His Excellency, Nana Addo Dankwa Akufo-Addo, during the State of the Nation’s Address in the Parliament House of Ghana today, Wednesday, March 8, 2023, has been emphatic about his government not being reckless in its borrowing and expending.
According to the President, it is worth noting that the debt his administration is serving were not only contracted during the period of his administration.
“Mr. Speaker, we have spent money on things that are urgent, to build roads and bridges and schools, to train our young people and equip them to face a competitive world. Considering the amount of work that still needs to be done on the state of our roads, the bridges that have to be built, …, considering the number of towns and villages that still do not have access to potable water, I daresay no one can suggest we have over borrowed or spent recklessly.
“Yes, I have been in a hurry to get things done, and this includes massive developments in agriculture, education, health, irrigation, roads, rails, ports, airports, sea defense, digitization, social protection programmes, industrialization and tourism. We can be justifiably proud of the many things we have managed to do in the past six (6) years.”
President Akufo-Addo
The President boasted about his achievements, particularly in the road sector, indicating that he is proud about the amount of work done, especially, with roads constituting the largest number of questions asked by Members of Parliament.
“…I would like to state categorically that this Government has built more roads than any government in the history of the 4th Republic. Indeed, the evidence of how state funds have been used to improve our society is all over the country. No district or constituency has been left out…”
President Akufo-Addo
Providing an update on its external debt negotiations, the President said his government is making progress. He thereon thanked the members of the Paris Club and the Peoples’ Republic of China for their massive co-operation in assisting the country reach an agreement.
“We look forward to their fast-tracking the needed financing assurances for IMF approval. We are confident that, with their co-operation, we will reach our March deadline for going to the Fund.”
President Akufo-Addo
Government is resolute to restore macroeconomic stability and promote inclusive growth
President Akufo-Addo informed the House about his government remaining resolute in its vision to restore macroeconomic stability and promote inclusive growth.
In his address, President Akufo-Addo noted that government recognizes the need for sustained growth to be deliberate, especially in a global landscape marked by forces of technology, trade, and intense competition and requires a combination of leadership, social cohesion, and deep investments in core capabilities of people, firms, and institutions to harness opportunities.
“This is why together with our private sector counterparts, we are anchoring Ghana’s medium-term growth drivers on competitiveness, integration, adaptation and digital innovation, all aimed at raising per capita GDP from the current two thousand, five hundred dollars (US$2,500) to four thousand, five hundred dollars (US$4,500) (aligning with the Ghana Beyond Aid Charter) by 2030.”
President Akufo-Addo
The Way To IMF Is Not The End In Itself But The Means To The End
Moreover, President Akufo-Addo noted that, concluding the arrangements with the Fund will not restore the fortunes of the country overnight, but will set Ghana on its road to recovery.
With fiscal discipline, Ghana will regain the trust and confidence of its business partners and the investor community, which will create room for the country to continue with its productive plans and policies, Akufo-Addo added.
“In addition to our engagement with the Fund, we are also seeking and implementing some original and innovative ideas to try to solve our problems. For example, the Gold Purchase Programme by the Bank of Ghana and the Gold for Oil Policy are creative uses of our resources, which are already bearing fruit.
“Things may be dire today, nonetheless, we must count our blessings. Our petrol stations have fuel, and we have been spared long, winding queues to fuel our vehicles. Our markets and shops are, by the Grace of God, well-stocked… Our children’s schooling has not been interrupted. Our electricity supply has been consistent, and we have been spared the hardship of Dumsor during such a trying time. Our country continues to be stable and at peace.”
President Akufo-Addo
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