President Nana Addo Dankwa Akufo-Addo has reassured Ghanaians and the international community that the country’s economy is on a strong recovery path.
During the presentation of credentials to nine newly appointed diplomats at the Jubilee House, the President highlighted significant economic strides and the resilience shown by Ghanaians in overcoming recent global challenges.
“In the face of these adversities, Ghana has shown remarkable resilience,” President Akufo-Addo declared.
“We have embarked on a comprehensive strategy to revive our economy, and I am pleased to note that our efforts are bearing fruit.”
The President cited an impressive growth rate of 4.7% in the first quarter of 2024, surpassing the IMF’s forecast of 3.1%.
This growth, driven by the industrial sector’s 6.8% expansion and a 4.1% rise in the agricultural sector, underscores the effectiveness of the government’s economic policies.
President Akufo-Addo also emphasized the significance of Ghana’s successful debt restructuring initiatives.
“We have completed three major debt restructuring operations,” he noted, emphasizing the substantial relief achieved through domestic debt restructuring, external bilateral debt restructuring, and negotiations with commercial bondholders.
The domestic debt restructuring, which saw a high participation rate of almost 95%, reduced coupon rates from 21% to an average of 9% and extended maturities.
This provided the government with much-needed breathing space and set the domestic debt-to-GDP ratio on a clear downward trend, expected to reach 55% by 2028.
