In a significant boost to Ghana’s economic prospects, President Nana Addo Dankwa Akufo-Addo has announced promising data indicating the country’s economy is charting a course of recovery and resilience.
Speaking at the commissioning of the Bank of Ghana’s new headquarters, The Bank Square, President Akufo-Addo shared compelling economic data highlighting progress made under his administration. Ghana’s provisional GDP growth reached 6.9% in the second quarter of 2024, driven by robust performances across construction, industry, agriculture, consumer demand, and tourism.
This impressive growth follows a period of economic challenges, including a 54.1% inflation rate in 2022.
However, thanks to effective monetary policies implemented by the Bank of Ghana, inflation has dropped to 22.1% as of October 2024.
Background
Ghana’s economy faced significant headwinds in recent years, including the COVID-19 pandemic and global economic uncertainty.
In 2022, the country’s inflation rate soared, and economic growth slowed.
However, under President Akufo-Addo’s leadership, the government implemented a series of reforms aimed at stabilizing the economy.
President Akufo-Addo’s Remarks
“These achievements reflect the Bank’s unalloyed commitment to sound monetary and financial policies,” President Akufo-Addo stated.
“The downward trend in inflation, coupled with reducing prices of food and petroleum products, signals a brighter economic future.”
The President emphasized the broader impact of these gains, including improved confidence among investors and enhanced opportunities for domestic and international stakeholders.
The Bank Square: A Symbol of Economic Progress
The commissioning of The Bank Square marks a significant milestone in Ghana’s economic journey.
The new headquarters is expected to strengthen the Bank of Ghana’s capacity to advance reforms, enhance financial stability, and contribute to a prosperous future.
“This recovery is not merely statistical; it is felt in the improved lives of Ghanaians,” President Akufo-Addo affirmed, concluding his remarks with a call to action to continue the collective effort to build an economy that leaves no one behind.
BY Daniel Bampoe
