President Akufo-Addo reiterates Ghana’s economic “turnaround” amid IMF’s $3 billion injection
In a Christmas Day address, President Akufo-Addo conveyed a message of cautious optimism, assuring Ghanaians that the nation has made significant strides in rectifying its economic trajectory.
The President highlighted the ongoing three-year IMF program, injecting a substantial $3 billion into the economy to restore confidence amidst concerns of unsustainable debt levels.
Ghana’s fiscal landscape, burdened with a public debt representing 92.4% of GDP in 2022, has been attributed to the dual impact of the Covid-19 pandemic and the ongoing Russia-Ukraine conflict.
However, Akufo-Addo asserted that the nation is on a path to recovery, citing controlled inflation, a relatively stable exchange rate, and signs of economic rebound.
In his address, the President remarked, ““Fellow Ghanaians, I’m particularly glad that our nation has turned the corner following three difficult years we, and indeed the world, have faced. Inflation is being reined in, we’re experiencing a relatively stable exchange rate and growth and our economy is rebounding. We continue to attract investments, domestic and foreign, reinforcing our position as the gateway to Africa and will remain a beacon of democracy, peace and stability in Africa.”
Despite acknowledging that challenges persist, President Akufo-Addo expressed confidence in Ghana’s collective ability to overcome obstacles through sustained hard work and determination.
“The country is not yet completely out of the woods, but there is a growing sense of confidence that with hard work and determination, Ghana will make it, and collectively, we will secure our futures,” he said.
In a candid appraisal of Ghana’s economic trajectory, World Bank Country Director Pierre Laporte, echoed sentiments shared by Finance Minister Ken Ofori-Atta – and now the President – suggesting that Ghana’s economy has unequivocally “turned the corner.”
“When you look at where Ghana’s economy was a year or two years ago and you look at the macro-economic numbers now, like inflation, you may come to accept that things have improved,” he stated in an interview last week.
The President speaking further in his Christmas Day message urged Ghanaians to reflect on Christian principles during the festive season, emphasizing the guiding values of charity, faith, humility, love, and reconciliation.
As Ghana navigates this economic juncture, President Akufo-Addo’s message echoes a sentiment of resilience and hope, underscoring the nation’s commitment to securing its economic future.
