President Nana Addo Dankwa Akufo-Addo
President Akufo-Addo has expressed a hopeful perspective on Ghana’s economy, emphasizing that it is on the path to recovery, displaying positive signs reminiscent of his first term in office.
In 2022, Ghana grappled with macroeconomic challenges stemming from a combination of internal imbalances and external shocks, according to the World Bank.
These challenges led to issues such as currency depreciation, surging inflation, and dwindling investor confidence.
The situation was further exacerbated by pre-existing fiscal vulnerabilities, including mounting debt and budgetary constraints related to high energy sector costs and limited public revenues.
The World Bank’s Economic Update report, titled “Price Surge: Unraveling Inflation’s Toll on Poverty and Food Security,” identified these factors as contributing to Ghana’s challenges.
The report highlights the complexity of Ghana’s economic outlook and anticipates continued challenges before a full recovery.
These developments interrupted the post COVID-19 recovery of the economy as GDP growth declined from 5.1% in 2021 to 3.1% in 2022.
The 2022 fiscal deficit was well above target at 11.8%. Public debt rose from 79.6% in 2021 to over 90% of GDP in 2022, as debt service-to-revenue reached 117.6%.
To help restore macroeconomic stability, Ghana in May 2023 secured a three-year IMF Extended Credit Facility (ECF) program of about $3 billion and has embarked on a comprehensive debt restructuring.
Addressing this year’s Ngmayem Festival of the People of Manya Krobo, President Akufo-Addo assured Ghanaians that the rebound of the economy and the positive economic outlook are result of government measures.
He emphasized that more developments are on the horizon to benefit all Ghanaians.
“By all indications, our economy is beginning to rebound, showing signs similar to my first term. More developments are forthcoming, and the government seeks your support and active collaboration,” said President Akufo-Addo.
He added, “Rest assured, every Ghanaian across the nation will continue to benefit from my government.”
President Akufo-Addo called on the chief and people of Manya Krobo to uphold peace, which is vital for development.
“I make a special appeal to Nene and Manyeme to sustain their commitment to the peace that makes Ghana an enviable beacon of stability in Africa. I urge the youth to use dialogue to address grievances rather than resorting to violence, which yields little.”
The theme of this year’s Ngmayem festival was “Development in Unity: Reviving Patriotism through Unification.”
Konor of Manya Krobo, Nene Sakite II, emphasized the importance of patriotism, peace, and unity for sustainable development. He urged President Akufo-Addo to address the region’s dilapidated road network, hindering agricultural and economic activities.
“I appeal to Your Excellency to address the deplorable state of our road network, which greatly concerns me. Upgrading our road network to a motorable standard will significantly enhance economic opportunities for our area, particularly in farming, tourism, and general business activities.”
