You are here: HomeNews2018 07 08Article 666856

Business News of Sunday, 8 July 2018


Economy is on good course - Akufo-Addo

President Nana Akufo-Addo has insisted that the Ghanaian economy is on a right trajectory despite its challenges.

According to him, his government inherited a very troubled economy, but with diligence and hard work, they are restructuring it unto a better path.

“Our economy is on a good course, and it will mean that, when we finish with the IMF Programme this year, our economy will be stronger than the one we inherited,” he added.

President made the remark on Saturday when he addressed members of the New Patriotic Party at Koforidua in the Eastern Region during the party’s National Delegates Conference.

Some Ghanaians especially members of the opposition National Democratic Congress are skeptical about government’s handling of the economy.

Former President John Dramani Mahama in June 2018 mocked Vice President, Dr. Mahamadu Bawumia over the Ghanaians currency, cedi, which is said to be dropping against major trading currencies.

But Akufo-Addo maintains that the NPP government is handling the economy better.

He also insisted that the cedi has become stable in recent times compared to previous years.

“We have brought the unsustainable fiscal deficit down from 9.3 percent in Mahama’s last year to 6 percent in 2017. We will get it further down this year. The rate of inflation has improved from 15.4 percent – we are now in single-digit figures. The cedi is a more stable currency, despite its recent challenges.”

“I know there are some who think these figures are meaningless. They are wrong. The figures point to a growing, stronger macro-economy. Without that, we cannot deliver prosperity… I know that things are still not easy, but if we stay true to the path we are charting, we will see very soon the light at the end of the tunnel. Let us remain resolute. We will deliver prosperity,” the President added.