It is clear that Ghana‘s economy is rebounding, President Nana Addo Dankwa Akufo-Addo has said.
He stated that the government is turning back the corner to growth and development.
Mr Akufo-Addo said these when speaking at the Valedictory Service for the outgoing Moderator of the Presbyterian Church of Ghana, Rt. Rev. Prof. Obiri Yeboah Mante, on Sunday.
“I want to assure you that the Akufo-Addo government is working hard to return the economy to a high rate of growth and characterize the management of the economy in the years preceding the COVID outbreak in 2020, which made the economy one of the fastest-growing in the world at the time.
“We can only do so if we forge ahead in unity and faith and have the belief that by the grace of Almighty God, the fortunes of Ghana under the presidency of Nana Akufo-Addo will be restored. I know times have been bad, but it is clear that our economy is rebounding back, and we are turning back the corner to growth and development,” he said.
He added “To get here, we had to take some difficult and hard decisions. The policies and programs we are implementing are meant to address the challenges, and it is evident that they are doing so.
“Nevertheless, I will continue to need your understanding and active cooperation. We can make it if all of us work at it.”
His Finance Minister Ken Ofori-Atta recently said that the government was determined to maintain discipline in order to keep the economy stable.
Mr Ofori-Atta said the government had turned the corner relative to the economic challenges when it successfully completed the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.
“We turned the corner when we completed the IMF first review,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.
He further assured that the government is poised to “maintain stability and keep growing. and ensure increased growth, currency stability”
“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he added.
“The recovery is indeed real and is here to stay,” he further assured.
Mr Ofori-Atta further stated that the prompt deployment of strong fiscal and monetary policy measures since the last year as well as in the first half of 2023 largely accounts for the continued economic recovery that is being experienced.
“So far, growth in 2023 has been more resilient than expected, inflation has declined in line with the fundamentals, the fiscal and external balances have improved, and the exchange rate has stabilised,” he said.