President Nana Akufo-Addo says the programme of economic recovery that his Government put in place, some three years ago, upon his assumption of office, has been significantly successful.
Addressing a press conference at the ongoing World Economic Forum, in Davos, Switzerland, on Thursday, 23rd January, 2020, the President told the media that he came into office at a time when the Ghanaian economy was in considerable disarray.
President Akufo-Addo noted that the first three years of his mandate has been spent, first of all, in trying to restore stability to the management of Ghana’s economy, cutting down on the deficit, and bringing down inflation.
The President continued, “Generally, the growth, of course, has grown from an average of 3.6% to an average of 7% in the last 3 years. You see an economy that has somehow reversed the decline, and is moving on an upward trajectory. It has also meant that these improving economic indices have us touted as the country that receives the largest investment in the ECOWAS/ West African Region”.
“I think that if we are able to maintain the discipline that is required of us, then we would have no need and we can proceed to design our own path for economic growth and development. We have gone so far as to pass a Fiscal responsibility law which has pegged the acceptable fiscal deficit at 5% annually with penalties that are imposed against the government if we go past the 5% limit. We are determined to make the law work,” he added.
With this year being an election year, the President assured that Government is not going to loosen the purse strings, because “we take the view that, assuming we were to win and the economy is in disarray, that means that all the work that we did would have to be re-done, and that is better to maintain the discipline and accept that the Ghanaian people have a very clear understanding of what is required to be done, so that we can have that progress that we need to make.”
However, as a result of the implementation of the programme for Planting for Food and Jobs, he stated that “we have reversed this situation. We are now net exporters of food stuffs again. We have had two bumper harvests in Ghana and in the last two years, we have stopped importing maize, we have cut down on our import of rice.”
“The solution required the industrialization of our continent and our own country, and taking the steps that will lead to the structural transformation. The measures that we have put in place for rural industrialization are also part of those measures of recovery,” President Akufo-Addo said.
“We have seen some dramatic figures in the educational system of the country. Roughly there were about 800,000 people within the secondary educational system when I took office. In the three years since the application of the free senior high school educational policy, we now have 1.2 million young Ghanaians within the secondary school system, which means that the 100,000 yearly dropout rate has now been addressed and they are finding their place in school,” he added.