According to President Akufo-Addo, the economy is doing well.
Akufo-Addo stated that the country is financially stable, contrary to what his critics would like Ghanaians to believe.
“Mr Speaker, Ghana is not broke, contrary what the propagandists claim. “We are handing over a country with $8 billion in gross international reserves,” the President stated at his final State of the Nation Address (SONA) on January 3.
According to him, “this is more than the $6.2 billion in gross international reserves that my administration inherited in 2017.” Economic growth has resumed its pre-COVID track at an excellent clip, climbing from 7% in the second quarter to 7.2 in the third quarter. This year, the rate is expected to be 3.6%, a significant increase from the 3.4% that my government inherited in 2017.
The President went on to say, “The growth of the economy is further reflected in the growth of private sector credit, which increased by 28.8% in October 2024.“
He also stated that the trade balance has improved compared to the deficit in 2016. I am pleased to inform the House that my government will honour coupon payments made to Eurobond holders today.”
The SONA, stipulated by Article 67 of the 1992 Constitution, allows the President to report on the nation’s state before leaving office.
