The President of the Republic of Ghana, Nana Akufo-Addo has revealed that Ghana’s economy has recovered faster from the devastating impact of COVID-19 than expected.

Unlike 2020, he indicated that the economy rebounded strongly in the first and second quarters of 2021.

“After recording negative growth in the second and third quarters of 2020, the economy recovered strongly in the fourth quarter of the year, and well into the first and second quarters of 2021, registering an impressive growth rate of 3.1% in the first quarter of this year, and 8.9% in the second quarter.”
President Akuffo-Addo

During his speech at the Presidential Business Support, on Tuesday, at the Kempinski Hotel, President Akufo-Addo noted that the collective efforts of the private sector and the effective management of the COVID-19 crisis by government, are the factors that activated the Ghanaian economy to outperform its peers and rebound faster than envisioned.

Government’s commitment to revive the economy

The President explained that the positive performances observed amongst the key economic indicators are obvious signs of government’s commitments to revitalize the economy.

“The strong rebound in growth, low inflation rates, the stable currency, the strong reserve position, and FDI flows are clear indicators of our collective desire to restore the Ghanaian economy onto a path of sustained stability and growth. We will continue to strengthen and deepen our engagement with the private sector towards realizing this goal.”
President Akuffo-Addo

Also, President Akufo-Addo informed the audience that since 2017, his government has implemented policies and programmes that has led to consistent economic growth averaging 7 percent; thus, making Ghana one of the world’s fastest-growing economies.

He emphasized that Ghana has become the leading recipient of foreign direct investments (FDI) in West Africa, and one of the most attractive investment countries on the continent of Africa.

Impact of COVID-19

As a result of, the inception of COVID-19, which disrupted the global economic condition, the President revealed that the pandemic depleted government’s significant achievements in the management of the economy.

“That notwithstanding, we were one of the few economies in the world to have recorded positive growth, as the global economy went into recession. We have taken bold measures necessary to stem the risk of a recession, mitigate the negative economic impact of the pandemic and significantly reduce its burden on our population.”
President Akuffo-Addo

Government to improve business environment

Elaborating on the rationale behind the Summit, President Akufo-Addo indicated that, such stakeholder engagements with the private sector have been held under government’s Public Private Dialogue (PPD) framework, as part of its efforts to improve the business environment in the country.

Subsequently, the President clarified that it is through the resilience and resourcefulness of the private sector that can guarantee economic growth, create substantial job opportunities for Ghanaian youth, and strengthen the country’s position as an economic powerhouse in West Africa.

“Consequently, I have directed Ministers and relevant heads of state institutions to participate actively and fully in this important Summit, and ensure that there is a constructive dialogue between Government and the private sector towards realising our vision of a Ghana Beyond Aid.”
President Akuffo-Addo