Ghana’s president says economy back on track

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Ghana’s President Akufo-Addo on Wednesday said that the country’s economy is back on track with the major commodity exporter confident to get off bailouts.

Akufo-Addo said that his government spent the past year reviving the economy, which included clearing huge debts while rolling out infrastructure such as schools and roads, Reuters reports.

“I am glad to report that the hard work is yielding positive results – the macroeconomic fundamentals have seen improvements through improved fiscal and monetary discipline,” Akufo-Addo told reporters in Accra.

He further stated that moving forward the government is to remain committed to fiscal discipline so that they will never go back to the IMF or any other bailout of the sort.

Ghana, which exports cocoa, gold and oil, is in the last year of a $918 million credit deal signed in 2015 with the International Monetary Fund to reduce the deficit, public debt and inflation and lift growth.

The country’s GDP rebounded to 9.3 percent in Q3 2017 from 3.5 percent in the same period of 2016.

Akufo-Addo said the government saved about $7 billion after reviewing power sector deals signed and at least $200 million through value-for-money procurement reviews.

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