I'm confident the economy will rebound with God's help - Akufo-Addo

The Ghanaian economy took a nose dive in 2020 after the world was hit by a global pandemic - coronavirus.

Just as countries were trying to find their feet to build robust economies, there was a Russia-Ukraine war in February 2022.

According to economic analysts, the Russia-Ukraine war hurt both African and global economies at large.

After that, countries were putting in measures to build a strong economy that will resist both external and internal shocks and Ghana, was no exception.

High inflation, increase in transport fares, food price hikes, among others, have been the major problems of Ghanaians in recent times.

Though government has put in some measures to curb these problems, President Nana Addo Dankwa Akufo-Addo has assured Ghanaians of comfort in the days ahead.

According to him, he is confident the local economy will soon bounce back to normal and facilitate the growth of the country.

Speaking at the 18th consultative council meeting of the Anglican Church on Sunday, February 12, 2023, President Nana Addo Dankwa Akufo-Addo stressed that he was optimistic Ghana will overcome the economic crisis with the help of God.

“With the help of Almighty God, and backed by a sense of determination, hard work and collective sacrifices on our part, I am confident that we will successfully confront the difficulties, bring relief to the Ghanaian people, and return the economy back to the high rates of growth that characterised the management of our economy in the three years preceding the COVID outbreak in 2020 and the Russian invasion of Ukraine,” he said.

He added that, "government implementing a number of policy measures to this end, and, sooner rather than later, we shall overcome.”

It would be recalled that government on July 1, 2022, announced its decision to engage the International Monetary Fund (IMF) for $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022 to engage Ghanaian authorities for a possible economic support programme.

A Staff-Level agreement between Government of Ghana and IMF was reached in December 2022.

The IMF programme, according to government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

Watch the latest edition of BizTech and Biz Headlines below:

ESA/MA