"Our actions have led to rapid growth" – Akufo-Addo

General News of Tuesday, July 9, 2019

Source: Jubilee House

2019-07-09

President Akufo-Addo said that his government had over the last two and a half years, remedied the fundamentals of the Ghanaian economy, which, before taking office, was in disarray.

According to President Akufo-Addo, "the budget deficit, which rose to 9.3% in 2016, was reduced to 3.9% by the end of 2018. Our actions resulted in the rapid growth of the economy. Ghanaian economy, which according to the International Monetary Fund (IMF), this year, will be the world's fastest growing economy, with a forecast of 8.8% (compared to 3.6% in 2016). "

Speaking at the French-Ghana Business Forum on Tuesday, July 9, the president said the persistent stability of the macro-economy and the cedi; inflation reduction from 15.4% in December 2016 to 9.5% in April 2019; reduction of loan rates, among others; are examples of some of the measures taken to develop the Ghanaian economy.

"In addition, a number of taxes, which threatened businesses and their owners, were removed or reduced," he added.

Acting on the banking sector, President Akufo-Addo said that before 2017, the sector was characterized by the existence of several small-cap banks, with balance sheets burdened with a multitude low performing loans, pursuing poor business models with poor governance practices. and, largely, a regulation of the central bank non-existent.

"We took steps to clean up the system, saved the deposits of some 1.5 million Ghanaians, their businesses and the people they employed, and minimized job losses in the banking sector," said President.

According to the Bank of Ghana's Banking Sector Report released in March 2019, "An badessment of the performance of the banking sector in the first two months of 2019 revealed a well-capitalized, profitable, liquid and stable sector with strong investment prospects. 'financial intermediation'.

At the end of the first quarter of 2019, the banking sector's performance in total badets, deposits and loans and net advances all posted positive growth.

President Akufo-Addo told the meeting that all this had been done because a government in Ghana believed in the primacy of the private sector and was working to improve the prospects of an environment win-win for the private sector and for the private sector. country; an environment in which businesses can not just survive but thrive.

"Mine is a government that believes in the principles of the market and welcomes investors who want to work to promote them and help build our economy. And, above all, the interests and well-being of our people are our primary concerns, "said the President.