Denies Reports of Shortened Validity Period for Ghana Card

NIA denies reports of shortened validity period for Ghana Card

September 24, 2025
Bryan Acheampong defends GH¢4.6m fee for NPP flagbearer aspirants

Bryan Acheampong defends GH¢4.6m fee for NPP flagbearer aspirants

September 24, 2025
Kennedy Agyapong declares readiness for presidency after NPP vetting

Kennedy Agyapong declares readiness for presidency after NPP vetting

September 24, 2025
Dr. Yaw Adutwum expresses gratitude after successful NPP vetting

Dr. Yaw Adutwum expresses gratitude after successful NPP vetting

September 24, 2025
Bawumia sets sights on NPP Flagbearer Race: “We’re ready to campaign and win”

Bawumia sets sights on NPP Flagbearer Race: “We’re ready to campaign and win”

September 24, 2025
KGL U-17 Colts Championship ignites Prampram as Ghana’s breeding ground for future Stars

KGL U-17 Colts Championship ignites Prampram as Ghana’s breeding ground for future Stars

September 24, 2025
WAFU B U-17 Championships: Black Starlets face Do-or-Die clash after heavy defeat to Hosts

WAFU B U-17 Championships: Black Starlets face Do-or-Die clash after heavy defeat to Hosts

September 24, 2025
Prof. Alidu Seidu declared MP-elect for Tamale Central after running unopposed

Prof. Alidu Seidu declared MP-elect for Tamale Central after running unopposed

September 23, 2025
Happy Ghana
Advertisement
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home Sports

Ghana’s economy is bouncing back – Bawumia

in Sports
Ghana’s economy is bouncing back – Bawumia
Share on FacebookShare on TwitterShare on Whatsapp

The Vice President, Dr. Mahamudu Bawumia, has assured Ghana’s construction industry that the Akufo-Addo government is on course in its resolve to manage and mitigate the debilitating global effect of Covid-19 the construction industry and the general economy.
 
Addressing members of the construction industry on Friday, September 10,  at the maiden edition of Ghana Construction Industry Excellence Awards, Dr. Bawumia, while commending the immense contribution of Ghanaian contractors to the development of the country, also highlighted the devastating impact global factors arising out of the covid-19 pandemic has had on their operations, especially cost of construction materials .
 
“Our Country is endowed with Great Men and Women, Technocrats, Professionals and Businessmen in the Construction Industry who have worked tirelessly in bringing us this far and we need to celebrate them. And tonight we are here to celebrate our own,” Dr. Bawumia said, in a glowing tribute to members of the construction industry. 
 
“From housing to non-housing, from private to public construction, construction industry output is an integral part of the national output. Excluding the agricultural sector, construction ranks third after transportation and storage and manufacturing in their contribution to national output.  The inndusry is important for its direct and indirect impact on our economic progress.”
 
The Vice President, however, added that despite the remarkable economic management ike the general economy, the growth of the construction industry has been severely impacted by the globally-hit Covid-19 pandemic, with global factors affecting prices of materials such as iron rods and cement locally. 
 
“The growth and vibrancy of the construction industry depends on the growth and vibrancy of the economy as a whole. This is why economic management is key, the economic indicators of our first term in office tells a story of competent economic management. However, the world has suffered a global recession; in fact it is the worst global recession since 1945, as a result of Covid-19, which hit us high in 2020.”
 
“Throughout the world, prices of goods have shot up . Shipping cost of container, from China to Europe have increased from around $2000 Dollars in August last year, to $13,000 Dollars now per container – 650% increase. You also have major good that have gone up as a result of Covid  and all of you in the construction industry know that the world prices for cement and for iron rods have really shot up. So when we see same things happening in Ghana, we know why it is happening. It is a global phenomenon as a result of the pandemic.”
 
Dr. Bawumia assured the contractors that just as government prudently managed the economy prior to Covid-19 devastating it, government is on course to manage the impact of Covid on the economy and local industries, including the construction sector. 
 
“We are trying to manage the impact in Ghana and we are not doing too badly compared to many other countries, and we have to do even better,” Dr. Bawumia assured, adding that the government is undertaking many steps, including a resolve to bring down interest rate. 
 
“We have completed projects with most of your members and we have resolved to consolidate, with prudent macro-fiscal policies that puts us back on track to restore economic stability and growth that will foster a resilient financial ecosystem; 
 
“Ladies and gentlemen, the government intends to cooperate and collaborate fully with the Ghana Chamber of Construction Industry. We have had fruitful interactions with the chamber, and we must continue to interact this engagements to increase the job creation potential of the industry. “
 
‘The soon to be set up development Bank, is to ensure that there is long term funding and financing for development projects. I fully appreciate that the cost of borrowing has been one of the binding constraints on the industry and we are hopeful that the development bank will provide low cost interest to contractors and any project funding activity. “
 
Dr. Bawumia also stated that government’s commitment towards strengthening the construction industry is also showed in the number of legislations it has enacted to “sanitize, develop and regulate the Construction Industry to facilitate development.” 
 
Some of the legislations the Vice President mentioned included the Engineering Council Regulations 2020 (L. I. 2410), Real Estate Agency Act, 2020, Review of the Rent Act, 1963, Act 220;  Land Act, 2020, Act 1036; Education Regulatory Bodies (ERBA) Act, 2020, Act 1023 for Skills Development, Public Private Partnership Act, 2020, Act 1039.

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

There’s no shortcuts to power – Prez Akufo-Addo

Next Post

JACCD design institute of Africa outdoors 317 designers to impact Africa and beyond

Next Post
JACCD design institute of Africa outdoors 317 designers to impact Africa and beyond

JACCD design institute of Africa outdoors 317 designers to impact Africa and beyond

Search

No Result
View All Result

Listen Live

Happy Kaseɛbɔ 600AM news bulletin
Happy Kaseɛbɔ 600AM news bulletin

BBC Match of the Day Africa

Happy Ghana

Recent News

  • Trump opens UN General Assembly meeting ; calls for nationalism within states
  • Lawless Community Police Assistants Will Be Dismissed – Asutifi South DCE
  • Education Ministry vows swift action on School Placement issues
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.