President Akufo-Addo has unequivocally assured both the citizens of Ghana and the international community that the country’s economy is steadfastly on a path to recovery.
During a formal gathering at Jubilee House, where he officially appointed nine new diplomats, President Akufo-Addo underscored the notable economic advancement and fortitude of Ghanaians in the midst of global adversities.The appointed diplomats consist of Nana Bediatuo Asante as Ambassador at Large, Francisca Ashietey-Odunton for South Africa, and Vice Admiral Seth Amoama, assigned to Nigeria. List below:
“Ghana has exhibited extraordinary resilience,”President Akufo-Addo proclaimed. “Our comprehensive strategy for economic rejuvenation is yielding favorable outcomes.”
He highlighted a robust 4.7% growth rate in the first quarter of 2024, surpassing the IMF’s projected 3.1%. This growth, driven by a 6.8% expansion in the industrial sector and a 4.1% increase in agriculture, underscores the efficiency of government policies. The President emphasized the significance of successful debt restructuring endeavors.
“We have completed three major debt restructuring operations,”he declared, outlining significant relief attained through negotiations with domestic, external bilateral, and commercial bondholders.
The domestic debt restructuring, with an impressive 95% participation rate, reduced average coupon rates from 21% to 9% and extended maturities. This alleviated fiscal strain and positioned the domestic debt-to-GDP ratio on a declining trajectory, anticipated to reach 55% by 2028.
The President also underscored successful dialogues with external bilateral creditors, securing around $2.8 billion in cash flow relief from 2023 to 2026. These funds are being reallocated to important infrastructure and developmental initiatives.
“Our economic recovery is progressing smoothly,”President Akufo-Addo stated, attributing it to the government’s initiatives and the resilience of the Ghanaian people. He praised the united effort and unyielding spirit demonstrated by Ghanaians during difficult times.
The Ghana CARES ‘Obaatampa’ Programme, introduced in 2021, is a key component of the country’s economic strategy. This ambitious endeavor is centered around promoting commercial farming, light manufacturing, engineering, ICT industries, digitalization, and youth employment.
“The Ghana CARES ‘Obaatampa’ Programme serves as a blueprint for our robust economic rejuvenation,”President Akufo-Addo elucidated. “I encourage you to facilitate foreign investments in the nation.”
Despite global challenges like the COVID-19 pandemic and the ongoing conflict in Ukraine, President Akufo-Addo remains hopeful about Ghana’s economic prospects. He restated his earlier position during the pandemic’s peak, emphasizing that the government prioritized public health over economic expansion.
“I stated during the pandemic that we knew how to revive the economy, but not how to revive lives,” President Akufo-Addo reminded the audience. “This justified our extraordinary expenditures for public relief and protection. Today, the nation appreciates the validity of this approach, as our economic recovery is clearly on track.”
President Akufo-Addo’s confidence is reinforced by initiatives aimed at enticing foreign investments and solidifying international relationships. He anticipates that the newly appointed diplomats will be instrumental in promoting Ghana’s economic objectives on a global scale.
“You are primarily tasked with elevating Ghana’s reputation as a stable, peaceful, and forward-thinking nation,”he conveyed to the new ambassadors.”Establish strong bilateral ties, encourage investment from host countries, and champion Ghana’s interests. With these encouraging signs and a well-rounded plan in place, Ghana is poised for enduring progress and advancement,”he affirmed.
