President Akufo-Addo says the macroeconomic situation that his government inherited at the beginning of 2017, under former President Mahama, was a dire one.
This, he stressed, is evidenced in a GDP growth of 3.6%, a fiscal deficit of 9.3%, inflation at 15.4% percent, a weak external reserves position, and a banking sector weighed down by a plethora of poorly capitalised, and weak and insolvent institutions.
The President made this known when he addressed the 8th Edition of the Ghana Economic Forum in Accra.
“Agricultural and industrial activities were down. Unemployment, especially of the youth, was widespread, against a background of low incomes and high prices.
“This was the distressing state of the economy that awaited us in January 2017, despite an ongoing, three-year IMF Extended Credit Facility arrangement that had been initiated in April 2015 with the previous Mahama government,” he added.
However, since 2017, President Akufo-Addo noted that the economy has been growing consistently above 7%.
He added that in the last two years, the country’s economy has been amongst the world’s fastest growing economies.
The IMF is projecting Ghana’s economy, this year, to have one of the world’s highest growth rates of 7.6%.
Inflation for September stood at 7.6%, in single digits, the lowest in over two decades.
Exports are growing healthily and trade balance account for the first time in more than a decade, recorded a surplus in 2017, maintained it in 2018.
The fiscal deficit has been brought down to 4.5%.