Accra: President John Dramani Mahama has declared that Ghana's economy is on a path of accelerated growth, reiterating the government's renewed focus on economic transformation that offers prosperity and hope to citizens.
According to Ghana News Agency, the President stated that the country reached this stage by taking tough, prudent, and necessary decisions, emphasizing discipline and reform to stabilize the economy, restore public finances, and improve expenditure controls. He made these remarks during the delivery of his message on the State of the Nation to Parliament, invoking the metaphor of the nation being in "take-off mode."
Article 67 of the 1992 Constitution mandates that the President delivers a message on the State of the Nation to Parliament at the start of each session and before the dissolution of Parliament. President Mahama emphasized that the theme of the day, "Building Prosperity, Restoring Hope," was not just aspirational but a reflection of tangible transformation for the Ghanaian people.
He outlined the government's commitment to delivering tangible results for Ghanaians, with efforts directed towards boosting productivity, creating jobs, and driving growth to improve lives. He confidently declared, "Ghana is back. Ghana is working again and is open for business," citing improvements in macroeconomic fundamentals such as inflation, debt, and currency volatility.
President Mahama noted that inflation had significantly declined from a peak of 54.1% at the end of 2022 to 3.8% in January, attributed to fiscal consolidation and disciplined monetary policy. The Cedi's appreciation against major currencies and the increase in foreign reserves were highlighted as positive indicators of economic health.
Debt restructuring efforts were credited with reducing the debt-to-GDP ratio significantly, while the country's GDP was projected to grow to US$113 billion by 2025, placing Ghana among Africa's top 10 largest economies. The President also mentioned the upgrade in Ghana's credit ratings by major agencies, reflecting renewed confidence in the country's economic management.
Additionally, President Mahama highlighted the decrease in fuel prices, which brought relief to car owners and daily commuters, translating into improved living conditions and business opportunities. Looking forward, the government plans to pursue the Ghana Accelerated National Reserve Accumulation Policy to further increase reserves.
Infrastructure development was also a priority, with ongoing road projects under the Big Push initiative and commitments to complete projects initiated by the previous administration. President Mahama called for national unity, urging Ghanaians to reject misrepresentation and distortion that hinder progress.
In closing, he emphasized the importance of building on the current momentum to ensure that Ghana's economic dawn becomes a lasting reality for future generations.