Reform programs to restore economic stability


His Excellency Nana Akufo-Addo, President of the Republic of Ghana, affirmed that his country had reached economic stability and a trend towards growth prior to the Corona (Covid-19) pandemic and the outbreak of the Russian-Ukrainian crisis, which had a catastrophic impact on Ghana’s economy, revealing many steps and measures taken to confront this crisis. Which necessitated going to the International Monetary Fund to confront the repercussions of the economic problems that led to high inflation and the return of the currency depreciation.
During the second day of the Qatar Economic Forum 2023, His Excellency said that his country in 2017 recorded a growth rate of 3.4 percent of the gross domestic product, the slowest figure in the past twenty years, which generated indicators going in the wrong direction according to inflation and interest rates. high, to eventually require the creation of comprehensive reform programs to re-advance the economy.
He pointed out that he corrected the paths in a positive way during his assumption of the presidency in 2017, to increase the growth rate to 7 percent, the currency to stabilize, and interest rates and inflation to decline, but the recent crises led to a regression of matters due to the catastrophic repercussions that they had on Ghana’s economy.
He noted that the package of reforms recently undertaken by his country will contribute to the repositioning of the economy and the return of its overall stability, hoping to restore the position of Ghana’s economy to be a sector capable of facing shocks during the coming stages.
He continued, “We will do everything we can to provide what is required to prepare successful programs, impose systematic controls on public spending, and provide incentives for the development of investments in the private sector.”
Regarding the guarantees provided to the International Monetary Fund, His Excellency indicated that guarantees were provided to the International Monetary Fund represented by rationalizing government spending and setting models for domestic income, as well as enacting a financial law imposed on the state in order to return rates to what is acceptable in the economy.
He pointed out that financial crises and difficult economic conditions have negatively affected most countries, stressing that Ghana has enough time to adopt a disciplined approach that achieves economic positioning, growth and alleviation of burdens on the people.
In this regard, he added that Ghana’s politics and economy are open to everyone in a spirit of friendship for everyone who wants to build positive relations with it to achieve real advancement, pointing out that there are many investors in the private sector looking forward to the available possibilities for the production of chocolate in Ghana, which leaves positive things. .
He also noted that Ghana is making great efforts to introduce cocoa into the market because it does not depend on a single market, as there is a major company in Ghana that has established a production facility in the United States in order to manufacture chocolate there, stressing the need to redouble efforts to introduce cocoa, which It plays an important role in the chocolate industry in Asian markets, including India and China.
At the end of his speech, His Excellency President Nana Akufo-Addo of the Republic of Ghana stressed that there are attempts to find support and search for infrastructure in order to expand the agricultural sector, especially since many important crops and plants such as cassava and mango are of great importance.

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