Ghana's economy on course despite global economic uncertainties - President Mills

President John Evans Atta Mills on Thursday said Government had continued to make progress in the management of the national economy despite the global economic uncertainties.

Delivering the State of the Nation address to Parliament in Accra President Mills, however, said the country was watching closely developments in the global economy with hope and apprehension.

“Hope, because easing of the global crisis is likely to give rise to economic stability and expansion that will impact on our economy; apprehension because further weakening of the Highly Indebted Rich Countries (HIRCs) and of the global economy will have serious economic consequences not least on commodity prices,” he told Parliament.

“Even though we have experienced internal and external constraints, we have reason to be hopeful of Ghana’s future,” President Mills said. President Mills said under his watch the country had recorded the highest ever growth rate in the annals of the nation’s history with a provisional growth rate approaching 14 per cent.

The country also recorded the most sustained single digit rates of inflation in decades, with the rate of inflation of 8.55 per cent for 2011 being the lowest in 42 years.

President Mills said as at the end of September last year, the budget deficit was two per cent of GDP as compared to 14.5 per cent of GDP in 2008. “With the exception of the level of the budget deficit which was higher than anticipated, we have managed to attain the macroeconomic projections contained in the 2008 NDC Manifesto for a Better Ghana,” he said.

“The credit belongs to all Ghanaians and to the Government as the direct managers of the economy as well as Parliament as its monitors,” President Mills added.

President Mills said the positive economic indicators achieved had resulted in increased investor confidence in the economy.

“A fortnight ago the Ghana Investment Promotion Centre (GIPC) released figures showing an increase in projects registered at the GIPC amounting to over $7.0 billion in foreign direct investment,” he said.

President Mills tasked the recently established Inter Agency Task Force to ensure full compliance of provisions of the GIPC Act, especially those relating to Immigration and tax.

He commended Ghana Revenue Authority (GRA) for the good work being done on the revenue side.

“There is still a lot of work to be done and I am confident that these organisations will not let the nation down,” President Mills stated.