Akufo-Addo says Ghana Economy is Back on Track

President Nana Addo Dankwa Akufo-Addo has asserted with reassurance that Ghana economy is on a trajectory towards recovery, citing a reduction in inflation and a general state of macroeconomic stability.

 

Addressing an award ceremony for exporters in Accra, the President expressed confidence that his government has successfully navigated the challenges, marking a turning point.

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“Ladies and Gentlemen, we acknowledge the negative effects of the Covid-19 pandemic. The consequences have been worsened by Russia’s invasion of Ukraine and businesses globally. I dare say that the largest Ghanaian businesses have been severely hit, some to the extent of folding up operations.

 

“The last 3 years have been challenging, and the government has been doing its utmost to help ensure the reversal of our fortunes.

I’m happy to state that by the grace of God and with hard work and prudent management of the economy, we have turned the corner with all macro indices, with the rate of inflation, exchange rate stability, and economic growth rate all now pointing in the right direction.”

 

Highlighting the government’s commitment to infrastructure development over the past seven years, President Akufo-Addo emphasized the unprecedented scale of ongoing projects.

He noted that the tangible progress in road, air, and railway transportation systems, coupled with the expansion of ports, is designed to facilitate smoother business operations for the citizens.

 

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“Over the last 7 years, my government has given true meaning to the phrase unprecedented infrastructure development.

So much so that some people see the images of ongoing projects and think they are photoshopped.

“New road, air, and railway transportation systems, as well as the extension of our Ports, are all geared towards helping you conduct your businesses smoothly”.

“The country is not yet completely out of the woods, but there is a growing confidence that with hard work and determination, Ghana will make it,” the president said. “Collectively, we will secure our future.”

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Akufo-Addo called on Ghanaians to exhibit their hospitality toward tourists flocking to the West African country during the festive season to boost the tourism sector for socio-economic and cultural growth.

Once a model of economic growth in Africa, Ghana has been grappling with economic crises in recent years.

The government is undertaking Ghana economy reforms with a bailout package of 3 billion U.S. dollars from the International Monetary Fund.