President Nana Akufo-Addo has mounted a spirited defence of his performance and wondered why some Ghanaians are refusing to accept that his government was steering the country to growth before the COVID-19 pandemic and the Russia-Ukraine war.
The President made this known in parliament on Wednesday, 8th March 2023 in his state of the nation address. According to the President, he believes in his performance as evidenced in the results of the 2020 presidential election, which were unanimously endorsed and upheld by the seven-member panel of the Supreme Court.
“I have said, and many others, including the Managing Director of the IMF, have said that our economy was doing well until COVID-19 and the war in Ukraine took us off course.
“Maybe, because of the severity of the present difficulties, or maybe because it suits their preconceived agenda, some people are unwilling to accept that we were on a good trajectory until the arrival of COVID-19.”
President Nana Akufo-Addo
Akufo-Addo Remembers the Good Old Days
Reminiscing his past performance, the President said on 20th February 2020, he stood on the floor of parliament to announce that his government brought down inflation and grew GDP.
“This is what I told this House on 20th February 2020, and I quote: ‘Mr. Speaker, in three years we have reduced inflation to its lowest level (7.8% in January 2020) since 1992. For the first time in over forty (40) years, we have had a fiscal deficit below five percent (5%) of GDP for three years in a row. For the first time in over twenty (20) years, the balance of trade (that is the difference between our exports and imports) has been in surplus for three (3) consecutive years. Our current account deficit is shrinking, interest rates are declining, and the average annual rate of depreciation of the cedi is at its lowest for any first term government in the Fourth Republic.
“Our economic growth has rebounded to place Ghana among the fastest growing economies in the world for three years in a row at an annual average of 7%, up from 3.4% in 2016, the lowest in nearly three decades. The international investor community has recognised this development, resulting in Ghana, today, being the largest recipient of foreign direct investment in West Africa. The sovereign credit ratings agencies have upgraded our ratings, and also improved the outlook for this year, notwithstanding the fact that it is an election year’. Mr Speaker, that was where we were at the end of February 2020.”
President Nana Akufo-Addo
President Nana Addo explained that three weeks after that speech, in which he expressed his sympathies and solidarity with China on the difficulties they were having with a new virus, “our world changed. The virus, I referred to, arrived in our country and in the rest of the world with a vengeance,” he recalled.
“Within weeks, we were in the middle of a lockdown, our airports and land borders were closed. Schools and factories and even markets were closed. The hospitality industry was brought to its knees. Our economy, like much of the rest of the world, went into a tailspin.
“We took many decisions, we did many things which, according to the science, were the most reliable and trusted ways to save lives and livelihoods at the time, which may look strange and unnecessary today, but that is from the safe perspective of not waking up to check on the COVID-19 infection or death rate”.
President Nana Akufo-Addo
Meanwhile, as the President delivers his address, many social media commentators were questioning his resolve to solve the myriad problems the country is facing if he cannot take responsibilities. “Someone should tell Nana Addo that he is a failure and the earlier he acknowledges it, the better. He must stop justifying our sufferings,” one tweeter user posted.
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