President Nana Addo Dankwa Akufo-Addo has reiterated his unwavering ambition to see to the improvement in the living conditions of the people.
“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 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 fulfill,” the President assured, when he addressed the 66th Independence Anniversary Celebration, at Ho, Volta Region.
He argued that the country, prior to the recent global socio-economic setbacks, was amongst the fastest-growing economies in Africa and the world.
“By dint of hard work, prudence and creativity, we managed to turn things around,” the President said.
He noted that Ghana was recording an annual Gross Domestic Product (GDP) growth rate of seven per cent, particularly in 2017, 2018 and 2019.
“We were the place to do business in West Africa, and, in 2021, we were described as the attractive destination for investment in the sub-Region,” he said.
The International Monetary Fund (IMF) has acknowledged that Ghana’s debt situation has been worsened by the combined effects of the Covid-19 pandemic and the Russia-Ukraine war.
The global lender says this has subsequently affected the country’s economy, leading to high inflation and a drop in the value of the Ghana Cedi.
The Fund last July stated on its website that Ghana “is facing a challenging economic and social situation amid an increasingly difficult global environment”.
“The fiscal and debt situation has severely worsened following the COVID-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs,” the IMF said.
Ghana is currently engaging the Fund for a $3 billion bailout to put its economy back on track.
President Nana Akufo-Addo indicated that the Government had deployed several fiscal interventions to help bring relief to the citizenry.
“I am confident that, sooner rather than later, we will see significant results of relief and recovery,” he assured.