Ghana’s economic recovery on course - Akufo-Addo

President Nana Addo Dankwa Akufo-Addo on Monday assured the international community that Ghana’s economy is headed toward recovery.

He said the government’s bold measures, which had produced notable economic advancement, and the tenacity of the Ghanaian people in the face of recent global challenges, had placed the country’s economy on the recovery process.

”In the face of these adversities, Ghana has shown remarkable resilience.

“We have embarked on a comprehensive strategy to revive our economy, and I am pleased to note that our efforts are bearing fruit,” he said during a ceremony to present credence letters to nine new envoys at the Jubilee House, Accra.

The envoys included three High Commissioners, five Ambassadors, and an Ambassador-at-Large.

They included Vice Admiral Seth Amoama, High Commissioner to Nigeria; Mrs. Francisca Ashietey-Oduntun, High Commissioner to South Africa; Mr. Ernest Yaw Amporful, High Commissioner to Rwanda; Major General Nicholas Peter Andoh, Ambassador to Türkiye; and Mr. Henry Tachie-Menson, Ambassador to Belgium and the European Union.

The others were Mrs Charity Gbedawo, Ambassador to Morocco; Ms Abigail Naa Adzoko Kwashi, Ambassador to Norway; Dr Robert Afriyie, Ambassador to Ethiopia and the African Union; and Nana Bediatuo Asante, Ambassador-at-Large.

The President cited the remarkable growth rate of 4.7 per cent posted by Ghana’s economy in the first quarter of 2024, exceeding the IMF’s forecast of 3.1 per cent.

He said that growth rate had shown the effectiveness of the government’s economic policies, which was propelled by a 6.8 per cent expansion in the industrial sector and a 4.1 per cent increase in the agricultural sector.

President Akufo-Addo also stressed the crucial role of Ghana’s successful debt restructuring initiatives, and significant relief brought about by agreements with commercial bondholders, external bilateral debt, and domestic debt restructuring.

“We have completed three major debt restructuring operations,” he noted.

The domestic debt restructuring lowered coupon rates from an average of 21 per cent to nine per cent and extended maturities, achieving a high participation rate of about 95 per cent.

In addition to giving the government much-needed breathing space, this also led to a decline in the domestic debt-to-GDP ratio, which is predicted to reach 55 per cent by 2028.

The President also noted the successful negotiations with external bilateral creditors that resulted in a cash flow relief of about $2.8 billion.

This relief, spanning from 2023 to 2026, allows the government to reallocate funds towards critical infrastructure and development projects that had been stalled due to financial constraints.

“Our economic recovery is strongly on course,” he said.

President Akufo-Addo told the envoys that the timing of their deployments was significant for both Ghana’s development and world affairs.

He said that they had to play a significant role in advancing Ghana’s economic agenda internationally to sustain the country’s economic rebirth, which is being bolstered by continuous efforts to draw in foreign investment and improve international cooperation.

“Your primary responsibility is to promote the image of Ghana as a stable, peaceful, and forward-looking country,” the President told the new envoys.

“This entails engaging with your host nations to foster strong bilateral relationships, attract investments, and advocate for the interests of Ghana,” he said.

Ambassador Tachie-Menson who spoke on behalf of his colleagues thanked the President for the appointments and the confidence reposed in them.

He assured the President that they would make every effort to bring in the foreign capital required to meet the nation’s economic objectives.