President AKufo-Addo obtaining an award from Ministry of Tourism.
President Akufo-Addo says his federal government has made substantial progress in all aspects of the financial state, more than the very last two and a fifty percent years, and is doing the job to put the state on the path of progress and prosperity.
“We are by no signifies out of the woods nevertheless, but we have built important progress, with the macroeconomic fundamentals now pointing in the suitable route, and, in the procedure, have concluded our exit from the IMF programme on a large take note,” he mentioned.
The President confident, “We are decided to sustain self-discipline in the management of our financial state so that we never ever have to vacation resort to an IMF bailout again.”
President Akufo-Addo made this acknowledged on Wednesday, July 3, when he sent an handle at the 2nd Ghana Diaspora Homecoming Summit, held at the Accra Intercontinental Convention.
Addressing the accumulating, he stated that his administration inherited an economic system confronted with sizeable difficulties, with all the macroeconomic fundamentals pointing in the completely wrong route, under the unexpected emergency administration of the Intercontinental Monetary Fund.
The country bequeathed to his administration, the President reported, was 1 with an financial state developing at a price of 3.6%, a fiscal deficit of 9.3%, saddled with erratic electricity source, experienced GH¢1.2 billion of NHIS arrears, a dangerously fragile banking sector, with weakly capitalised banking companies, common corruption and widespread unemployment, amongst many others.
Nevertheless, the President mentioned, “by dint of difficult work and prudent administration of our means we have designed modest innovations, and I am satisfied to report that we have been ready to steer our country out of the stormy waters that had characterised the many years prior to 2017.”
He pointed out that his administration has cleared all NHIS arrears inherited, compensated approximately 50% of the inherited electrical power personal debt, and bold steps have been taken to sanitise the banking method and bolster it, with deposits of 1.5 million Ghanaians safeguarded.
“Ghana is projected, this yr, by the IMF, to be the fastest-growing economy not just in Africa, but in the overall world, with a projected GDP progress fee of 8.8%. Inflation is in single digits, from 15.4% at the stop of 2016 to 9.5% in April 2019 the personal debt-to-GDP ratio has declined to 54.8% at the finish of 2018 interest premiums are declining and so is the Lender of Ghana Monetary Policy Fee,” he mentioned.
Ghana’s trade stability, he spelled out, for the 1st time in much more than a 10 years, recorded a surplus in 2017, preserved it in 2018, and, in the initial quarter of this yr, has recorded a surplus of $899 million.
“It will come as no surprise, thus, that, these days, Ghana is the major receiver of foreign immediate investment decision in West Africa. Certainly, we have some of the world’s largest providers placing up store in Ghana, and we have, not long ago, come to be the most significant producer of gold in Africa,” the President extra.
Touching on agriculture, the President indicated that the success of government’s programme for “Planting for Food stuff and Jobs”, which is giving incentives and boosting incomes of one particular million farmers, have been magnificent.
“We had a bumper harvest of generate, and, past yr, we did not import, unlike in earlier yrs, a solitary grain of maize. We have also signalled our intention to decrease rice imports by at the very least 50% this year”, the President added.
In addressing the concerns of unemployment, the President stressed that as a result of the Country Builders Corps initiative, a person hundred thousand graduates have been put to work.
“Tens and tens of hundreds of nurses and midwives who had graduated involving 2012 and 2016, and have been sitting at household twiddling their thumbs, are becoming utilized, and some 59,000 teachers have been presented jobs because I came into place of work in 2017,” he indicated.
In addition to the restoration of the allowances of nursing and instructor trainees that have been scrapped by the Mahama authorities, President Akufo-Addo pointed out that “Free SHS, which was explained as an impossibility and a misplaced precedence by our opponents, has been productively executed, and, from September this calendar year, all college students in public Senior Large Educational institutions in our state will be covered by the coverage.”
On the reduction of import duties at the ports, the President stressed that “my federal government listened to the two your fears and the fears of the populace in Ghana, and, in April, we diminished the benchmark values of import duties by as much as 50%, and, in the case of automobiles, by 30%.”
The introduction of initiatives this sort of as the e-enterprise registration technique, the countrywide electronic addressing assets procedure, the cellular interoperability process which is linking cellular funds wallets to lender accounts and the e-zwich card, in accordance to the President, are guaranteeing increased efficiency in the shipping and delivery of federal government solutions.
“We have been doing the job really hard to boost the residing standards of our folks, and I am confident that, by the conclude of my mandate in office, we would have put Ghana on a reliable path of development and prosperity,” President Akufo-Addo said.