In his final State of the Nation Address (SONA) on January 3, President Nana Akufo-Addo proudly announced that Ghana’s economy has rebounded more quickly and robustly than anticipated following the challenges posed by the COVID-19 pandemic.
The President highlighted the initial setbacks Ghana faced, including downgrades from international rating agencies and struggles in Parliament due to the government’s slim majority.
Akufo-Addo reflected on how these factors fueled doubts about the country’s economic recovery. He noted that the uncertainty surrounding the government’s ability to pass essential financial measures in Parliament led to the decision to seek assistance from the International Monetary Fund (IMF) through the post-COVID-19 Economic Growth Programme (PC-PEG), launched in 2023.
“The government’s difficulties in parliament with the slimmest of majorities gave the impetus to the international rating agencies to trash us on their assumption that we will struggle to get financial policy measures passed through the legislature,” Akufo-Addo explained.
Despite these challenges, the President expressed confidence in the progress Ghana has made under the IMF-backed programme, emphasizing that Ghana had successfully completed three reviews by the IMF Board, with the latest review in December 2024 unlocking a $360 million disbursement. To date, a total of US$1.92 billion has been released under the programme, marking a significant milestone in Ghana’s recovery.
“With confidence, I can say the crisis is over, and the economy has recovered strongly and faster than projected,” Akufo-Addo affirmed, outlining the nation’s remarkable progress despite the challenges faced during his administration’s second term.
