The general public has been assured by President Nana Addo Dankwa Akufo-Addo that his administration is dedicated to restoring the economy to its pre-coronavirus growth rate.
President Akufo-Addo claimed that the nation had recently experienced economic management challenges, largely as a result of the COVID-19 pandemic’s effects on the world economy.
Meanwhile, he acknowledged that the consequences of Russia’s invasion of Ukraine have made things worse.
The President made these assertions during the Ghana Bar Association Conference in Ho on Setember 12, 2022.
He stated as follows:
“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.”
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He was certain that the country’s economic difficulties will be resolved with the help of the strategies employed in the fight against the COVID-19 sickness.
We overcame the fearsome COVID-19 menace with a resolution, desired for actions and correct policy, and we will overcome our current economic challenges with the same mixture of determination, energy, and appropriate policy.”
The president described how, during the first three years of his first term, his administration was able to successfully lead the country out of a three-year IMF-supported economic program that was in place when it took office.
One, he claimed, had the fastest-growing economy in the world at the time of the COVID-19 epidemic, with average yearly GDP growth rates of 7% in 2017, 8% in 2018, and 9% in 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 percent (7%), only for the Russian invasion of Ukraine in the first quarter of this year to exacerbate our challenges. We will overcome them,” he concluded.
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