Macroeconomic Indices All Pointing In The Right Direction — President Akufo-Addo

President Akufo-Addo has stated that Ghana’s economy has been revived, with the various macroeconomic indices all pointing in the right direction.2 min


7767
1.8k shares, 7767 points

ACCRA — President Akufo-Addo has stated that, over the last 21 months, the period of stay of his government in office, Ghana’s economy has been revived, with the various macroeconomic indices all pointing in the right direction.

Addressing the Ghanaian community in Washington DC, on Friday, 28th September 2018, President Akufo-Addo noted that, prior to his assumption of office on 7th January 2018, all the indices of economic performance and management were abysmal.

“We are talking about the fiscal deficit, we are talking about Debt-to-GDP ratio, we are talking about the rate of growth in agriculture, the rate of growth of the industry, the overall rate of growth of the GDP, and utility tariffs. All of these figures were going in the wrong way,” the President said.

The poor performance of the economy under the erstwhile John Mahama administration, the President said, influenced the Ghanaian people to vote for him and the NPP in the December 2016 elections.

President Akufo-Addo noted that his government has, thus far, put the economy back on track, taken measures to help make Ghana as an attractive and business-friendly destination, and is re-establishing a strong social foundation for the nation’s development.

“The measures we have taken, in terms of the results, are definitely positive. The 3.6% rate of growth we inherited in 2016, by the end of 2017 had grown to 8.5%. And, this year, there is every indication that the same rate of growth of expansion of our GDP is going to take place,” he said.

The growth of the economy, from 3.6% in 2016 to 8.5% in 2017, even before rebasing, President Akufo-Addo is an indication that “the decision the Ghanaian people made to change course, and entrust the management of the economy into different hands, has paid off.”

Inflation, which stood at 15.4% in December 2016, as of August 2018, is at 9.9%.

“The deficit, which was at 9.3% in 2016 had come down to 5.9%. Growth in agriculture, which was at 3% in 2016 metamorphosed to 8.4% in 2017, largely due to the success of the initiative that we brought in of Planting for Food and Jobs. Negative 0.5% growth of industry transformed into 17.7% in 2017,” the President said.

With the country, from 2009 to 2016, not witnessing any reduction in utility tariffs, President Akufo-Addo noted that the era of former President Mahama was characterized by the erratic energy supply, popularly referred to as ‘dumsor’.

“In the period (of my administration), electricity tariffs for residential users have been reduced by 17.5%. Non-residential customers i.e. essentially industrial, commercial enterprises, 30% reduction. The mining sector registered a 10% reduction in tariffs, and then for the special load tariff customers, i.e. the big users, 25% reduction. Water tariffs have also come down by 10% across board,” the President added.

Additionally, nursing trainees allowances that were canceled by the Mahama government, President Akufo-Addo stressed “were restored in my first year in office; the teacher trainee allowances that had been canceled, were restored in my first year of office.”

The National Health Insurance Scheme, which was on the brink of collapse, after being saddled with a debt of GH¢1.2 billion debt by the Mahama government, has been revived.

“And then the debt-to-GDP ratio which stood at 73% in 2017 has come down to 64% at the end of 2017. The size of the GDP itself, this is the final statistic that I want to leave with you, was GH¢164 billion in 2016. A year later, it had expanded to GH¢206 billion,” he said.

President Akufo-Addo continued, “So if you look at all of these indices, there is no doubt about it that the change that the people wanted in the management of the economy has been utterly vindicated, and we intend to continue the programme of discipline of our public finances and measures that will stimulate the economy and stimulate enterprises in Ghana as the way forward to restoring vigor and health to our economy.”


 


Like it? Share with your friends!

7767
1.8k shares, 7767 points

What's Your Reaction?

hate hate
2579
hate
confused confused
1289
confused
fail fail
323
fail
fun fun
3224
fun
geeky geeky
2902
geeky
love love
1934
love
lol lol
2257
lol
omg omg
1289
omg
win win
322
win
Ghananewsxyz

We bring you all the news in Politics, Entertainment, Sports, Business, Religion & Among Others in Ghana and Beyond!

Comments

comments

close

Ad Blocker Detected!

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format