Rédaction Africa Links 24 with Ghanaian Times
Published on 2024-02-28 08:34:32
During his State of the Nation Address (SONA), President Nana Addo Dankwa Akufo-Addo emphasized the government’s commitment to concluding the external debt restructuring process to help the country overcome its current economic challenges. This, he believed, would enable the government to finish projects that had been stalled due to financial constraints.
Some of the projects mentioned by President Akufo-Addo included the construction of the Kumasi International Airport, which is 98% complete, the Maternity Block at the Komfo Anokye Teaching Hospital in Kumasi, the Takoradi Interchange, the Obetsebi-Lamptey Interchange in Accra, the University of Environment and Sustainable Development Project in Bunso, phase two of road construction in Tamale, and the construction of an 84km railway line between Tema and Akosombo.
President Akufo-Addo informed Parliament that some priority projects that were on hold have been incorporated into the government budget to ensure their completion. He also mentioned that the government had taken measures, including entering into an International Monetary Fund program, to stabilize the economy and restore confidence.
The decision to restructure the country’s debt was aimed at maintaining macroeconomic stability and fostering sustainable growth. President Akufo-Addo acknowledged the challenges involved in this process but stated that significant progress had been made.
The President urged Parliament to promptly review and approve all outstanding exemption applications to reassure the business community. He highlighted the positive performance of the economy, stating that key macroeconomic indicators were indicating strong growth and stability.
Inflation had decreased significantly from a peak of 54.1% in December 2022 to 23.5% in January 2024. Real GDP growth for the first three quarters of 2023 exceeded the targeted growth rate. The stability of the cedi and the increase in Gross International Reserves were also positive signs for the economy.
President Akufo-Addo noted that the macroeconomic indicators were moving in the right direction, reflecting a more robust and stable economy compared to previous years. Overall, he painted a picture of an economy on the path to growth and stability.
In conclusion, the President’s address highlighted the government’s commitment to resolving economic challenges through debt restructuring and completing critical projects. The progress made in stabilizing the economy and the positive outlook for future growth were emphasized as signs of a promising future for Ghana’s economic development.
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