The President, Nana Addo Dankwa Akufo –Addo has assured that government has put some cogent measures in place to guarantee a prosperous future for the country.
While delivering a speech at the 61st Independence Anniversary celebration in Accra on Tuesday, the President said,“ we have started on the right path towards a prosperous future with the concrete steps we are taking to restore macro-economic stability and economic growth.”
He boasted that after a year of disciplined and innovative economic management, the results have been remarkable.
“Our economy has grown from 3.6% in 2016, the lowest in 22 years, to 7.9% in 2017, and is this year expected to grow at 8.3%, which would make it the fastest growing economy in the world. Inflation has gone down from 15.6% at the end of 2016 to 10.3%, as of January this year. Ghanaian industry has witnessed a spectacular revival from a growth rate of negative 0.5% in 2016 to 17.7% in 2017. Interest rates are on the decline, the cedi is stabilising, and the fiscal deficit has gone down from 9.3% in 2016 to 5.6% of GDP in 2017, with a projection of 4.5% for 2018. Fiscal discipline has been restored, and fiscal consolidation has taken hold. For the first time since 2006, government has been able to meet its fiscal deficit target,” He announced.
He assured ,”We will continue to manage the economy in a disciplined and sound framework so that we maintain fiscal and debt sustainability. This, in the long run, is fundamental to moving Beyond Aid.”
According to him, an improving, disciplined macro-economy is essential for expanding the economy, and, thereby, creating jobs. This year, he mentioned , “we will see vigorous job creation in the public sector, beginning with the recruitment of one hundred thousand (100,000) young men and women in the Nation Builders Corp. But, what I am seeking, above all, is the rapid growth of private sector jobs, both in industry and agriculture, i.e. in the programme for Planting for Food and Jobs, which should generate a lot of rural sector jobs.”
He said, “Moving Beyond Aid demands that effective measures are taken to address widespread unemployment, especially amongst our youth. We are on the right path to do so. “
By Mohammed Suleman