President Nana Addo Dankwa Akufo-Addo has expressed confidence in Ghana’s economic recovery, asserting that the nation’s economy has outperformed initial projections.
In his final State of the Nation Address (SONA) delivered to Parliament on January 3, 2025, the President emphasized that Ghana is not in a state of financial distress and highlighted the resilience of the economy in the face of numerous challenges.
President Akufo-Addo delivering his last SONA at Parliament
He attributed the progress to strategic government actions, noting that these measures played a vital role in restoring economic stability.
Furthermore, President Akufo-Addo pointed to the successful completion of three consecutive reviews of the International Monetary Fund (IMF) programme, with the latest review approved on December 2, 2024, resulting in a disbursement of $360 million to support ongoing recovery efforts.
Reflecting on the impact of the COVID-19 pandemic, the President acknowledged the difficulties faced but underscored the nation’s strong recovery, reinforcing the government’s commitment to continuing its efforts to strengthen the economy.
President Nana Akufo-Addo has expressed deep sorrow and solidarity with the victims of the devastating fire that destroyed large parts of Kantamanto Market in Accra.
The fire, which occurred on January 2, has left many traders devastated, with their livelihoods and goods in ruins.
President Akufo-Addo described the fire as “deeply shocking” and extended his heartfelt sympathies to the traders who have lost both their investments and hard work in the inferno.
“My thoughts and prayers are with those affected,” he said in Parliament on Friday, January 3 in his last final State of the Nation Addressing.
The President emphasised the government’s commitment to supporting the victims in their time of need.
President Akufo-Addo assured the public that the government would work closely with relevant agencies to ascertain the causes of the fire.
He also pledged that efforts would be made to provide the necessary support to the traders and help them rebuild.
“Government stands with you,” he affirmed, highlighting the importance of unity, compassion, and solidarity in times of crisis.
As the country grapples with the aftermath of the tragedy, the President called for all Ghanaians to come together and lend a helping hand to those affected by the fire.
“Together, we can extend a helping hand to our fellow Ghanaians in need during this challenging time,” he added.
The leading Telecommunications giant in Ghana,MTN has done it again by welcoming Six hundred (600)new born babies with handsome hampers across the sixteen regions.
The annual donation by MTN-Ghana always put smile on pregnant women who delivered or gave birth on Christmas Day.
Since its inception in 2011,the company has distributed Three thousand Christmas hampers to Babies born on Christmas Day.
Mrs Charity Darko,the head of Corporate Service in the northern business sector revealed this on Thursday,26th December,2024, after leading distribution of hampers to Babies born on Christmas Day at Komfo Anokye Teaching Hospital(KATH).
Mrs.Charity Darko making presentation to one of the beneficiaries
According to her,in all MTN Ghana distributed 600 hampers to babies born on Christmas Day in 30 hospitals nationwide.
Out of the number,17 hospitals were in the northern sector including Komfo Anokye Teaching Hospital.
She said last year, they distributed 500 hampers and increased it to 600 this year, to cushion the beneficiaries.
“Christmas is seen as the period of love and MTN, has since 2011 seized the opportunity to demonstrate our love to babies born on the Christmas day as part of our social responsibilities”,she added.
This year too,pregnant women who gave birth on Christmas Day at Komfo Anokye Teaching Hospital(KATH) and Maternal and Child Health Hospital both in Kumasi,the Ashanti regional capital couldn’t hide their joy after the presentation.
The officials of MTN Ghana making presentation at KATH
The hampers contained Babies items worth hundreds of Ghana cedis.
The distribution of the 600 Christmas hampers was done concurrently at 30 selected hospitals nationwide.
Mrs.Darko also used the opportunity to commend Ghanaians, especially their loyal customers for keeping faith with them.
According to her,MTN Ghana would continue to give them the best and reliable service.
On her part,Mrs.Gifty Serwaa Adu,Nurse Manager at Orthopaedic and Gynaecology directorate of KATH and the Senior Midwife Officer at KATH,Mrs. Victoria Thompson,
heaped praises on MTN Ghana for their timely gesture and urged others to emulate it
Both of them,in a separate interview with the media seized the opportunity to advised pregnant women to attend antenatal care which has potency to curb maternal mortality in the country.
A number of beneficiaries mothers including; Madam Rosemary Appiah Kubi,Dorathty Ameyaa among others,who spoke to the media also commended MTN Ghana for their kind gesture and prayed God continue to enlarge their territories.
Finance Minister, Dr. Mohammed Amin Adam, has expressed confidence in the economy the New Patriotic Party (NPP) government is leaving behind as it prepares to hand over to the newly elected administration of John Dramani Mahama.
Addressing journalists in Accra on Tuesday, December 17, 2024, Dr. Amin Adam emphasized that the current state of Ghana’s economy reflects significant recovery and resilience despite global and domestic challenges in recent years.
Dr. Mohammed Amin Adam
“We are handing over a strong economy,” Dr. Amin Adam declared. “The first four years of this administration were marked by impressive performance, with the longest period of single-digit inflation, an average GDP growth rate of 7%, and strong external balances. Even though we faced challenges between 2021 and 2022, the economy has recovered strongly and faster than many anticipated.”
Dr. Amin Adam highlighted key achievements, pointing to Ghana’s Gross International Reserves, which currently stand at $8 billion, equivalent to 3.5 months of import cover. He said this is more than the $6.2 billion of reserves handed over to us by the NDC in 2016 adding that the economy’s growth trajectory has returned to pre-COVID levels.
“The growth rates in 2024—4.8% in the first quarter, 7% in the second, and 7.2% in the third reflect an average of 6.3%. This is significantly higher than the 3.4% average growth rate we inherited in 2016,” he noted.
He said the private sector credit growth also showcased the recovery, with nominal growth reaching 28.7% in October 2024, a sharp turnaround from the contraction of 7.5% recorded in the same period in 2023. “In real terms, private sector credit grew by 5.5% in October this year, compared to a contraction of 31.6% last year,” Dr. Amin Adam explained.
On the external front, the Finance Minister highlighted a trade balance surplus of $3.85 billion and a current account surplus of 2.6% of GDP for the first nine months of 2024. “These are significant improvements from the deficits we saw in 2016, including a trade balance deficit of $1.8 billion and a current account deficit of 6.6% of GDP,” he stated.
Acknowledging challenges with inflation, Dr. Amin Adam noted that headline inflation had reduced to 23% in November 2024 from a high of 54% in December 2022. “Inflation is still high, but the measures we implemented have significantly stabilized prices and eased the hardship Ghanaians faced,” he assured.
Regarding Ghana’s debt levels, Dr. Amin Adam said the government had made strides in reducing the public debt stock. “The total public debt decreased by GH₵46.8 billion from GH₵807.79 billion in September 2024 to GH₵761.01 billion in October 2024. This reduction brought the debt-to-GDP ratio down from 79.2% to 74.6%, and we are on track to reduce it further to 55% in net present value terms, ensuring long-term debt sustainability,” he explained.
Dr. Amin Adam dismissed claims that the country is broke, describing them as “propaganda.” He maintained that Ghana’s economic fundamentals are stronger than when the NPP took over in 2016. “We hope the incoming government will continue with the policies we have implemented to sustain this recovery and ensure that Ghana’s debt sustainability targets are met,” he Source:dailymailgh.com
President-elect John Dramani Mahama has pledged to review and adjust Ghana’s existing agreements with development partners to align with the country’s current needs and aspirations.
Speaking during a courtesy call by the United Nations Resident Coordinator, Charles Abani, Mr Mahama emphasised the importance of creating partnerships that reflected the realities of today and the vision of his incoming government.
John Dramani Mahama
“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr Mahama stated.
Transition process guided by law
Underpinning this transition is Section 1 of the Presidential (Transition) Act, 2012 (Act 845), which mandates the formation of a Transition Team within 24 hours after the declaration of presidential election results.
Graphic Election 2024 Results Portal
This legal framework ensures continuity and smooth handover between administrations, setting the stage for collaboration with development partners and other stakeholders.
Mr Mahama noted the need for swift engagements with international institutions, particularly the International Monetary Fund (IMF) and the World Bank, to realign ongoing programmes with his government’s priorities.
“Looking at the existing programmes, we need to tweak them to meet the realities of today… One of our main concerns is the issue of debt repayments. We need to see how we can smooth them so that we don’t default again, which will be more catastrophic than the current defaulting,” he remarked.
IMF and World Bank programmes
Ghana is currently under a 36-month, $3 billion Extended Credit Facility with the IMF and has also signed several agreements with the World Bank, including a $250 million Ghana Financial Stability Project and another $250 million for the Ghana Energy Sector Recovery Programme. Mr Mahama stressed the urgency of managing debt repayments while working to stabilise the economy.
“I don’t kid myself that it is going to be an easy task; it is going to be quite tough. I anticipated that we were going to win, but I didn’t anticipate the margin by which we were going to win. That is an indication that Ghanaians have very high expectations,” he said, committing to working tirelessly to meet these demands.
Global collaboration and domestic concerns
The President-elect highlighted the critical role of global partnerships in Ghana’s recovery. He lauded the United Nations and its agencies for their longstanding support, particularly in addressing challenges such as food security.
“We are anticipating that there is going to be some problems with the availability of food, and so how we are able to quicken support to ameliorate the situation is something that we would like to work on,” Mr Mahama said.
He expressed readiness to collaborate with agencies such as UNICEF and UNHCR to uplift Ghanaians from the current economic challenges.
UN’s support for Ghana
Mr Abani commended Ghana’s seamless 2024 elections, describing the polls as a hallmark of democratic excellence in Africa. “This visit is to assure you that the UN stands fully with you and fully with Ghana. We know your presidency is just about to unfold, and I can assure you of our collaboration,” Mr Abani said.The elections saw Mr Mahama secure 6,328,397 valid votes, representing 56.55%, underscoring his strong mandate.
