President Nana Addo Danquah Akufo-Addo on Tuesday, February 21, 2017, delivered his maiden state of the nation address before Parliament in accordance with Article 67 of the 1992 Constitution.
His address covered several pertinent issues including how bad the economy is.
According to him “Ghana’s debt stock now stands at 74% of GDP, after all the previous denials to the contrary,” Nana Akufo-Addo said, adding: “As of the beginning of 2009, Ghana’s total debt stock was GHS9.5 billion. By the end of 2016, the debt had ballooned to GHS122 billion.”
The President revealed that "Ghana’s finances are quite stark as a result of policy choices” and that “we find ourselves in a situation where Ghana’s total revenue is consumed by three main budgetary lines. Wages and salaries, interest and payments and amortisation and statutory payments...This means that anything else that government has to do outside of these lines would have to be financed by borrowing or aid.”
Nonetheless, he gave the promise that the economy will not collapse under his watch.
"After eight years of the previous government, there is practically no fiscal space left...We cannot continue this way with our public finances. I will not allow this economy to collapse under my watch” he assured.
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