March 21, 2022

Akufo-Addo: Ghana’s Economy Will Rebound Faster Than Anticipated

President Nana Addo Dankwa Akufo-Addo has stated that the government’s measures, which have been enacted in the aftermath of the COVID-19 outbreak, will help the economy recover faster than expected.

Recognizing the country’s terrible circumstances, President Akufo-Addo noted that every country is facing hardships, primarily as a result of the COVID-19 pandemic.

“Ghana is not the only country faced with extraordinary increases in global freight rates, strong inflationary pressures, dramatically rising fuel prices, unprecedented volatility of stock markets, and tighter global financing conditions. These are global phenomena,” he said.

“Nonetheless, government continues to work hard to address these issues; and I am certain that, sooner, rather than later, our economy, through the implementation of government’s GHC100 billion Ghana CARES Obaatanpa programme, will rebound from the ravages of the pandemic, bringing in its wake stability, development, progress and prosperity for all Ghanaians.”

Speaking at the 92nd Speech and Prize-Giving Day of St. Augustine’s College in Cape Coast on Saturday 19 March 2021, President Akufo-Addo noted that the Ghanaian economy grew at a provisional 5.2% in the first three quarters of 2021, with GDP growth for 2021 projected at 5.6%, as against the 0.4% of 2020.

“We need to undertake the difficult but necessary fiscal and other measures that will enable us to maintain the 2021 and higher rates of growth in the immediate years ahead of us, to develop and strengthen our economy, and help improve the living standards of us all,” he added.

Source: Emmanuel Owusu Anti

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