President Nana Addo Dankwa Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has stated that the macroeconomic achievements of his government in the past three years have positioned the country to be the largest recipients of foreign direct investment in the West African sub-region.
According to him, the reduction in inflation, interest rate and fiscal deficits of the country have a meaning in the lives of the citizens and businesses, indicating that the economic numbers are not mere statistics but have significant impact on the pockets of Ghanaians.
Addressing journalists at a media encounter at the Jubilee House in Accra on Friday, the President said businesses had begun to see a rise in their growth, while that of agriculture was soaring high.
He stated that the country’s economic growth was only at 3.3 per cent when he took office on January 7, 2017, with inflation rate at 15 per cent and a high fiscal debt, adding that “macro(economic) figures are not just statistics; they reflect what happens in your pocket and … your ability to handle issues of daily living.”
President Akufo-Addo asserted that the nation’s weighted average of inflation for this year is around 8.4 per cent, a significant improvement of the figure the government inherited.
“There has been significant improvement in the fiscal statistics. A 9.3 deficit has been brought to a 4.5 deficit; our economy is projected to be one of the fastest growing in the world. The macroeconomic fundamentals are trending the right way,” he noted.
“Over these past three years, there’s been an average growth of 7 per cent so expansion is beginning to take place. We now have a current account balance; It’s having positive impact on interest rate,” the President pointed out.
He indicated that the growth and expansion of the economy would help solve issues of unemployment, poor income levels and high cost of living.
The annual rate of growth in GDP (the value of goods and services in the economy) has generally been strong.
For him, these macroeconomic achievements are significant for the country, and that it is important for his government to make sure the fiscal deficits, rate of inflation, rate of interest and other macroeconomic fundamentals are held in a good place in order to sustain the gains made.
From Ernest Kofi Adu, Kumasi