Ghana’s president says the economy is rebounding faster from pandemic impact than envisioned

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FILE PHOTO: The President of Ghana, Nana Akufo Addo (R), gives a speech at a past function at the State House of Ghana in Accra on January 7, 2021. Nipah Dennis
FILE PHOTO: The President of Ghana, Nana Akufo Addo (R), gives a speech at a past function at the State House of Ghana in Accra. January 7, 2021. /Photo by Nipah Dennis via CFP

Ghana’s economy is rebounding faster from the impact of COVID-19 than envisioned, according to President Nana Akufo-Addo.

Like many countries globally, the West African nation’s economy took a hit through 2020 as COVID-19 ravaged the world, shutting down businesses, industries, prompted by government-imposed lockdowns.

“After recording negative growth in the second and third quarters of 2020, the economy recovered strongly in the fourth quarter of the year, and well into the first and second quarters of 2021, registering an impressive growth rate of 3.1 percent in the first quarter of this year, and 8.9 percent in the second quarter,” Akufo-Addo said.

“The strong rebound in growth, low inflation rates, the stable currency, the strong reserve position, and FDI flows are clear indicators of our collective desire to restore the Ghanaian economy onto a path of sustained stability and growth. We will continue to strengthen and deepen our engagement with the private sector towards realizing this goal.”

The president expressed his satisfaction with government policies that he said have led to consistent economic growth averaging 7 percent since 2017, making Ghana one of the world’s fastest-growing economies.

He noted that the government was in engagement with the private sector to ensure continued improvement of the business environment in the country.

He directed cabinet ministers and relevant heads of state institutions to participate actively and fully in the ongoing Summit, to ensure that there is a constructive dialogue between government and the private sector towards achieving Ghana’s vision of living beyond aid.

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