Ghana’s economic recovery on track – Akufo-Addo

President Akufo-Addo has confidently assured both Ghanaians and the international community that Ghana’s economy is firmly on a recovery trajectory.

In a ceremony at Jubilee House where he presented the scroll of office to nine new diplomats, President Akufo-Addo emphasized the significant economic progress and resilience of the Ghanaians in the face of global challenges.

The envoys include Nana Bediatuo Asante as Ambassador at Large, Francisca Ashietey- Odunton for South Africa and Vice Admiral Seth Amoama, to Nigeria. See full list below:

“Ghana has demonstrated remarkable resilience,” President Akufo-Addo stated. “Our comprehensive economic revival strategy is showing positive results.”

He pointed to a robust 4.7% growth rate in the first quarter of 2024, which exceeded the IMF’s forecast of 3.1%. This growth, fueled by a 6.8% expansion in the industrial sector and a 4.1% rise in agriculture, highlights the effectiveness of government policies. The President also underlined the importance of successful debt restructuring efforts.

“We have executed three major debt restructuring operations,” he announced, detailing substantial relief achieved through domestic, external bilateral, and commercial bondholder negotiations.

Domestic debt restructuring, with an impressive 95% participation rate, reduced coupon rates from 21% to 9% on average and extended maturities. This eased fiscal pressure and set the domestic debt-to-GDP ratio on a downward path, projected to reach 55% by 2028.

The President also highlighted successful negotiations with external bilateral creditors, securing approximately $2.8 billion in cash flow relief from 2023 to 2026. These funds are being redirected to vital infrastructure and development projects.

“Our economic recovery is well on course,” President Akufo-Addo affirmed, crediting both government initiatives and the resilience of the Ghanaian He commended the collective effort and indomitable spirit displayed by Ghanaians during challenging times.

The Ghana CARES ‘Obaatampa’ Programme, launched in 2021, remains central to the country’s economic strategy. This ambitious initiative focuses on commercial farming, light manufacturing, engineering, ICT industries, digitalization, and job creation for youth.

“The Ghana CARES ‘Obaatampa’ Programme outlines our roadmap for robust economic revitalization,” President Akufo-Addo explained. “I urge you to facilitate foreign investment into the country.”

Despite global challenges such as the COVID-19 pandemic and the ongoing conflict in Ukraine, President Akufo-Addo remains optimistic about Ghana’s economic future. He reiterated his earlier stance from the pandemic’s peak, stressing that the government prioritized public health over economic growth.

“I stated during the pandemic that we knew how to revive the economy, but not how to revive lives,” President Akufo-Addo reminded the audience. “This justified our extraordinary expenditures for public relief and protection. Today, the nation appreciates the validity of this approach, as our economic recovery is clearly on track.”

President Akufo-Addo’s optimism is bolstered by efforts to attract foreign investment and strengthen international ties. He expects the new diplomats to play a crucial role in advancing Ghana’s economic agenda globally.

“Your main responsibility is to enhance Ghana’s image as a stable, peaceful, and progressive nation,” he told the new envoys.

“Engage with your host nations to foster strong bilateral relations, attract investments, and advocate for Ghana’s interests. With these promising indicators and a comprehensive strategy in place, Ghana is well-positioned for sustainable growth and development,” he assured.