As a result of us introducing the necessary combination of focus, discipline, integrity, creativity, compassion and competence, in just 32 months in office, Mr. Speaker, the Lord has blessed our efforts. The economy has seen a miraculous turnaround, moving now in the right direction.
I speak to the data, Mr. Speaker:
- Economic growth rate has doubled under President Akufo-Addo, rebounding strongly from 3.4 percent in 2016 (; averaging 7%;
- Inflation rate has fallen from 15.4 percent in December 2016 to 7.6 percent (new series) in September 2019, registering the lowest rate in 27 years; which makes 2019 the year with the slowest ever rise in the prices of goods and service in Ghana in the entire history of the Fourth Republic–– Yes, Mr Speaker, 2019 has been good for Ghana because when inflation slows down everybody benefits;
- The banking sector is on the rise again, recording by mid-year, a year-on-year after tax profit of GHȼ1.67 billion, or 36 per cent, in 2019. This is good for Ghana because when the banks are strong the economy is strong;
- The 91-day treasury bill rate fell steadily from nearly 17 percent in December 2016 and now stands at 14.7 percent. This is good for Ghana because when the cost of borrowing is low businesses expand, jobs are created and spending rises;
- We have contained the fiscal deficit below 5 percent of GDP for three consecutive years, the end-September 2019 deficit amounted to 4.5 percent of GDP;
- On the external front, the trade deficit has improved from US$1.8 billion in 2016 to a surplus of US$2.6 billion in August 2019. This is good for Ghana as it helps to keep our currency stable and our economy strong.