President Nana Addo Dankwa Akufo Addo says his government is doing everything possible to address the current challenges confronting the nation.
Delivering a speech at Ho during the 66th Independence Day celebrations, the President called on Ghanaians to be united and not allow the challenges to divide the citizens.
Akufo-Addo added that despite the many challenges, his government has ensured the supply of basic commodities to prevent the crisis from escalating.
“We all see the images around the world, here in Ghana, we’ve not had any fuel queues, we’ve not suffered shortages of food and essential items, or the catastrophe of dumsor. Undoubtedly, major global developments have had a negative impact on our domestic economic performance.
“We’ve witnessed historic heights in global inflation and food prices. Rising global interests rate triggered by the tightening of monetary policy of Central banks across several advanced economies to tame rising inflation and energy crisis with crude oil prices reaching unprecedented heights at one point above $120 a barrel. The strengthening of the United States Dollar against all other currencies, the tightening of global financing conditions especially for emerging markets and developing economies, these according to the president have brought hardships on our people.
He therefore assured that his government has deployed a number of fiscal measures to help bring relief to Ghanaians, and he is confident that sooner rather than later Ghana will see significant relief and recovery.”
The President added that when he assumed office on 7th January 2017, he inherited a severely-challenged economy, whose rate of growth, at the time, was the lowest in over two decades.
But, he said, by dint of hard work, prudence and creativity, the government has managed to turn things around, creating an economy which, for the years 2017, 2018, and 2019, the years before the onset of COVID-19, was amongst the fastest growing economies not only in Africa, but also in the world, recording an annual Gross Domestic Growth (GDP) growth rate of seven percent (7%).
He stressed that “We were the best place to do business in West Africa, and, in 2021, we were described as the most attractive destination for investment in West Africa.
“The next twenty-two (22) months of my mandate will be focused on restoring the economy we had before COVID and the Russian invasion of Ukraine to the period of rapid growth. It is a solemn pledge I am making to you, my fellow Ghanaians, and one which I am determined to fulfill.