Economic recovery initiatives bearing fruit — President
President Nana Addo Dankwa Akufo-Addo has said that the comprehensive strategy embarked on by the government to revive the economy after the crisis posed by COVID-19 and the Russia-Ukraine war has started bearing fruit.
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"This is not solely the result of the government initiatives, but the collective effort and resilience of our people who have demonstrated an unyielding spirit in these challenging times," he said.
President Akufo-Addo said this when he swore in three Ghanaian envoys at a ceremony at the Jubilee House in Accra last Wednesday.
They are Aliu Fawaz — Ambassador at Large; Peprah Ampratwum — Chief of Protocol and Ambassador In-situ, and Major-General Charles Kojo Abede Asomaning Awity, Ambassador to Serbia.
Indications
President Akufo-Addo said indicators of the economic recovery were visible, and “we are steadily progressing towards our goal of a prosperous and self-reliant Ghana”.
He recalled when he said at the height of the COVID-19 pandemic that "we know how to bring the economy back to life, but do not know how to bring people back to life".
The President explained that the remark was made to justify the colossal expenditure the government had to make during the pandemic to afford relief and protection of the population.
"I believe in all humility that the nation is today appreciative of the validity of my statement as our economic recovery continues on course," President Akufo-Addo added.
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Figures
Quoting figures to support the recovery, President Akufo-Addo said in the first quarter of this year, the economy grew at 4.7 per cent of Gross Domestic Product (GDP), much higher than the 3.1 per cent predicted by the International Monetary Fund.
The industrial sector grew by 6.8 per cent, while the agricultural sector posted 4.1 per cent growth.
“Indeed, we have taken an economy whose GDP was estimated in 2013 as $64 billion, but had contracted to $56 billion by 2016, to one which is estimated currently at $76 billion, an expansion of $20 billion," he added.
That, the President said, was a 36 per cent increase in the seven and a half years of his administration.
Trade
President Akufo-Addo further said that the COVID-19 and the Russian-Ukraine conflict had taught the country some lessons on strengthening and deepening ties of cooperation and bonds of friendship with other friendly nations.
That, he said, was because no country could afford to do it alone.