Ghana’s economy has recorded remarkable growth over the past one-and-a-half years with all the economic indicators pointing in the right direction, President Nana Addo Dankwa Akufo-Addo, has said.
According to him, interest and inflation rates have gone down, while the Gross Domestic Product (GDP) growth rate has more than doubled with the industrial sector recording remarkable growth.
Speaking at the Baba Yara Stadium in Kumasi as part of this year’s May Day celebration, Mr Akufo-Addo said among other things that: “It has taken a lot of hard work to stay on the straight and narrow path to get the economy to start growing from the deep hole it was in.
“I am happy to report that all the indicators are pointing in the right direction. GDP growth rate has more than doubled from 3.6 per cent in 2016, the lowest in two decades, to 8.5 per cent in 2017. Inflation has reduced from 15.4 per cent at the end of 2016 to 10.4 per cent in March 2017.
“Interest rates are going down, we are witnessing a more stable cedi, fiscal deficit has reduced from 9.3 per cent in 2016 to 5.6 per cent in GDP in 2017 and there are positive signs of revival in the industrial sector.”