Opinion: Dr Bawumia’s quest for economic greatness

The word vision, according to Google, means the faculty or state of being able to see, and it is one of many attributes a leader must possess before taking charge of others. A visionary leader can be said to set a long-term vision, create a strategic plan to achieve that vision and empower others to collaborate toward that shared goal. This attribute resonates with H.E. Dr Mahamadu Bawumia, who is an inspiration to this generation and the next.

H.E. Dr Mahamadu Bawumia’s vision is to create a Ghana where every citizen lives in an environment that is conducive to enabling access to quality education, health care, and economic opportunities, which in turn will harness the talents of every individual and improve their creativity to help build a country that guarantees a secure, prosperous, and dignified future.

In his ideal Ghana, the youth will be empowered to take charge, encouraged to be more innovative, and encouraged to dream big for the future. The digital transformation that underpins this future will empower them with the skills to compete globally and power industries with cutting-edge technology.

The goal of his vision for Ghana, which will be paramount to the success of his incoming administration, Inshallah, is to attain and sustain macroeconomic stability with low inflation, low interest rates, exchange rate stability, and a low budget deficit.

And as he recently stated, one of the ways to achieve this is by backing our currency with gold. Russia is the best example of this. Despite the numerous sanctions by the West, the value of the Ruble remained strong against major currencies due to Russia backing its currency with gold.

Backing the Ghana Cedi with gold would provide a stable store of value and a safeguard against inflation and currency devaluation, increasing confidence both domestically and internationally and attracting foreign investment.

By pegging the Cedi to gold, we would ensure that our currency is supported by a tangible asset rather than a mere fiat, reducing the risk of hyperinflation and aligning our country with international best practices. A gold-backed Cedi would facilitate trade and investment, particularly in mining (where he has made a promise to make many small-scale miners millionaires and multi-millionaires) and oil industries, boost economic growth, and serve as a symbol of national pride and economic sovereignty.

Another goal of his vision for the country is for us to be more of an exporter than an importer. The 1D1F policy, which is to promote industrialization and economic development at the district level, can only be continued by the New Patriotic Party government.

Increasing exports and reducing imports of goods can stabilize the economy by generating a trade surplus, which can help to accumulate foreign exchange reserves, reduce the country’s reliance on foreign borrowing, and strengthen the value of the Cedi.

As exports grow, it will create demand for local goods and services, boosting production and employment, while reducing imports helps to conserve scarce foreign exchange and reduce the pressure on our currency. This, in turn, can help reduce inflation, improve the balance of payments, and increase economic growth, ultimately leading to a more stable and resilient economy.

With H.E. Dr Mahamadu Bawumia on this journey to move Ghana to the next chapter, IT IS POSSIBLE to achieve macroeconomic stability in our economy.

The writer is Neil Owusu, a member of the NPP National Communications Team