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15.01.2020 Politics

Ghana's Economic Situation Was In Dire Need — Akufo-Addo

Ghana's Economic Situation Was In Dire Need — Akufo-Addo
LISTEN JAN 15, 2020

President Akufo-Addo has said hardwork has saved the country from dire economic situation inherited from the previous government.

He is asking Ghanaians for another term in office to continue the good works his government has started.

Speaking at the 2020 Results Fair in Accra, President Akufo-Addo stated “Having achieved all these significant milestones, even in the midst of the difficulties we met, I am hopeful that the Ghanaian people would reward my party with another resounding victory in 2020."

President Akufo-Addo added that macroeconomic situation he inherited was wailing evidenced by a GDP growth of 3.6% in two decades, the 2016 fiscal deficit of 9.3%, inflation at 15.4% percent, and a weak external reserves position.

According to him, Ghana's banking sector was going down the drain due to poor capitalised and insolvency whose abysmal could have had a negative effect on the country's financial system. "Agricultural and industrial activities were down. Unemployment, especially of the youth, was widespread, against a background of low incomes and high prices.”

The President further disclosed since his government tends to implement more programmes and policies, he is confident, it will help revive the economy, improve health care and well-being of citizens.

"By dint of hard work, we have implemented these flagship programmes, and we have begun to see their impacts throughout the country, with the overarching vision being to realise our vision of moving Ghana to a situation beyond aid," he stated.

The President assured the gathering that his government will at all cost use the country's resources to build a robust economy.

Speaking on the National Identification Registration, President Akufo-Addo noted that 6.5 million Ghanaians have been registered since the exercise began in April last year adding that 3.7 million cards have been issued.

On the importation of rice, President Akufo-Addo lauded the Planting for Food and Jobs (PFJ) programme adding that the country is in the process of reducing the importation, with some 785,000 tons of rice milled in Ghana in 2019.

"By 2022 our country would be self-sufficient in the production of rice. We have also had two bumper years of produce, and, last year, we did not import, unlike in previous years, a single grain of maize. On the contrary, we are now a net exporter of foodstuffs,” he added.

On the One-District-One-Factory Policy, the President stated that since its inception, there are 181 factories being constructed and are different stages of completion across the country. "Currently fifty-eight (58) factories, under the scheme, are functioning. Another twenty-six (26) are under construction, with another twenty-six (26) pipeline projects set to commence implementation by the first quarter of 2020."

He also mentioned that the setting up of the Ghana Integrated Aluminium Development Corporation (GIADEC) and the Ghana Iron and Steel Development Corporation (GISDEC), the country's industrialisation agenda will soon be realised.

Speaking on education, President Akufo-Addo highlighted that the Free SHS, which was described as a misplaced priority has been successfully implemented with over 1.2 million children being enrolled.

"The allowances of nursing and teacher trainees, that were scrapped by the Mahama government, have been restored, and the three hundred and seven (307) ambulances, i.e. 1-Ambulance-1-Constituency, will be commissioned by me on 28th January, 2020, for nationwide distribution,” he revealed.

Touching on unemployment situation, he also mentioned that 100,000 graduates have been employed through the Nation Builders’ Corps; 54,892 healthcare workers have been employed; and 66,357 teachers have gotten jobs since he came into office in 2017.

He stated that the One-Village-One-Dam programme, Zongo Development Fund and the Infrastructure for Poverty Eradication Programme (IPEP), in the long run will create job opportunities across the country.

“We have embraced the application of digital technology in the delivery of public services, like the paperless system at the ports, the mobile interoperability system, and the national digital addressing property system," he stressed.

Aside lauding the Minister of Monitoring and Evaluation, Dr. Anthony Akoto Osei for organising the Results Fair, the President Akufo-Addo mentioned that although lots have been achieved over the past three years, there is still more to be done to transform the country.

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