The President of the Republic, Nana Addo Dankwa Akufo-Addo, has reassured Ghanaians and the worldwide group that the nation’s financial system is on a robust restoration path.
In the course of the presentation of credentials to 9 newly appointed diplomats on the Jubilee Home, the President highlighted important financial strides and the resilience proven by Ghanaians in overcoming current international adversities.
“Within the face of those adversities, Ghana has proven outstanding resilience,” President Akufo-Addo declared. “Now we have launched into a complete technique to revive our financial system, and I’m happy to notice that our efforts are bearing fruit.”
The President cited a formidable progress fee of 4.7% within the first quarter of 2024, surpassing the IMF’s forecast of three.1%. This progress, pushed by the commercial sector’s 6.8% growth and a 4.1% rise within the agricultural sector, underscores the effectiveness of the federal government’s financial insurance policies. President Akufo-Addo additionally emphasised the importance of Ghana’s profitable debt restructuring initiatives.
“Now we have accomplished three main debt restructuring operations,” he famous, highlighting the substantial aid achieved by means of home debt restructuring, exterior bilateral debt restructuring, and negotiations with business bondholders.
The home debt restructuring, which achieved a excessive participation fee of virtually 95%, lowered coupon charges from 21% to 9% on common and prolonged maturities. This supplied the federal government with much-needed respiration house and set the home debt-to-GDP ratio on a transparent downward pattern, anticipated to succeed in 55% by 2028.
The President additionally outlined the profitable negotiations with exterior bilateral collectors, which resulted in a money stream aid of roughly $2.8 billion. This aid, spanning from 2023 to 2026, permits the federal government to reallocate funds in the direction of essential infrastructure and improvement tasks that had been stalled as a result of monetary constraints.
“Our financial restoration is strongly on track,” the President affirmed, attributing this progress to each governmental initiatives and the resilience of the Ghanaian folks. He praised the collective effort and unyielding spirit demonstrated by Ghanaians throughout these difficult instances.
The Ghana CARES ‘Obaatampa’ Programme, launched in 2021, continues to play a pivotal function within the nation’s financial technique. This formidable program focuses on supporting business farming, constructing the sunshine manufacturing sector, growing engineering and ICT industries, fast-tracking digitalization, and creating jobs for younger folks.
“The Ghana CARES ‘Obaatampa’ Programme units out our roadmap in the direction of the sturdy revitalization of the Ghanaian financial system,” President Akufo-Addo defined. “Every of you have to assist and contribute to the success of this programme, by facilitating, amongst different issues, as a lot international funding into the nation as you possibly can.”
As Ghana continues to navigate the challenges posed by international occasions such because the COVID-19 pandemic and the continuing battle in Ukraine, the President stays optimistic in regards to the nation’s financial future. He reiterated his earlier assertion made throughout the peak of the pandemic, emphasizing the federal government’s deal with reviving the financial system reasonably than prioritizing financial progress over public well being.
“If you’ll recollect, I did say, on the peak of the pandemic, that we knew the way to deliver the financial system again to life, however didn’t know the way to deliver folks again to life,” President Akufo-Addo reminded the viewers.
“This comment was made to justify the extraordinary expenditures that Authorities was compelled to make throughout the pandemic to afford aid and safety to the inhabitants. I imagine, in all humility, that the nation is as we speak appreciative of the validity of my assertion, as our financial restoration is strongly on track.”
President Akufo-Addo’s confidence in Ghana’s financial revival is additional supported by the continuing efforts to draw international funding and strengthen worldwide cooperation.
The newly appointed diplomats are anticipated to play a vital function in selling Ghana’s financial agenda on the worldwide stage. “Your main duty is to advertise the picture of Ghana as a steady, peaceable, and forward-looking nation,” the President informed the brand new envoys.
“This entails participating together with your host nations to foster sturdy bilateral relationships, appeal to investments, and advocate for the pursuits of Ghana.”
With these promising indicators and a complete financial technique in place, Ghana is well-positioned to attain sustainable progress and improvement.
Distributed by APO Group on behalf of The Presidency, Republic of Ghana.