Ghana’s macro-economy stabilizing in space of 10 months - Akufo-Addo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, says the country’s macro-economy has been stabilising in the last 10 months.

“The fiscal deficit, which stood at 9.5% at the end of 2016, has been reduced to 6.3%. Inflation, within the same period, has declined from 15.4% to 11.6%. Our economy has grown from 3.3% last year, the lowest in 22 years, to 7.9%.

Interest rates are declining, and we are now witnessing a more stable cedi, our national currency. We are creating a business-friendly environment that should encourage significant investments in the development of our economy,” he said.

President Akufo-Addo made the statement Monday, 20th November, 2017, when he delivered a speech on “Democracy and Development” at the Cambridge Union Society of the University of Cambridge, as part of his 3-day visit to the United Kingdom.

The President indicated also that the determination of Ghanaians to build their democracy is further anchored in their deep-seated belief in the concept of the separation of powers as an active principle for the promotion of freedom and accountable governance, free of corruption.

Democracy is working for us

President Akufo-Addo told the gathering that Ghanaians have agreed on a multi-party constitutional democracy, and a guarantee of individual freedoms under the rule of law, with these past 24 years of the 4th Republic turning out to be the longest period of stability and economic growth in sixty years of Ghana’s nationhood.

“We are nowhere near where we ought to be, but the arguments have been settled, and, believe me, this has been a critical bridge for us to cross. And for our Ghanaian circumstances, we dare not undermine confidence in our young democracy,” he said.

The President acknowledged that having a democracy would not translate immediately into the resolution of Ghana’s problems, “but I believe we, in Ghana, are in the position to be able to quote the English colossus, Winston Churchill, that ‘It has been said that democracy is the worst form of government, except all those other ones that have been tried from time to time’.”