PRESIDENT Nana Addo Dankwa Akufo-Addo has declared that “Ghana is not broke” as people he called propagandists would want the citizenry to believe.
According to him, the economy which was devastated by the dreaded Coronavirus and the hostilities between Russia and Ukraine has recovered.
In his final state of the nation address in Accra yesterday, the outgoing President said he was leaving a sound and robust economy to his successor.
“Mr Speaker, the country is not broke as some propagandists would want us believe. We are handing over a country that has about US$8 billion in gross international reserves. This is a big increase from the US6.2 billion in reserves inherited in 2017.
“Economic growth has also returned to pre-Covid trajectory with an impressive growth rate, rising from 4.8 in the first quarter of 2024, seven per cent in the second quarter and 7.2 in the third quarter,” President Akufo-Addo stated.
The economic growth, in his view, reflected in the growth of the private sector which stood at 28.87 in October 2024 compared to the negative 7.5 growth recorded in the same period in 2023.
External balances, the president told lawmakers recorded a surplus of 2.6 per cent in gross domestic product in the first nine months of 2024 compared to a deficit of 6.6 per cent of GDP in 2023.
“In the same way, the trade balance has improved and stands at a surplus US$3.85 billion to a deficit of US$1.8 billion in 2016,” he added.
He said despite inflation still high at 23 per cent at the end of the year, food prices have begun to decline, bringing relief to households and contributing to a eduction in the overall cost of living.
Doing a postmortem of what may have accounted for Ghana’s downgraded international ratings, President Akufo-Addo said the challenges the government faced in parliament affected the ratings.
All the enhanced economic figures, President Akufo-Addo said indicated that he was handing over “a Ghana that is working”.
This, he said were evident in his government’s transformative policies in education, healthcare, agriculture, digitisation, energy, governance, infrastructure, and trade.
“These achievements are not mine alone. They also belong to every Ghanaian who has contributed to the collective effort of nation-building. We have demonstrated that, through unity, resilience, and determination, we can overcome even the greatest challenges,” the President said.
Expressing optimism about Ghana’s future, Mr Akufo-Addo cited the steady economic rebound, thriving institutions, and a secure, democratic environment, underscoring empowerment of the youth, a flourishing arts industry and the safety and dignity of the elderly in society.
“I am happy to hand over a Ghana that is safe, secure, united, and firmly rooted in democratic principles and respect for the rule of law. It is a Ghana that has navigated significant global challenges with remarkable tenacity, whose economy is steadily rebounding, and whose institutions are operating effectively. I leave behind a Ghana that is working,” he stated.
The President was hopeful future generations would build on the foundation he has has laid for the betterment of the country.
“I take my final bow in the certain knowledge that our nation will go from strength to strength and that freedom and justice have taken hold forever in our body politic,” he concluded.
BY JULIUS YAO PETETSI
