Our economy is rebounding; We’re turning the corner – Akufo-Addo

• Posted on November 28, 2023November 28, 2023
• by Nana Kwesi Coomson
• Comment

In a recent speech, President Nana Addo Dankwa Akufo-Addo expressed his optimism regarding the rebound of Ghana’s economy.

Speaking at the Valedictory Service for the outgoing Moderator of the Presbyterian Church of Ghana on Sunday, President Akufo-Addo assured the public that his government is working hard to restore the economy to a high rate of growth.

He emphasized the need for unity and faith, believing that Ghana’s fortunes will be restored under his leadership.

Akufo-Addo acknowledged the challenges faced by the economy, particularly due to the COVID-19 pandemic.
However, he expressed confidence that Ghana is rebounding and turning the corner towards growth and development.

He credited the government’s policies and programs for addressing these challenges and stated the significance of difficult decisions in this process.

Earlier, Finance Minister Ken Ofori-Atta echoed the President’s sentiments, reinforcing the government’s commitment to maintaining discipline and stabilizing the economy.

Ofori-Atta highlighted the completion of the first review of the three-year $3 billion International Monetary Fund External Credit Facility (IMF-ECF) program as evidence of turning the corner relative to economic challenges.

Ofori-Atta assured the public that the government is determined to maintain stability and foster increased growth and currency stability.

He highlighted the decline in inflation from 54.1% in December to 35.2% in October 2023 as a positive indicator of the country’s economic recovery.

He emphasized that the recovery is real and enduring.

According to Ofori-Atta, the government’s prompt deployment of strong fiscal and monetary policy measures since last year, as well as in the first half of 2023, has largely contributed to the continued economic recovery experienced in Ghana.

He cited resilient growth, declining inflation, improved fiscal and external balances, and a stabilized exchange rate as positive outcomes of these measures.

Both Akufo-Addo and Ofori-Atta’s statements indicate a sense of optimism and confidence in Ghana’s economic rebound.

The government’s commitment to sustaining stability and promoting growth helps to instill hope in the public and strengthen their faith in the overall recovery.

By Vincent Kubi