Ghana’s Economy Not Broke, Says President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has dismissed claims suggesting that Ghana is economically bankrupt, describing such assertions as propaganda.
In his final State of the Nation Address delivered to Parliament on Friday morning, the President provided data to back his position, emphasizing the country’s economic recovery.
“The country is not as broke as some propagandists will want us to believe,” he stated confidently.
Highlighting the progress made under his administration, President Akufo-Addo noted that Ghana’s economic growth has rebounded to pre-COVID-19 levels, marking a significant recovery from the challenges posed by the global pandemic.
He noted that despite the challenges, the country had successfully passed through three successive reviews by the IMF board, with the most recent review approved on December 2, 2024, leading to the disbursement of $360 million and a total disbursement of $1.92 billion.
The President then revealed that the government is handing over the country with gross international reserves of almost $8 billion, which is more than the $6.2 billion inherited in 2017.
“Economic growth has returned to pre-COVID trajectory with impressive growth rate, rising from 4.8% growth rate to 7% in the 2nd quarter and 7.2% in the 3rd quarter. This year, the growth rate is projected to be 6.3%, significantly higher than the 3.4% my administration inherited in 2017.
“The growth of the economy is further reflected in the growth of private sector credit which grew by 28.8% in October 2024,” the President added.
He expressed confidence that the economy has recovered strongly and faster than projected, with the crisis now considered over.
The President’s remarks aimed to counter widespread concerns about the state of Ghana’s economy, as the nation continues its efforts to stabilize and sustain growth in the coming years.
