President Nana Addo Dankwa Akufo-Addo
President Nana Addo
Dankwa Akufo-Addo has stated that the macroeconomic achievements of his
government in the past three years have positioned the country to be the
largest recipients of foreign direct investment in the West African sub-region.
According to him, the
reduction in inflation, interest rate and fiscal deficits of the country have a
meaning in the lives of the citizens and businesses, indicating that the
economic numbers are not mere statistics but have significant impact on the
pockets of Ghanaians.
Addressing
journalists at a media encounter at the Jubilee House in Accra on Friday, the
President said businesses had begun to see a rise in their growth, while that
of agriculture was soaring high.
He stated that the
country’s economic growth was only at 3.3 per cent when he took office on
January 7, 2017, with inflation rate at 15 per cent and a high fiscal debt, adding
that “macro(economic) figures are not just statistics; they reflect what
happens in your pocket and … your ability to handle issues of daily living.”
President Akufo-Addo
asserted that the nation’s weighted average of inflation for this year is
around 8.4 per cent, a significant improvement of the figure the government
inherited.
“There has been
significant improvement in the fiscal statistics. A 9.3 deficit has been
brought to a 4.5 deficit; our economy is projected to be one of the fastest
growing in the world. The macroeconomic fundamentals are trending the right
way,” he noted.
“Over these past three years, there’s been an
average growth of 7 per cent so expansion is beginning to take place. We now
have a current account balance; It’s having positive impact on interest rate,”
the President pointed out.
He indicated that the
growth and expansion of the economy would help solve issues of unemployment,
poor income levels and high cost of living.
The annual rate of
growth in GDP (the value of goods and services in the economy) has generally
been strong.
For him, these macroeconomic achievements are significant for the country, and that it is important for his government to make sure the fiscal deficits, rate of inflation, rate of interest and other macroeconomic fundamentals are held in a good place in order to sustain the gains made.
From Ernest Kofi Adu, Kumasi
