Outgoing President Nana Addo Dankwa Akufo-Addo has rejected claims that Ghana is financially struggling, which have been widely circulated, especially by the opposition National Democratic Congress (NDC).
In his final State of the Nation Address (SONA) to Parliament on January 3, 2024, Akufo-Addo emphatically stated that Ghana is not broke, despite ongoing criticisms regarding the country’s economic challenges.
The President pointed to Ghana’s healthy financial position, particularly its international reserves, which currently stand at $8 billion. This, he argued, underscores the nation’s economic viability and stability as he prepares to hand over to the incoming administration.
“Mr. Speaker, Ghana is not broke, contrary to what the propagandists are saying. We are handing over a country with international reserves worth $8 billion,” Akufo-Addo asserted. He further noted that the country’s economy has shown signs of recovery, with growth levels returning to pre-COVID levels, highlighting that such progress signals a country on a positive economic trajectory.
Ghana’s economic resilience, according to Akufo-Addo, demonstrates that claims of financial collapse are inaccurate. “Economic growth has returned to pre-COVID levels,” he reiterated, signaling a degree of optimism about Ghana’s economic future.
As Akufo-Addo prepares to hand over the reins of power on January 7, 2024, to John Dramani Mahama, who is assuming the presidency for a second term, the debate over the nation’s economic health remains a key issue. Mahama, who was elected as the next president, has already expressed concerns about the debt inherited from the current administration. He has described the mounting debts across various sectors as “traps” and urged the people of Ghana to pray for him as he navigates the economic difficulties left behind by his predecessor.
While the incoming president has voiced worries about the fiscal burden he will face, Akufo-Addo’s final address aimed to reassure the nation that Ghana’s financial position is stronger than many have been led to believe. With the transition to the new administration just days away, the economic debate will no doubt continue to shape the political discourse in the coming months.
