Akufo-Addo: Economy will rebound faster than anticipated

The president said the whole world is going through hard times but his government is determined to turn around the Ghanaian economy

President Nana Addo Dankwa Akufo-Addo has given Ghanaians his assurance that the policies being implemented by the government in the wake of the difficulties occasioned by the COVID-19 pandemic will help the economy rebound faster than anticipated.

Acknowledging the difficult times the nation is going through, President Akufo-Addo noted that every country is going through challenges brought forth largely by the COVID-19 pandemic.

“Ghana is not the only country faced with extraordinary increases in global freight rates, strong inflationary pressures, dramatically rising fuel prices, unprecedented volatility of stock markets, and tighter global financing conditions. These are global phenomena,” he said.

“Nonetheless, the government continues to work hard to address these issues; and I am certain that, sooner rather than later, our economy, through the implementation of government’s GHC100 billion Ghana CARES Obaatanpa programme, will rebound from the ravages of the pandemic, bringing in its wake stability, development, progress and prosperity for all Ghanaians.”

Speaking at the 92nd speech and prize-giving day of St Augustine’s College in Cape Coast on Saturday 19 March 2021, President Akufo-Addo noted that the Ghanaian economy grew at a provisional 5.2% in the first three quarters of 2021, with GDP growth for 2021 projected at 5.6%, against 0.4% in 2020.

“We need to undertake the difficult but necessary fiscal and other measures that will enable us to maintain the 2021 and higher rates of growth in the immediate years ahead of us, to develop and strengthen our economy, and help improve the living standards of us all,” President Akufo-Addo also said.

Democracy, not coups

Touching on Ghana’s democratic credentials, President Akufo-Addo noted how the Ghanaian people, for these past 29 years of the Fourth Republic, have reposed their trust in the democratic process as the avenue to resolve the myriad problems the country faces. They have also shown their determination to uphold democratic values and institutions to bring development to the nation, he said.

“There are a few, though, whom I have characterised as ‘restless spirits’, who are not prepared to allow you to complete your education in conditions of calm, peace and stability, and who seek constant turbulence in the governance of the state,” Akufo-Addo said. “This has led, lately, to some irresponsible utterances about coups as panaceas to our problems.

“I have said, and will use this platform to repeat, that coups have never been and will never be durable solutions to the political, economic and security challenges confronting our nation and continent.”

President Akufo-Addo was confident that the great majority of Ghanaians, who are committed to democratic values and democratic institutions, “will continue to resist the rhetoric and advances of coup-mongers and coup plotters, and those of us who have the responsibility to safeguard the integrity of the state will employ all legitimate means in a democracy to preserve our free, open system of governance, which is respectful of human rights, the rule of law and the principles of democratic accountability”.

Wilberforce Asare

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