The President of Ghana, Nana Addo Dankwa Akufo-Addo has assured Ghanaians and foreign investors that even though the country is going through challenges, macroeconomic indicators show it is in good health.
Speaking in Parliament during the State of the Nation Address, the President said the country’s Gross Domestic Product surpassed the annual target of 2018, an indication that the economy is still resilient.
The real GDP growth has moved from 3.4 percent in 2016 to 8.1 percent in 2017. In 2018, provisional data for the first three quarters showed a GDP growth of 6 percent, higher than the annual target of 5.6 percent. This, the President said has placed Ghana among countries with the highest GDP growth in the world.
Besides the GDP growth, fiscal deficit has also narrowed from 7.3 percent of rebased GDP in 2016 to a provisional 3.9 percent of GDP at the end of 2018. The debt-to-GDP ratio has also declined from the 56.6 percent of GDP in 2016 to 54.8 percent at the end of 2018.
Inflation has also seen a downward trend from 15.4 percent in 2016 to hit 9 percent in January this year, the highest ever recorded in six years.
The country’s trade balance has also seen a surplus in 2017, the first time in a decade that this has happened. It is against all these that the President argues the economy is in good health.
“These are good figures, and as we prepare to exit from the IMF programme in April, we expect the impressive figures and good performance to continue.
We are very much aware that this is not the first time we have had such a good set of figures, but we are determined to do things differently this time around. We will maintain the discipline, and bring progress to our country. …We have our challenges, but our nation is in good health,” he said.