President Akufo-Addo has debunked reports by some “propagandists” that the country is broke.
According to him, his government is handing over the country with Gross International reserves of almost eight billion United States dollars ($8 billion adding “This is more than the six-point-two-billion United States dollars ($6.2 billion) of Gross International Reserves my administration inherited in 2017”.
The President made the statement on the floor of Parliament on Friday, January 3, 2025, when he was delivering his last State of the Nation Address (SONA).
“Speaker, the country is not broke, as some propagandists want us to believe. We are handing over the country with Gross International reserves of almost eight billion United States dollars ($8 billion. This is more than the six-point-two-billion United States dollars ($6.2 billion) of Gross International Reserves my administration inherited in 2017.
“Economic growth has also returned to the pre-COVID trajectory, with an impressive growth rate, rising from four-point-eight-percent (4.8%) in the first quarter of 2024; seven percent (7%) in the second quarter and seven-point-two percent (7.2%) in the third quarter. It is projected that this year’s growth rate will be six-point-three-percent (6.3%), significantly higher than the three-point-four percent (3.4%) my administration inherited in 2017,” the President added.
President Akufo-Addo pointed out that the growth of the economy is further reflected in the growth of private sector credit.
“Private sector credit in nominal terms grew by twenty-eight-point eight seven percent (28.87%) in October 2024, compared to the negative seven-point five percent (-7.5%) growth recorded in the same comparative period of 2023. In real terms, growth in credit to the private sector improved to five-point five percent (5.5%) compared to a contraction of thirty-one-point six percent (31.6%) recorded in October 2023,” he said.
By Isaac Nuamah Yeboah