COVID-19 Recovery: Economy making giant strides than envisaged – Akufo-Addo

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Ghana’s economy is rebounding faster from the effects of COVID-19 following a slow growth rate in 2020.

This is according to President Akufo-Addo, who made this known at the maiden edition of the Presidential Business Support, on Tuesday, September 14, 2021.

The President at the event held at the Kempinski Hotel, said the support offered by the private sector, coupled with effective management of the COVID-19 crisis by the government, have seen the Ghanaian economy outperforming her peers and recovering faster than envisioned.

“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% in the first quarter of this year, and 8.9% in the second quarter.”

“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,” he added.

Towards the growth of the Ghanaian economy, President Akufo-Addo told the gathering that, since 2017, Government has implemented policies and programmes that have seen a consistent economic growth averaging 7%, making Ghana one of the world’s fastest-growing economies.

Ghana, he stressed, has become the leading recipient of foreign direct investments (FDI) in West Africa, and one of the most attractive investment destinations on the continent of Africa.

However, following the onset of COVID-19, which disrupted the global economic order, the President stated that the pandemic eroded the significant gains made by the Government in the management of the economy.

Explaining the rationale for the holding of the Summit, President Akufo-Addo explained that government fully recognizes the resilience and ingenuity of the private sector towards guaranteeing economic growth, creating substantial job opportunities for the Ghanaian youth, and strengthening the country’s position as an economic powerhouse in West Africa.

“Consequently, I have directed Ministers and relevant heads of state institutions to participate actively and fully in this important Summit, and ensure that there is a constructive dialogue between Government and the private sector towards realising our vision of a Ghana Beyond Aid,” the President said.

Re-echoing the Government’s commitment to the structural transformation of the Ghanaian economy, he indicated that, since 2017, Government has launched a comprehensive and ambitious programme for industrialization, based on the Ten Point Industrial Transformation Plan, the implementation of which is being coordinated by the Ministry of Trade and Industry.

“This Plan, amongst others, includes the One District One Factory (1D1F) initiative, the new Strategic Anchor Industries programme, designed to diversify our economy beyond cocoa and gold, the development of industrial parks and special economic zones, the development of small and medium-scale enterprises (SMEs), and the establishment of Business Resource Centres (BRCs) and Technology Solution Centres (TSCs) in various parts of the country,” he said.

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