Ghana’s economy grew at 7% only for the Russia-Ukraine war to exacerbate the challenges – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo, has, once again, assured the people of Ghana that his government is determined to bring relief to the Ghanaian people, and return the economy back to the high rates of growth that characterised the management of the economy in the three (3) years preceding the COVID outbreak in 2020.
According to President Akufo-Addo, “in recent times, we have been witnessing significant difficulties in the management of the national economy, largely as a result of the impact of the COVID-19 pandemic on the global economy, which has been exacerbated by the effects of the Russian invasion of Ukraine.”
He stated, however, that “the basic commitment to resolving these challenges, within the framework of due process and democratic institutions, must remain unshaken. And, I am confident that, God-willing, we will overcome these challenges.”
The President made this known on Monday, 12th September 2022, when he delivered the keynote address at this year’s Bar Conference of the Ghana Bar Association.
Recounting the resolution, decisive action and correct policy that saw to Government winning the war against COVID-19, he was confident that “we will overcome our current economic challenges with the same mixture of determination, energy and appropriate policy.”
President Akufo-Addo recounted how his administration came into office at the time of an ongoing IMF-supported economic programme and was able not only to steer the country successfully out of the programme but also to build, in the three years of his first mandate, one of the fastest growing economies in the world then, prior to the outbreak of COVID-19, at an annual average GDP growth rate of seven per cent (7%) in 2017, 2018 and 2019.
“We will do so again. In fact, in the last quarter of 2021, the recovery from COVID-19 appeared to be on course, when our economy grew at seven per cent (7%), only for the Russian invasion of Ukraine in the first quarter of this year to exacerbate our challenges. We will overcome them,” he added.
Relief to Ghanaians
It will be recalled that at the 22nd General Assembly of the Presbyterian Church, President Akufo-Addo noted that the approach to the IMF is a major step, in the short-run, towards the goal of bringing relief to the Presbyterian Church.
“Other steps will be taken, in particular, to deal with the unacceptable depreciation of the cedi. Reining in inflation, by bringing down food prices, is a major preoccupation of the Government, and, hopefully, this season’s emerging, the successful harvest will assist us in this regard. Arrangements are being made with market women, the market queens of popular parlance, to provide trucks to evacuate foodstuffs from rural markets to urban centres to help reduce food prices in the cities,” the President said.
He continued, “We are encouraging companies engaged in the manufacture of inorganic fertilisers to scale-up production to reduce the impact of the high cost and unavailability of fertilisers, whilst we advance rapidly our plans to establish an organic fertilizer plant in Ghana.”
In furtherance of this, the President noted that the GH¢100 billion Ghana Cares “Obaatampa” Programme, the programme for post-COVID economic recovery and revitalisation, which is being implemented, anchors bright prospects for the medium-term.
“I continue to have an abiding faith in God to help turn the fortunes of our nation around, especially with appropriate policy, determination and hard work on our part, and I urge all of you gathered here to have that same belief that the fortunes of Ghana under the Presidency of Nana Addo Dankwa Akufo-Addo will be restored,” he added.