Several countries are battling to skip back from the effect of Covid-19, but as indicated by the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, Ghana’s economy is bouncing back faster from the attacks of the pandemic than imagined, following a sluggish pace of growth in 2020.
The President spread the word about this at the maiden edition of the Presidential Business Support, on Tuesday, fourteenth September 2021, at the Kempinski Hotel-Ghana.
According to President Akufo-Addo noted the support offered by the private sector, coupled with effective management of the COVID-19 crisis by Government, have seen the Ghanaian economy outperforming her peers, and rebounding faster than envisioned.
He said- – subsequent to recording negative growth in the second and third quarters of 2020, the economy recuperated unequivocally in the final quarter of the year, and well into the first and second quarters of 2021, enrolling a great growth pace of 3.1% in the first quarter of this year, and 8.9% in the subsequent quarter.
He further communicated that, the solid bounce back in growth, low interest 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. He said Ghana will proceed to fortify and extend her commitment with the private sector towards realizing this objective.
Since 2017, Government has executed arrangements and projects that prompted steady final growth averaging 7%, making Ghana one of the world’s fastest growing economies.
The country has become the leading recipient of foreign direct investments (FDI) in West Africa, and one of the most attractive investment destinations on the continent of Africa.
Notwithstanding, following the beginning of COVID-19, which disturbed the global economic request, the President expressed that the pandemic dissolved the critical additions made by the Government in the administration of the economy.
Ghana was one of the few economies in the world to have recorded positive growth, as the worldwide economy went into recession.
Striking measures have been taken to stem the danger of a recession, alleviate the negative monetary effect of the pandemic, and essentially decrease its weight on Ghana’s populace.
Government of Ghana fully recognizes that it is the flexibility and inventiveness 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.