The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, Thursday, stormed Parliament and told Members in his message on the State of the Nation that his administration has been able to prove the skeptics wrong following the rebound of the economy as a result of pragmatic policies and programs put in place.
“Mr. Speaker, we inherited an economy that was in distress; chocked by debt and with macroeconomic fundamentals in disarray. You will recall that I said we would have to implement some tough, prudent and innovative policies to get us out of the financial difficulties we are in. I made some brave predictions – I said we will reduce significantly the budget deficit and I said at the same time that we will grow our economy.”
“Mr. Speaker, the Vice-President, Dr. Mahama Bawumia who is the Chairman of the Economic Management Team, has risen to the challenge and the hard work is beginning to show positive results,” he noted.
For instance, President Akufo-Addo said his administration has been able to bring down inflation and interest rates with economic growth increasing from the alarming 3.6% as at December 2016 to 7.9% in 2017.
“The indicators are that it will even be better this year (2018)”, he stressed.
Further to that, he said his administration has been able to increase the country’s international reserves, maintained relative exchange rate stability, and reduced the debt to GDP ratio and rate of debt accumulation.
In addition to that, his administration has been able to pay “almost half of the arrears inherited and crucially, we are current on our obligation to statutory funds”.
The IMF supported extended credit facility program began in 2015, he noted, will come to end, stressing that due to pragmatic policies they are determined to put in place, there will be no need to turn to the global financial body for assistance again.
“The relatively good macroeconomic performance in 2017 will strongly support our successful completion of the IMF program. We are determined to put in place measures to ensure a sustained macroeconomic stability so that we have no reason to seek again the assistance of the powerful global body”.
With the bullish economy, President Akufo-Addo added that they have been able to confine their “skeptics and professional naysayers”.