Akufo-Addo promises to restore Ghana’s economy to pre-covid era before his tenure ends

Ghana’s President, Nana Akufo-Addo is confident he will leave office as president, bequeathing a healthy economy similar to what he achieved in his first term before the deadly COVID-19 struck the world.

The President acknowledged that Ghana’s economy is in difficult situation with international rating agencies downgrading it to unenviable position.

Nonetheless, he reposed confidence in the system, indicating that all is not lost as he rallies Ghanaians to trust his government to bring back the country’s once booming economy.

“The next 22 months of my mandate will be focused on restoring the economy we had before COVID and the Russian invasion of Ukraine to a period of rapid growth. It is a solemn pledge I am making to you, my fellow Ghanaians, and one which I am determined to fulfil,” President Akufo-Addo declared.

Speaking at a parade to climax Ghana’s 66^th Independence Anniversary celebrations at Adaklu in the Volta Region, Monday, President Akufo-Addo asserted that but for the advent of the deadly covid-19, Ghana’s economy was on the right path.

This year’s Independence Anniversary was on the theme: “Our Unity, Our Strength, Our Purpose”.

He touted a number of successes chalked by his administration prior to Covid-19, which nearly grounded Ghana’s economy, and compounded by the Ukraine war.

“Fellow Ghanaians, there is one thing I want all of us to remember, and that is that, when I assumed office on 7^th January 2017, I inherited a severely-challenged economy, whose rate of growth, at the time, was the lowest in over two decades.

“By dint of hard work, prudence and creativity, we managed to turn things around, creating an economy which, for the years 2017, 2018, and 2019, the years before the onset of COVID-19, was amongst the fastest growing economies not only in Africa but also in the world, recording an annual GDP growth rate of seven per cent.

“We were the best place to do business in West Africa, and, in 2021, we were described as the most attractive destination for investment in West Africa. The next 22 months of my mandate will be focused on restoring the economy we had before COVID and the Russian invasion of Ukraine to a period of rapid growth. It is a solemn pledge I am making to you, my fellow Ghanaians, and one which I am determined to fulfil.”

Ghana currently has a cup in hand begging allies to talk to China and other debtors to help it secure a loan facility with the International Monetary Fund (IMF)

IMF and Ghana reached staff-level agreement in December 2022 on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.

COUNT OUR BLESSINGS

Meanwhile, President Akufo-Addo has asked his compatriots to count their blessings because the implications of the economic crisis could have been worse judging by happenings elsewhere

“Fellow Ghanaians, I am very much aware of the current difficulties confronting our nation, and we are working hard to resolve them. But, maybe, we should also count our blessings on how, together, we are managing the difficulties. We all see the images around the world.

“Here in Ghana, we have not had any fuel queues, we have not suffered shortages of food and essential items, nor the catastrophe of dumsor.  Undoubtedly, major global developments have had a negative impact on our domestic economic performance.”

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