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Business News of Friday, 22 June 2018


We’re working to restore economy – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo says his administration is aware of challenges facing Ghanaians and is working to restore the economy to ensure jobs are created.

With just 18 months in office, the president is convinced that the steps being taken – which are already yielding some results – will bring some relief for Ghanaians in the long-term.

“Here in Ghana the efforts that we are making is first of all to sanitise the macro economy that was in considerable disarray at the time we took office and the indications are that the policies that have put in place are achieving that purpose of a more robust macro economy, inflation has been significantly weakened and interest rates are beginning to come down,” he said.

The president was speaking at a two-day forum organised by the Coalition for Transformation in Africa held in Accra.

President Akufo-Addo said there are fundamental requirements of every government to assist its citizens and tackle poverty.

In order to do this, he noted that his government is taking steps to manage the macro economy, implementing tax and educational policies for the process of transformation.

“These are some of the key and most important priorities for the government if it is going to make any important contribution,” he continued.

Also in attendance at the forum was Rwandan President, Paul Kagame who is credited for transforming his war-torn country to economic success.

He wants leaders on the continent to harness the potential of the youth, adding that there is no excuse for failure.

“It is a real fact that Africa has all kinds of resources required for us to move and move even fast if we want to and we haven’t found justification for saying that Africa has this abundance of all kinds of resources and yet continue to be poor decade after decade and discussions after discussions.”

Mr Kagame who is also Chairman of the African Union hopes the forum will help identify the critical issues and examine the mistakes that have been made and how to correct them going forward.

Nigerian business mogul, Aliko Dangote wants governments in Africa to create the needed business-friendly environment for the private sector to grow.

He indicated that factors that influence his decision to invest in countries depend largely on the availability of electricity and favourable conditions.