Ghana Will Grow Above Bretton Wood’s Projections – Mahama

President John Mahama of Ghana has expressed confidence that his administration can achieve a growth rate higher than the benchmark set by the Bretton Wood institutions for this year, 2016.

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Mahama
Mahama

Speaking during his Accounting To The People’ tour of the eastern region, President Mahama averred that although the African average growth rate predicted by the world bank and IMF is 3 per cent and 3.3 percent for Ghana, he believes Ghana will grow above that. 

Mahama
Mahama

“They predict 3.3 per cent for Ghana, I’m more bullish, I believe that Ghana will grow closer to 4 per cent, maybe between 3.8 and 4 per cent, and we predict that in 2017, Ghana’s economy is going to grow by about 6 per cent, and, so, this country is doing well.’ he said.

Touching on the country’s power situation, President Mahama indicated that his government had resolved the power crisis, and been able to match demand to supply. “… and, so, the electricity crisis that hit us is gradually becoming a thing of the past.”

“Today the FPSO is shut down but we’ve made contingency arrangements and we are firing most of the power plants using crude oil and providing enough electricity for our people because we’ve done the structural changes that would ensure that the utilities can continue to provide us with power,” he said, adding that “We have signed the agreement with ENI, which is a $7.5 billion investment agreement, the single largest investment ever made in Ghana probable after the Akosombo Dam and that is going to provide sufficient 1.5 how many million cubic feet of gas to produce power, the regional electricity market for West Africa is going to become operational at the end of this year, it means that if Ghana is able to produce more power and we have excess, we can put it on the regional electricity market and supply to Burkina Faso and to Mali and to others who do not have enough power.”

According to the Ghanaian President, Ghana is on the right track as investor confidence is high.

He said, the last Association of Ghana Industries (AGI) Investor Confidence Index shows that there is high confidence in the prospects of the Ghanaian economy, meaning, Ghana is doing something right.

“If anybody says that this economy is in crisis then it’s mainly for political propaganda,” he said.

Source: Newsghana.com.gh

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