President Nana Akufo-Addo has confidently stated that Ghana’s economy has recovered strongly and faster than anticipated, despite widespread concerns over poor economic management under his government.
The Akufo-Addo-Bawumia administration has faced heavy criticism, with many describing it as the worst in Ghana’s history.
The party’s significant defeat in the 2024 presidential and parliamentary elections was widely seen as a punishment by Ghanaians for the government’s economic performance.
Even some stalwarts within the New Patriotic Party (NPP) have expressed disappointment, citing the party’s poor governance as a key factor in its electoral loss.
However, during his final State of the Nation Address in Parliament on Friday, January 3, 2025, Akufo-Addo provided a contrasting view of the economy’s trajectory.
Akufo-Addo expressed confidence in the economy’s rebound, citing Ghana’s successful implementation of the IMF support programme.
He acknowledged the economic challenges his government faced, but emphasised that they took bold steps to address them, including applying for the IMF programme in mid-2023.
He highlighted the programme’s successful implementation, with Ghana passing multiple reviews, including the most recent one approved on December 2, 2024, which led to the disbursement of $360 million.
The government difficulties in parliament. WE faced economic challenges, took a deep breath and decided to apply for IMF support programme for economic growth in the middle of 2023. Implementation of the programme so far has gone well even though it has been challenging.”
“We have successfully passed two-three reviews of programme implementation by the IMF world. The most review approved on 2nd December, 2024 leading to the disbursement of 360m dollars. In the moment, I’m able to say with confident that the crisis is over, now the economy has recovered strongly and faster than projected.”
