President Akufo-Addo says the macro-economic achievements of his government in the last three years are not only statistics in the books but have significant impact on the economy and pockets of Ghanaians.
Ghana, he said, was “stumbling” despite the IMF programme at the time that he took over the governance of the country on January 7, 2017.
He argued the reduction in inflation and interest rates as well as fiscal deficits which his government has worked to restore, has a meaning in the life of the people as businesses are beginning to see a rise in their growth.
Addressing journalists at his annual Media Encounter for the year 2019 at the Jubilee House in Accra Friday, Nana Akufo-Addo said took office when the economic growth was only 3.3 per cent coupled with high inflation rate, fiscal debt, slow growth of industry and agriculture.
His government, he said, was forced to take fundamental measures to address these challenges to the economy, which he said has seen average inflation at 8.4 per cent in 2019 and significant improvement in fiscal deficit.
A 9.3 per cent deficit his government inherited has now dropped to 4.5 per cent, he stated, adding “our economy is projected to be one of the fastest-growing economy in the world”.
“Over these last three years, there’s been an average growth of seven per cent, so that expansion, is beginning to take place. We now have a current account balance; It’s having positive impact on interest rate,” he said.
Responding to critics who have questioned the effects of the figures on the people, the president said “people are talking about the macro fundamentals; they’re not just statistics, they’re not just data for data sake.
Nana Akufo-Addo said these statistics “have significance in the lives of people. High rate of inflation are not a statistic, they reflect in what happens in your pocket, they reflect in your ability to handle issues of daily living”.
The growth and expansion of the economy, he contended, will be able help solve the issues of high unemployment, income levels and cost of living.
He said macro fundamentals are going the right and as a result Ghana today is the largest recipient of foreign investment in West Africa.
“This is significant advance for us…we need to make sure these fundamentals; fiscal deficits, the macro economy, rate of inflation, rate of interest we hold in a good place if we want to sustain the gains we’ve made,” Nana Akufo-Addo said.