Nana To JM: ‘Somu Gye’, A Growth Rate Of 7.2%

The outgoing president, Nana Addo Dankwa Akufo-Addo, has informed the incoming president, John Dramani Mahama, that the economic growth for the third quarter of 2024 is 7.2 percent.

This figure, he said, makes an average rate of the growth of the first three quarters at 6.3 percent.

President Akufo-Addo gave the figures on Wednesday, December 11, 2024 at the Accra International Conference Centre, during the inauguration of the Joint Transition Team.

Fortified by the data given him by the Minister for Finance, President Akufo-Addo boldly stated that the economy had returned to the days before COVID.

“President-elect, Your Excellency, you will be happy to learn that the Minister of Finance has just informed me on my way here that the third quarter results of the economy have been established at the growth of 7.2 percent, making an average rate of the growth of the first three quarters at 6.3 percent,” he said.

President Akufo-Addo added that, “We are indeed back to the pre-COVID era of growth in my first term.”

The economy of Ghana is still under the strict supervision of the International Monetary Fund (IMF), expected to end next year. The president-elect has promised to renegotiate it when he takes over the reins of power.

CONSOLIDATE

However, President Akufo-Addo, in his speech, reminded the joint transition team that their role was not simply administrative but deeply patriotic, ensuring that the incoming administration receives all the resources, briefings and the support it needs to begin its work. He said the meeting was a reaffirmation of the shared commitment to the democratic principles that underpin this Republic.

Considering the political unrest across parts of the West African bloc, President Akufo-Addo remarked that Ghana stands out as a beacon of democracy and stability. This achievement, he added, must be safeguarded.

“It is imperative that we continue to consolidate this hard-earned reputation,” he said.

He continued, “By adhering strictly to the provisions of the Transition Act, we send a powerful message to the world that democracy thrives in Ghana, even in challenging times. As we embark on this transition, I urge all members of the team, both from the outgoing administration and the incoming one to approach this task with a spirit of collaboration, transparency and mutual respect. The people of Ghana are counting on us to prioritise their interests above all else.”

COUNTRY FIRST

In his address, the President-elect, John Dramani Mahama, emphasised the need to place the nation first in the scheme of affairs.

He noted that despite the political differences, all belonged to the nation Ghana; thus the spirit of nationalism and patriotism should prevail. He called on the transition team to work expeditiously and within budget, “given the prevailing economic circumstances.”

Responding to the economic growth figures mentioned by the outgoing president, the incoming president was hopeful the transition team would verify the claims.

“We may belong to different political parties, but we all belong to Ghana, and let the spirit of nationalism and patriotism prevail. We call on the transition team to work expeditiously and within budget, given the prevailing economic circumstances. Even though Mr. President seems to strike a very upbeat tone on recent numbers, I’m sure the transition team would establish that,” he said.

RESPECT

The president-elect assured the president of Ghana of his “respect and cooperation” during and after the transition process. He stressed that Ghana must demonstrate to the world that she remained the beacon of democracy in Africa despite the adversity she faces.

“Now more than ever, destiny requires us as countrymen and women to close our ranks and stand in solidarity with each other,” he added.

The joint transition team held its first meeting on Wednesday, December 11, 2024 just after they were inaugurated.