Ghana’s Economy, the Fastest in the World – Akufo-Addo

The International Monetary Fund (IMF) has, this year, projected Ghana as the fastest-growing economy in the world, with a projected GDP growth rate of 8.8%.

This is attributed to the country’s macroeconomic indices that point in the right direction, and it comes as no surprise that Ghana is the leading recipient of foreign direct investment in West Africa.

President Nana Addo Dankwa Akufo-Addo, who said this in Toronto, Canada over the weekend, added that: “Inflation for August 2019 stands at 7.8% and is in single-digit; our trade balance account, for the first time in more than a decade, recorded a surplus in 2017, maintained it in 2018, and we expect to maintain the surplus for this year as well. We have brought the fiscal deficit down from 9.3% of 2016 to 4.5% currently.”

Additionally, bold measures have been taken to sanitise the banking system and strengthen it, with deposits of 4.6 million Ghanaians safeguarded.

Addressing the issues of unemployment, the President said the government, through the Nation Builders Corps initiative, put one hundred thousand graduates to work, obtained financial clearance for the employment of 54,892 health workers, with 59,000 teachers given jobs since he came into office in 2017.

He stated further that the “One-District-One-Factory” and “One-Village-One-Dam” programmes, and the Zongo Development Fund and the Infrastructure for Poverty Eradication Programme (IPEP), were being pursued to stimulate job creation opportunities across the country.

“The allowances of nursing and teacher trainees that were scrapped, have been restored and the three hundred (300) ambulances, (One Ambulance, One Constituency) and the remainder for the National Ambulance Service, have started arriving, with the last batch by December,” he said.

President Akufo-Addo said the Free Senior High School policy, has been successfully implemented with 1.2 million children, the highest enrolment of pupils in Senior High School in our history, are benefitting from the policy.

He disclosed that since April this year, the government had also reduced the benchmark values of import duties by 50%, and, in the case of vehicles, by 30%.

Touching on corruption, President Akufo-Addo reiterated that, “despite the crudely-orchestrated effort to brand my government as corrupt”, the commitment of the government to fighting corruption not just in words, but in deeds.

He said every allegation levelled against the government appointees had been investigated or were being investigated by authorised institutions of our state and that 21 officials of the past administration were on trial for various alleged offenses of corruption or willfully causing financial loss to the state.

“I will not sacrifice due process to play to the gallery… It, therefore, does not come as a surprise that, in the Global Corruption Barometer, conducted by Transparency International and Afrobarometer, 60% of Ghanaians, in 2019, believe the government is doing a good job at fighting corruption, as opposed to 25% in 2015”, the President added.

Reiterating his belief in Ghana, President Akufo-Addo stated that only hard work, innovation, creativity and enterprise can produce the accelerated development and wealth for the Ghanaian people.

Source: ISD (Rex Mainoo Yeboah)


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Publish date : 2019-09-30 14:09:00

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