Madam Speaker, Ghana’s economy has made significant gains in macroeconomic stability since mid-2009, after the NDC government assumed the governance of this economy.
The then sizeable fiscal and external current account deficits have been greatly reduced, inflation has fallen to single digit from a high of 20.7 per cent in June 2009 to 8.4 per cent in September 2011, and the stock of international reserves has risen close to US$4.98 billion in October, 2011 from about US$2.0 billion in 2008 and the exchange rate has stabilized.
With the robust performance in the non-oil sector and the start of oil production, real GDP growth is provisionally estimated at 13.6 per cent in 2011. The rebasing and
revision of the national accounts measurement in 2010 has raised Ghana’s national income by more than 60 per cent, moving the country to lower middle-income status.