Ghana is not broke – Akufo-Addo asserts in final State of the Nation address

In his final State of the Nation Address, President Nana Addo Dankwa Akufo-Addo has firmly dismissed claims that Ghana is on the brink of economic collapse, labelling such assertions as mere propaganda.

Addressing Parliament on Friday morning, the President emphasised that despite recent economic challenges, the country is on a path of recovery and growth.

“Ghana is not as broke as some propagandists would have us believe,” President Akufo-Addo stated. He highlighted the nation’s resilience, pointing to sustained economic growth and single-digit inflation prior to the COVID-19 pandemic.

The President acknowledged that the dual impact of the pandemic and the Russia-Ukraine war had significantly affected the economy, bringing it to “its knees.”

According to him, this necessitated Ghana’s engagement with the International Monetary Fund (IMF) through the Post COVID-19 Programme for Economic Growth (PC-PEG).

Despite initial hurdles, Akufo-Addo expressed confidence that the program is running smoothly.

“Economic growth has returned to pre-COVID levels,” the President remarked, adding that his administration is leaving behind nearly $8 billion in gross international reserves. This, he noted, surpasses the $6.2 billion his government inherited in 2017.

Detailing the country’s economic performance, President Akufo-Addo revealed that Ghana’s growth rate surged from 4.8% in the first quarter of 2024 to 7% in the second quarter and further to 7.2% in the third quarter.

“This trajectory demonstrates the resilience of our economy and dispels the notion that we are broke,” he asserted.

The President urged Ghanaians to remain optimistic, reiterating that the country’s economic prospects remain bright despite ongoing global uncertainties.