President Nana Addo Dankwa Akufo-Addo, says his government has, over the last two and a half years, acted to correct the fundamentals of the Ghanaian economy, which, prior to his assumption of office, were in considerable disarray.
According to President Akufo-Addo, “The fiscal deficit, which stood at 9.3% in 2016, has been brought down to 3.9% at the end of 2018. Our actions have resulted in the rapid growth of Ghana’s economy, which, according to the International Monetary Fund (IMF), this year, will be the fastest growing economy in the world at a projected 8.8% (up from 3.6% in 2016).”
Speaking at the France-Ghana Business Forum on Tuesday, July 9, 2019, the President stated that the continuing stability of the macro-economy and the cedi; reduction in inflation from 15.4% in December 2016 to 9.5% in April 2019; reduction of lending rates, amongst others; are examples of some of the steps that have been taken to grow the Ghanaian economy.
“In addition to these, a number of taxes, which were militating against businesses and business owners, have either been abolished or reduced,” he added.
Touching on the banking sector, President Akufo-Addo indicated that, prior to 2017, the sector was characterized by the existence of several weakly capitalized banks, with balance sheets encumbered by a multitude of low performing loans, pursuing bad business models with poor governance practices, and, largely, non-existent central bank regulation.
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