President Nana Addo Dankwa Akufo-Addo has rated his government’s economic performance 10 months into government as impressive and relatively outstanding.
Speaking at the Ghana Chamber Business Awards, President Akufo-Addo indicated that the economy among other things, has experienced massive growth through the introduction of government interventions, resulting in a stronger macro-economy.
“The interventions, initiated by Government, over the last 10 months, have ensured that the fiscal deficit, which stood at 9.5% at the end of 2016, has been reduced to 6.3% this year. 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% this year,” the President said.
He continued, “Interest rates are declining, and we are now witnessing a more stable cedi, our national currency. The Monetary Policy Rate by the Bank of Ghana declined by 450 basis points from 25.5% in January to 21% in September.
That has contributed to the downward trend of interest rates, with a sharp decline in the 91-day and 182-day Treasury Bill Rates.”
He expressed satisfaction in the progress his government has made as far as improving the living conditions of Ghanaians as pledged prior to the 2016 elections is concerned.
“My party, the New Patriotic Party, won last year’s elections because the Ghanaian people were dissatisfied with their living conditions and the direction in which the economy and indeed the country was heading.
They believed we the NPP were different and could put in place the requisite measures to improve their living conditions. My government has begun putting in place the measures that will improve the living conditions of the Ghanaian people. We have begun to work on the fundamentals of the economy, because we believe that an improved macro-economy is a fundamental requirement for stimulating the investments we need for the significant expansion and growth of the national economy, and the generation of wealth and jobs”.
The President noted that the importance of Chambers of Commerce and Industry to socio-economic development across the world is well established.
The Ghana National Chamber of Commerce (GNCC) is the representative organ of the business community in Ghana that seeks to promote and protect the commercial and industrial interests in the country.
As part of efforts to foster ethical practices and promote businesses, the Chamber has initiated the GNCC Business Awards to celebrate the very best and finest of Ghanaian businesses that have demonstrated excellence in leadership and innovation in contributing to the socio-economic development of Ghana.
