The President of the Republic, Nana Addo Dankwa Akufo-Addo, says his government is reviving the Ghanaian economy despite the difficult circumstances it inherited from the previous administration.
According to President Akufo-Addo, the first order of the day for his administration was to get the fundamentals of the economy right, a prerequisite for realising the vision of Ghana becoming an industrialised nation.
Speaking at the 5th Financial Times Africa Summit, on Monday, 8th October, 2018, President Akufo-Addo indicated that, with some degree of success, his government has “stabilised our currency despite the recent challenges of a stronger dollar, and has reduced significantly inflation from 15.4% we inherited in 2016 to 9.9% today, and, moderately, the cost of borrowing.”
In addition to this, he indicated that a number of tax cuts have brought relief to businesses, and, at the same time, reduced substantially the country’s fiscal deficit, from 9.3% in 2016 to 5.9% in 2017, with a projected 4.5% deficit this year.
“Indeed, the Ghanaian economy, whose growth rate stood at 3.6%, in 2016, the lowest in two decades, grew by 8.5% in 2017, and is expected to grow, in 2018, by 8.3%, which, according to the International Monetary Fund, would make it one of the fastest growing economies in the world this year,” he said.
The President continued, “The relative success of the implementation of our business-friendly policies, and the availability of affordable and reliable power, has ensured industry, whose growth rate stood at negative 0.5% in 2016, grew by 17.7% in 2017, the highest sectoral growth in the economy.”
Additionally, President Akufo-Addo indicated that a number of deliberate interventions to reduce the cost of doing business, reduce the stress associated with setting up businesses, and formalizing the economy have been put in place.
“The e-business registration system, the paperless port clearance system, the digital property addressing system, the mobile interoperability platform, and the issuance of the national identification card, will all help quicken the pace of change to bring us into the technology-driven era, and make our businesses competitive, so that we can attract the requisite investment, foreign and domestic, to spur on our country’s economic transformation,” he said.
VW, Sinotruk plants
The modest successes chalked in reviving the Ghanaian economy and creating a business-friendly environment, President Akufo-Addo told the audience, have received major boosts with the announcement made by two global car giants, Volkswagen of Germany and Sinotruk of China, of their decision to establish, very soon, assembly plants in Ghana, with the intention, in the medium term, of producing their vehicles in the country.
“Tech giant, Google, has also decided to base its African Artificial Intelligence Centre in Ghana, which will make it the first in Africa. US global energy giant, ExxonMobil, and the big Norwegian oil and gas company, Aker Energy, have both signed agreements with the Ghana National Petroleum Corporation (GNPC) to undertake deep-water oil and gas exploration and production,” he said.
President Akufo-Addo continued, “The rapid enhancement of foreign direct investment in our economy is very welcome, with its concomitant transfer of technology, as we try to realise our vision of a Ghana Beyond Aid, that is building in Ghana a strong, viable economy focussed on trade and investment co-operation, and not on the reception of aid.”
Source: Peacefmonline.com
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FOR HOW LONG ARE YOU PEOPLE (NPP GOVERNMENT) GOING TO COMPLAIN TO THE GOOD PEOPLE OF GHANA AND FOR THAT MATTER AFRICA THAT YOU ARE SUPER INCOMPETENT? AFTER TWO YEARS OF TAKING UP THE MANTLE OF GOVERNANCE YOU HAVE NO BETTER CLUE AS TO SOLVING SIMPLE TASKS SUCH AS EXCHANGE RATES VOLATILITY MANAGEMENT, PRICE HIKES CONTROL, CRONIC INFRASTRUCTURAL DIFICIT IMPROVEMENT AND PUTING BETTER MONEY IN PEOPLES' POCKETS? WE ARE TIRED OF SHIFTING BLAMES TO THE PREVIOUS GOVERNMENT. YOU CAN'T MATCH THE PERFORMANCE OF THE PREVIOUS GOVERNMENT BECAUSE THE DIFFERENCE IS VERY CLEAR TO EVEN STRANGERS AND NOT NECESSARILY GHANAIANS PER SE. YOUR NPP GOVERNMENT MOTTO IS: IF WE CANNOT MEET NDC PERFORMANCE LET US BLAME THEM TO DISCREDIT THEM. THAT IS WHAT YOU ARE DOING NOW AS A GOVERNMENT.
Please be mindful of GN, Gold Coast and others issues ooo, else come 2020 you smell pepper. Don't wait until the pastors come prophesized on your victory or defeat.
In the next hundred years the liar will be saying the same thing over and over again to cover his failure and incompetence, the blame game
Mr. President what is the definition of revival if my mother can no more buy soap.
We are yet to see the day that mr president will admit he made empty promises to get elected.Those who still hail this liar of a president must be Living on other planets.ghanaians want to see and feel the Transformation npp thugs are hailing.Indeed one cannot eat Transformation on paper and lies About economy in Right direction
PEOPLE CAN TALK RUBBISH BECAUSE THE PRESIDENT DID NOT SPEAK IN LINE WITH THEIR INTEREST. THE MACROECONOMIC INDICATORS ARE CLEAR THAT THE ECONOMY IS BEING MANAGE WELL BY THE ABLE ECONOMIC TEAM. WE ARE FOCUS ON DELIVERING ON OUR FLAGSHIP PROGRAMMES. SABOTEERS AND TREASONABLE CITIZENS WILL BE PUT TO SHAME. YOU SHOULD HAVE BEEN RESPONSIBLE CITIZENS AND NOT RECKLESS CITIZENS!!!PLEASE REFER TO THE RECORDS HE OUTLISTED IN HIS SPEACH WHETHER OR NOT THEY ARE TRUE.
s t u p. i/ d. talk
i m sad this guy is parading himself as a president. i knew he had nothing for us. npp said teachers, nurses, market women, doctors infact everyone in Gh was suffering cos of ndc's poor administration laden with corruption. u truly reminded us of our gold, bauxite, cocoa,drastic reduction of petroleum prices etc. in that GH shouldn't be broke so we should give u Gh and u would transform it for good and it's almost 2 years and u akufool addog says u inherited what? u knew the problems that was why u said u were going to fix them and u are now giving excuses. i am disappointed in u and your party u deserve 7 (seven) bullets in your head and belly and as for bawumia the least said about him the better
Mr President, please i believe because you can fix it that was why you lied to come in? Now where is this inherited coming from? Please just apologize to Ghanaians and stop this your talk talk.
Wait and see 2020 what will happen to npp by Menzgold, DKM, seven collapsed banks, many more yet to collapse, etc etc... Wait and see 2020... Your big big English can't save you.... Stuipiddd foooplllssss...