Today in History: Ghana will be restored - Akufo-Addo on current economic crisis

President Nana Addo Dankwa Akufo-Addo in November last year announced that the wobbling economy will soon be stabilized.

He said, “I want to assure you that the Akufo-Addo government is working hard to return the economy to a high rate of growth and characterize the management of the economy in the years preceding the COVID outbreak in 2020, which made the economy one of the fastest-growing in the world at the time."

" We can only do so if we forge ahead in unity and faith and have the belief that by the grace of Almighty God, the fortunes of Ghana under the presidency of Nana Akufo-Addo will be restored," President Akufo-Addo stated.

Read the full story originally published on November 27, 2023 by www.ghanaweb.com.

President Nana Addo Dankwa Akufo-Addo has assured Ghanaians that the local economy would be put on a sound footing soon.

According to him, the economy was gradually turning the corner to growth and development.

Speaking at the Valedictory Service for the outgoing Moderator of the Presbyterian Church of Ghana, President Akufo-Addo entreated Ghanaians to keep having faith in the government as the fortunes of the country would be restored.

He however stated that the 'harsh' policies and programmes implemented in recent times were to address the challenges fraught the nation.

“I want to assure you that the Akufo-Addo government is working hard to return the economy to a high rate of growth and characterize the management of the economy in the years preceding the COVID outbreak in 2020, which made the economy one of the fastest-growing in the world at the time. We can only do so if we forge ahead in unity and faith and have the belief that by the grace of Almighty God, the fortunes of Ghana under the presidency of Nana Akufo-Addo will be restored," President Akufo-Addo stated.

"I know times have been bad, but it is clear that our economy is rebounding back, and we are turning back the corner to growth and development. To get here, we had to take some difficult and hard decisions. The policies and programs we are implementing are meant to address the challenges, and it is evident that they are doing so. Nevertheless, I will continue to need your understanding and active cooperation. We can make it if all of us work at it,” he added.

It would be recalled that the Minister of Finance, Ken Ofori-Atta said government had made modest gains in turning the economy around after experiencing severe economic hardship in 2022.

He said inflation rate has taken a downward trend after measures were put in place by the government.

As of October this year, inflation stood at 35.2% from the 53.4 percent recorded in 2022

Meanwhile, government is hoping to hit its single inflation target in the medium term.

Government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

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

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