President Nana Addo Dankwa Akufo-Addo, says his government has, over the last two and a half years, acted to correct the fundamentals of the Ghanaian economy, which, prior to his assumption of office, were in considerable disarray.
According to President Akufo-Addo, “The fiscal deficit, which stood at 9.3% in 2016, has been brought down to 3.9% at the end of 2018. Our actions have resulted in the rapid growth of Ghana’s economy, which, according to the International Monetary Fund (IMF), this year, will be the fastest growing economy in the world at a projected 8.8% (up from 3.6% in 2016).”
Speaking at the France-Ghana Business Forum on Tuesday, July 9, 2019, the President stated that the continuing stability of the macro-economy and the cedi; reduction in inflation from 15.4% in December 2016 to 9.5% in April 2019; reduction of lending rates, amongst others; are examples of some of the steps that have been taken to grow the Ghanaian economy.
“In addition to these, a number of taxes, which were militating against businesses and business owners, have either been abolished or reduced,” he added.
Touching on the banking sector, President Akufo-Addo indicated that, prior to 2017, the sector was characterized by the existence of several weakly capitalized banks, with balance sheets encumbered by a multitude of low performing loans, pursuing bad business models with poor governance practices, and, largely, non-existent central bank regulation.
“We took measures to sanitise the system, saved the deposits of some 1.5 million Ghanaians, their businesses and the people they employed, and also minimised job losses in the banking sector,” the President indicated.
According to the March 2019 Banking Sector Report of the Bank of Ghana, “an assessment of the banking sector’s performance during the first two months of 2019 showed a well-capitalized, profitable, liquid and stable sector with strong prospects for increased financial intermediation.”
Indeed, at the end of the first quarter of 2019, the banking industry performance in total assets, total deposits and net loans and advances, all saw positive growth.
President Akufo-Addo told the gathering that all these have been done because there is a government in place in Ghana that believes in the primacy of the private sector, and is working to enhance the prospects of a win-win environment for both private sector and country; an environment where companies cannot just survive, but actually thrive.
“Mine is a government that believes in market principles, and welcomes investors who want to work to promote the same and help build our economy. And, above all, the interests and welfare of our people are our paramount concerns,” the President noted.
Source: graphic.com.gh
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This is old-school style of governance, Paper Figures to show, whiles people are staving, after borrowing so much, what do you have to show? Nothing, absolutely nothing, at least Mahama was able to show some roads, some bridges, and more. Where is the nations money going, akufu addo?????
Mr. President, you are on the right track. Please review the specifics of the remaining promises you made to the electorates and ensure their accomplishment. There will always be cynics and detractors along the way but with God on your side and the goodwill of majority of Ghanaians you will surely deliver.
Well done, MASTER! But that was partly why the NPP was given the nod to rule and correct both imaginary/real mess committed the NDC.
I wish to say that the President should grecast his statement to read "We are Correctin Mahama’s Messes" instead of "We've Corrected Mahama’s Mess". Why not? You have not yet fix Komenda Sugar Factory, the litany of Power Purchase Agreements that is threatening the financial viability of the energy sector is still an albatross, The financial kickbacks in the Desalination project at Teshie-Nungua is still draining Ghana Water Company. I could keep counting. Hence, the recommended recasting of the headline.
NANA ADDO, ARE YOU SURE WITH YOURSELF THAT THE WELL-BEING OF GHANAIANS HAS IMPROVED SINCE YOU ASSUMED THE REIGNS OF GOVERNMENT IN JANUARY 2017? WHICH ORDINARY MAN IN GHANA HAS PRAISED YOU FOR GOOD PERFORMANCE EXCEPT YOUR PARTY MEMBERS AFFILIATED TO YOU? JUST AS MANESSEH, THE JOURNALIST SAID "EVEN AKUFO ADDO'S WIFE WILL NOT VOTE FOR HIM COME 2020 ELECTIONS". THE WORSE GOVERNMENT SINCE INDEPENDENCE AND LEADING BRAG*GART EVERR IN THE HISTORY OF THIS NATION CALLED GHANA
Organizers of the demonstration are rich folks who are politicians looking for power. They are seeking for your votes so they will paint any picture to have it. Are those people demonstrating told anybody what they will do to resolve the problems they are claiming. I wish only neutrals contribute on this platform instead aligned political activists have hijacked the platform
Why do we only have political contributors on this platform. Are the figures touted by the President true or false? The good people of Ghana will vote based on performance in government and not based on biased political affiliation. Can anybody mention any sector of the economy which had performed better before 2017 than now?
Fastest growing economy but people are on the streets demonstrating because of hardships
List to the lying president. At this time of your tenure, you are still talking as if you're on the campaign platform. Keep deceiving yourself, and eventually, the good people of Ghana will show you the exit.
You and your ***barred word*** government have cause more harm than good, so please stop bragging