President Nana Addo Dankwa Akufo-Addo has reaffirmed Ghana’s financial stability, dismissing claims that the country is broke.
Addressing Parliament during his final State of the Nation Address on Friday, the President outlined significant economic achievements, including improved growth rates, rising private sector credit, and stronger external balances.
“The economy has rebounded from a growth rate of 4.8% in the first quarter of 2024 to 7.2% in the third quarter, with an annual growth rate projected at 6.3%, far above the 3.4% we inherited in 2017,” he noted.
President Akufo-Addo highlighted a 28.87% growth in private sector credit in October 2024, a sharp recovery from the negative 7.5% recorded in the same period of 2023.
He also emphasized the improvement in the current account balance, which now stands at a surplus of 2.6% of GDP, compared to a deficit of 6.6% in 2016.
Additionally, the President cited progress in curbing inflation, which dropped from 54% in December 2022 to 23% in November 2024.
Food prices have also begun to decline, easing the cost of living for households.
Akufo-Addo assured Ghanaians that the government remains committed to sustaining these economic gains and delivering further relief.
Story by: Joshua Kwabena Smith
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