Business

Our economy will bounce back stronger – Akufo-Addo

President Akufo-Addo is confident the Ghanaian economy will bounce back from its recent challenges.
The President said measures put in place by the government with the support of the IMF will ensure that the economy is revived.

He was speaking at a state-sponsored event with some senior citizens to mark Founders’ Day.

“I am confident that we will revive and revitalise the economy and put our nation back on the path of rapid economic growth,” President Akufo-Addo said.

He said this was a scenario Ghana had become accustomed to in the last three immediate years before the pandemic struck.

“This is a solemn pledge I am making to you. I remain resolutely optimistic about Ghana’s future, which I continue to believe is bright,” President Akufo-Addo assured.

Ghana’s economy has struggled in 2022, with citizens enduring high cost of living.

Inflation reached a 19-year high of 29.8 percent and the cedi has also been regarded as the worst performing currency against the dollar after depreciating over 20 percent in 2022.

The government announced on July 1 that it would hold formal talks with the IMF over a support package.

The IMF later concluded a fact-finding mission to Ghana in which it met with key stakeholders like the Vice President, Finance Minister and the Bank of Ghana.

The discussions focused on improving fiscal balances sustainably while protecting the vulnerable and poor; ensuring the credibility of the monetary policy and exchange rate regimes; preserving financial sector stability, and designing reforms to enhance growth, create jobs, and strengthen governance

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