{"id":64066,"date":"2024-01-08T06:54:18","date_gmt":"2024-01-08T06:54:18","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=64066"},"modified":"2024-01-08T05:49:41","modified_gmt":"2024-01-08T05:49:41","slug":"we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo","title":{"rendered":"\u2018We have happily turned the corner on our economic situation\u2019 \u2014 Akufo-Addo"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>President Akufo-Addo has reiterated his government\u2019s position as regards rebounding the Ghanaian economy in his Constitution Day broadcast to the nation.<\/b><\/p>\n

\u201cWe have, happily, turned the corner on our economic situation as we experience the rebound of the national economy, and we will continue to work strongly at the problems facing the nation,\u201d the President said.<\/p>\n

The Ghanaian economy has, for the past four (4) years, been in shambles, forcing the government to return to the International Monetary Fund (IMF) for a $3 billion bailout programme. The Fund, on Friday, May 19, 2023, released the first tranche of $600 million to the accounts of the Bank of Ghana (BoG).<\/p>\n

Meanwhile, the government\u2019s efforts to secure the second tranche of the $3 billion \u201crescue loan\u201d have not been successful yet, as debt-restructuring talks with official creditors are imminent. A key step to receive IMF board approval for the second tranche.<\/p>\n

Ghana defaulted on most of its $29 billion external debt in 2022 as interest payments and inflation soared, and it still needs to negotiate a resolution with its private international bondholders and bilateral creditors.<\/p>\n

However, the Finance Minister, Ken Ofori-Atta, presenting the Mid-Year Fiscal Policy Review of the 2023 Budget Statement and Economic Policy to parliament in July last year, stressed that the country\u2019s economic situation \u201chas turned the corner\u201d and is on a path of recovery.<\/p>\n

\u201cWe have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken to result in economic activity greater than anything experienced in the history of the Fourth Republic,\u201d said Mr. Ofori-Atta.<\/p>\n

\u201cOur plans and programmes should soon lead to a sustained increase in domestic production, including manufacturing and farming, replacing many of the products that we are used to importing,\u201d he added.<\/p>\n

Here is what Akufo-Addo said in his Constitution Day broadcast<\/p>\n

There will be no coup under my watch \u2013 Akufo-Addo assures on the occasion of Constitution Day<\/p>\n

Economics professor urges Ghanaians to be measured in their expectations<\/p>\n

Economist and Professor of Finance, Professor Godfred Bopkin, however, cast doubt on the government\u2019s position while acknowledging what he described as \u201cmodest improvements\u201d in certain sectors of the economy.<\/p>\n

He said that for these improvements to benefit all Ghanaians, the government must maintain \u201cmacroeconomic stability\u201d for the next 15 years.<\/p>\n

The renowned economist, in an interview with Accra-based Joy FM, said, \u201cLet me tell you Ghanaians frankly that we are not out of it (economic crisis) yet. So that every Ghanaian will be moderate in their expectations in terms of how growth is going to turn out and how it is going to benefit Ghanaians. We can have growth at different levels,\u201d he stated.<\/p>\n

\u201cThe economy can recover at different levels, but before it will benefit the ordinary Ghanaian, we need to maintain microeconomic stability for not less than 15 years,\u201d the Professor of Finance added.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. President Akufo-Addo has reiterated his government\u2019s position as regards rebounding the Ghanaian economy in his Constitution Day broadcast to the nation. \u201cWe have, happily, turned the corner on our economic situation as we experience the rebound of the national economy, and we will continue to work strongly at the problems facing the […]<\/p>\n","protected":false},"author":84,"featured_media":64065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,5099],"tags":[5092,5096,429],"class_list":["post-64066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\n\u2018We have happily turned the corner on our economic situation\u2019 \u2014 Akufo-Addo - Ghana<\/title>\n<meta name=\"description\" content=\"President Akufo-Addo has reiterated his government\u2019s position as regards rebounding the Ghanaian economy in his Const ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018We have happily turned the corner on our economic situation\u2019 \u2014 Akufo-Addo\" \/>\n<meta property=\"og:description\" content=\"President Akufo-Addo has reiterated his government\u2019s position as regards rebounding the Ghanaian economy in his Const ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-08T06:54:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704680201.256797.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018We have happily turned the corner on our economic situation\u2019 \u2014 Akufo-Addo\",\"datePublished\":\"2024-01-08T06:54:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo\"},\"wordCount\":496,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704680201.256797.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/we-have-happily-turned-the-corner-on-our-economic-situation-akufo-addo\",\"name\":\"\u2018We have happily turned the corner on our economic situation\u2019 \u2014 Akufo-Addo - 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