President Akufo-Addo has announced Ghana’s three-year IMF-supported Extended Credit Facility Programme which begun in 2015 will end this year.
This, he explained is due the relatively good macroeconomic performance given the prudent economic measures put in place in 2017 by government.
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“For the first time in a long while, our macroeconomic fundamentals are solid, and all the critical indices are pointing in the right direction” he added.
President Akufo-Addo revealed this while delivering his second State of the Nation Address (SONA) in Parliament this morning, in fulfillment of Article 67 of the 1992 Constitution in Parliament Thursday.
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He noted that, as a result of appropriate policy, and the normalization of the power situation in the country, they have also engineered a spectacular revival of Ghanaian industry, from a growth rate of -0.5% in 2016 to 17.7% in 2017.
“We have, nevertheless, been able to meet my promise made last year to the House, and reduced the fiscal deficit from 9.3%, to an estimated 5.6% of GDP” the President noted.
He explained that, the Economic Management Team, under the stellar leadership of the strong, brilliant economist, Vice President Mahamudu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results.
“We have increased our international reserves, maintained relative exchange rate stability, reduced the debt to GDP ratio and the rate of debt accumulation, we have paid almost half of arrears inherited, and, crucially, we are current on obligations to statutory funds” he added.
President Akufo-Addo said they are determined to put in place measures to ensure irreversibility, and sustain macroeconomic stability, “so that we will have no reason to seek again the assistance of that powerful global body”.
