I am determined to restore our economic fortunes – Nana Addo

I am determined to restore our economic fortunes – Nana Addo

President Akufo-Addo has given the assurance that the Ghanaian economy will recover soon per the efforts being put in place by the government.

The President expressed confidence in the government’s robust measures put in place aided by the International Monetary Fund to put the economy back on its feet.

His assurance comes on the back of the commemoration of Founder’s Day with some senior citizens where he reiterated that “I am confident that we will revive and revitalise the economy and put our nation back on the path of rapid economic growth”.

He explained that Ghana as a country in the last three years had been used to such instances till the world was struck by a pandemic.

President Akufo-Addo gave his assurance to address the situation by saying “This is a solemn pledge I am making to you. I remain resolutely optimistic about Ghana’s future, which I continue to believe is bright”.

In 2022, Ghana’s economy experienced troubling times with the inflation rate reaching a record high of 29.8 per cent, the first in 19 years, the cedi also having its worst performance against the US dollar and depreciating by 20%.

After reluctance to approach the IMF for support regarding the performance of the economy, the government finally yielded and reached out to get the needed support on 1st July in a bid to avert the economy from reaching its breaking point.

IMF after accepting to aid Ghana to tackle the situation commenced with a fact-finding mission that held discussions with key stakeholders like the Vice-President, Minister of Finance and Governor of the Bank of Ghana. 

The discussions were centred on how to improve fiscal balances sustainably, make sure the monetary policy is credible and exchange rate regimes prudent, preserve financial sector stability and design reforms to enhance growth, create jobs and strengthen governance.

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