Outgoing President Nana Addo Dankwa Akufo-Addo has strongly rejected claims by some critics, whom he referred to as “propagandists,” that Ghana is financially struggling.
Speaking in Parliament on Friday, 3 January 2025, during his final State of the Nation Address, Akufo-Addo acknowledged the serious economic challenges the country faced, particularly in the aftermath of the COVID-19 pandemic. He admitted that the impact of the pandemic was more severe than initially anticipated, with the nation experiencing “unaccustomed trouble” in 2021 and 2022.
The president also addressed the difficulties the government faced in Parliament, citing a slim majority that led to concerns from international rating agencies, which downgraded the country’s economic prospects. The downgrades were based on the assumption that the government would struggle to pass key financial policies.
However, Akufo-Addo emphasised that his administration took swift action to stabilise the economy, including seeking support from the International Monetary Fund (IMF) through the Post-COVID-19 Programme for Economic Growth (PC-PEG), which was launched in mid-2023.
The President pointed out that despite these challenges, Ghana had successfully completed three successive reviews by the IMF board, with the most recent review approved on 2 December 2024. This resulted in the disbursement of $360 million in support.
Akufo-Addo also revealed that the government is handing over a country with nearly $8 billion in gross international reserves, a significant increase from the $6.2 billion the administration inherited in 2017.
He stated that this was clear evidence that “the country is not broke, as some propagandists want us to believe.”
The President credited Ghana’s strong economic position to the resilience and understanding of its people, alongside the strategic measures his government implemented.
Akufo-Addo expressed confidence that the economy had recovered more swiftly and robustly than anticipated, with the crisis now considered over.
Source:TheDotNews