President Akufo-Addo has given Ghanaians reassurance that the country has turned the corner in its economic circumstances and expressed optimism about a better future in his yearly Christmas Day speech.
The President recognised the difficulties encountered during the previous three years, encompassing the financial consequences of the Covid-19 pandemic and the conflict between Russia and Ukraine.
Ghana is currently enrolled in a three-year International Monetary Fund (IMF) program, injecting $3 billion into the economy to address the challenges posed by unsustainable levels of debt.
As of 2022, Ghana’s public debt had soared to 92.4% of GDP, prompting the government to seek external support through the IMF program. President Akufo-Addo highlighted the positive developments, stating, “Inflation is being reined in, we’re experiencing a relatively stable exchange rate, and our economy is rebounding.”
The President attributed the ongoing economic improvements to sustained hard work and determination, expressing confidence that Ghana would overcome the existing challenges.
He emphasized the country’s ability to attract both domestic and foreign investments, reinforcing its position as the gateway to Africa. President Akufo-Addo conveyed a sense of national confidence, stating, “The country is not yet completely out of the woods, but there is a growing sense of confidence that with hard work and determination, Ghana will make it, and collectively, we will secure our futures.”
Despite the positive economic outlook, the President urged Ghanaians to reflect on the cardinal principles of Christianity during the festive season and beyond.
He emphasized the values of charity, faith, humility, love, and reconciliation, encouraging citizens to embrace these principles for a more harmonious society.