President Nana Akufo-Addo, in his recent ‘State of the Nation Address’, confidently asserted that his administration has successfully led Ghana towards economic recovery despite facing global challenges. He emphasized that Ghana’s economy is not in distress, dismissing claims of economic turmoil as mere propaganda. The President highlighted key indicators such as the country’s gross international reserves, which stand at nearly 8 billion US dollars, as evidence of a robust economy.
Reflecting on the impact of the COVID-19 pandemic on the global economy, President Akufo-Addo acknowledged the challenges faced by Ghana. He admitted that the economy took a significant hit from the pandemic, leading to unprecedented difficulties in 2021 and 2022. The President also mentioned the government’s struggles in Parliament, which prompted international rating agencies to cast doubt on Ghana’s financial stability.
To facilitate economic recovery, the government sought IMF support through the Post COVID-19 Programme for Economic Growth (PCPEG) in 2023. President Akufo-Addo highlighted the successful implementation of the program, with three successive reviews by the IMF Board resulting in the disbursement of 1.9 billion US dollars to date. Despite the impact of debt restructuring on citizens, the President described it as a necessary step to prevent further economic crisis.
President Akufo-Addo proudly announced that economic growth has returned to pre-COVID levels, with growth rates reaching 7.2% in the third quarter of 2024. He projected a growth rate of 6.3% for the current year, significantly higher than the 3.4% inherited in 2017. The President attributed this success to the rigorous measures implemented by his administration, which have provided relief to Ghanaian households and reduced the overall cost of living.
In conclusion, President Nana Akufo-Addo’s administration has navigated Ghana through economic challenges, leading to a strong rebound in the economy. The President’s strategic decisions and bold actions have laid a solid foundation for sustained growth and development, ensuring a brighter future for the country.
