President Akufo-Addo: Ghana’s Economy is Recovering Strongly

by Louisa Afful
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President William Addo Dankwa Akufo-Addo has assured Ghanaians and the international community that Ghana’s economy is on a solid recovery path. Speaking at the Jubilee House during the presentation of credentials to nine new diplomats, he highlighted significant economic progress and the resilience of Ghanaians in overcoming global challenges.
“We have shown remarkable resilience,” President Akufo-Addo stated. “Our comprehensive strategy to revive the economy is yielding positive results.”

Economic Growth and Resilience

The President reported a growth rate of 4.7% in the first quarter of 2024, exceeding the IMF’s forecast of 3.1%. The industrial sector grew by 6.8%, and agriculture by 4.1%, showcasing the effectiveness of the government’s economic policies.

Debt Restructuring Success

President Akufo-Addo detailed successful debt restructuring efforts:
Domestic debt restructuring achieved a 95% participation rate, reducing coupon rates from 21% to 9% on average and extending maturities. This has set the domestic debt-to-GDP ratio on a downward trend, expected to reach 55% by 2028.
External bilateral debt restructuring provided $2.8 billion in cash flow relief from 2023 to 2026, allowing the government to fund critical infrastructure and development projects.

Ghana CARES ‘Obaatampa’ Programme
Launched in 2021, this program supports commercial farming, light manufacturing, engineering, ICT industries, digitalization, and job creation for young people. “The Ghana CARES ‘Obaatampa’ Programme is our roadmap to economic revitalization,” said the President.

Future Outlook and Diplomats’ Role
Despite global challenges like the COVID-19 pandemic and the Ukraine conflict, President Akufo-Addo remains optimistic about Ghana’s economic future. He emphasized the importance of foreign investment and international cooperation, urging the new diplomats to promote Ghana as a stable, peaceful, and forward-looking country.

“Our economic recovery is on track,” he affirmed, attributing the progress to government initiatives and the resilience of Ghanaians. “Your primary responsibility is to foster strong bilateral relationships, attract investments, and advocate for Ghana’s interests.”

With these strategies and promising indicators, Ghana is positioned for sustainable growth and development.

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