President Akufo-Addo has outlined clear cut policies his administration would be implementing to salvage the Ghanaian economy, boost investor confidence and create jobs for the many unemployed youth in the country.
Addressing the House of Parliament on his first State Of The Nation Address (SONA), the president bemoaned Ghana’s current debt stock which he says hovers around 74% of Gross Domestic Product (GDP).
Outlining what an Akufo-Addo government would do to save the economy, Nana Addo said “we will be embarking on comprehensive programs for industrial transformation for our country which include Restoration and maintenance of a stable macro economy Monetary and fiscal measures which would lead to reduction in interest rates and a reduction in the tax burden on enterprise Provision of reliable and affordable power to enterprises and homes Setting up of a stimulus package to support existing Ghanaian industries and improve their competitiveness Implementation of the initiative through Public-Private Partnership to establish at least one industrial enterprise in each of the 216 districts in the One District- One Factory promise.
Development of strategic anchor initiatives as new pillars of growth for the Ghanaian economy including the establishment of the petrochemical industries, an iron and steel industry, an integrated aluminum industry, the expansion of the domestic production of the pharmaceuticals, the establishment of the vehicle assembly and automatic industry, the establishment of a garment enterprise… etc.
The president further indicated that plans are far advanced to start “the Takoradi to Paga railway connecting the Eastern and Western corridor will be initiated this year.”