I Pledge To Restore The Economy - Akufo-Addo

President Akufo-Addo has promised to lead the country out of its current economic crisis in order to also provide relief to Ghanaians, noting that the government has been working hard to address the issues. He said the next 22 months of his mandate would be focused on restoring the economy the country had before COVID-19 and the Russian invasion of Ukraine, to the 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,” he stated at the 66th Independence Day Celebration at Adaklu in the Volta Region yesterday. He continued, “Government has deployed a number of fiscal interventions to help bring relief to Ghanaians, and, I am confident that, sooner rather than later, we will see significant results of relief and recovery.”

According to the President, he will provide much greater detail into the entirety of the package of policies the government is implementing to bring back “the days of rapid growth” when he delivers a message on the State of the Nation in Parliament on Wednesday.

Global Impact

“We’ve all seen the images from all over the world. Here in Ghana, we have not had any fuel queues, shortages of food and essential items, or the catastrophe of dumsor,” he noted, adding that major global developments have undoubtedly had a negative impact on domestic economic performance.

He stated that the world had witnessed historic highs in global inflation and food prices, rising global interest rates caused by central banks across several advanced economies tightening monetary policy to tame rising inflation, and an energy crisis with crude oil prices reaching unprecedented highs.

President Akufo-Addo stated that the price of crude oil reached more than US$120 per barrel at one point, pointing out that the strengthening of the US dollar against all other currencies, tightening of global financing conditions, particularly for emerging markets and developing economies, and widespread disruption of the global supply chain had all had a negative impact on Ghana.

“These phenomena have manifested in Ghana in the form of the depreciation of our currency, the decline in gross international reserves, high inflation, elevated debt burden, significant fiscal stress, constrained domestic and external financing, and reduced GDP growth. It is these that have brought hardships upon our people,” he intimated.

Legacy Challenges

However, the President stated that when he took office on January 7, 2017, he inherited a severely challenged economy with the lowest rate of growth in over two decades. He said his administration was able to turn things around through hard work, prudence, and creativity, resulting in an economy that was among the fastest growing economies not only in Africa, but also in the world, recording an annual GDP growth rate of 7% in the years 2017, 2018, and 2019.

President Akufo-Addo claimed that Ghana was the best place to do business in West Africa, and, in 2021, saying that the nation was described as the most attractive destination for investment in West Africa.

Senior Citizens

The President informed the nation that, in fulfillment of his announcement at last year’s Founders’ Day Celebration, he would bestow national honours on some Ghanaians who distinguished themselves in the fight against the COVID-19 pandemic. “By their actions, they helped to protect and preserve our population, and won global acclaim for Mother Ghana.

“I will, also, on that day, express the nation’s gratitude to the legal team of men and women who were charged with ensuring that the maritime boundary dispute with Ghana’s immediate, western neighbour, Côte d’Ivoire, ended favourably for Ghana, thus ensuring that our western maritime resources, including their potential oil and gas reserves, remained legitimately in our possession,” he intimated.