President Nana Addo Dankwa Akufo-Addo has expressed optimism about Ghana’s economic recovery, emphasizing that the nation’s economy has exceeded initial projections and demonstrated remarkable resilience in the face of challenges.
Delivering his final State of the Nation Address (SONA) to Parliament on January 3, 2025, the President underscored that Ghana is not in financial distress and highlighted the strategic interventions that have restored economic stability.
Acknowledging the economic challenges that arose during his tenure, the President reaffirmed that his administration implemented measures to safeguard the economy from external shocks and domestic vulnerabilities. He attributed the positive outcomes to deliberate policy decisions that prioritized fiscal discipline, economic diversification, and resilience-building. According to him, these policies ensured that Ghana remained on a sustainable growth trajectory even amidst global uncertainties.
The President pointed to the successful completion of three consecutive reviews under the International Monetary Fund (IMF) programme as a testament to Ghana’s economic progress. He revealed that the latest review, approved on December 2, 2024, led to the disbursement of $360 million to support ongoing recovery efforts. This achievement, he said, reflected the confidence of international partners in the government’s ability to manage the economy effectively and deliver on its commitments.
Reflecting on the unprecedented challenges posed by the COVID-19 pandemic, President Akufo-Addo acknowledged the devastating impact it had on the global and local economies. He noted that Ghana, like many other nations, faced economic contractions, supply chain disruptions, and increased public spending to mitigate the health and economic effects of the pandemic. However, he emphasized that the government’s swift and decisive actions helped cushion the population, stabilize the economy, and set the stage for a robust recovery.
President Akufo-Addo highlighted key policies and interventions that contributed to the recovery, including investments in critical sectors, targeted fiscal measures, and social protection programmes. He noted that these efforts not only restored economic stability but also fostered confidence among businesses and investors. The President reiterated that the government’s focus remained on creating a conducive environment for economic growth, job creation, and improved livelihoods for all Ghanaians.
The President also addressed concerns about Ghana’s debt situation, assuring Parliament and the nation that the government had taken significant steps to manage public debt sustainably. He emphasized that debt restructuring efforts, coupled with prudent fiscal management, had reduced the burden on public finances and created fiscal space for development initiatives. He maintained that Ghana’s debt levels, while a concern, were being effectively managed within a framework that prioritized economic stability and growth.
According to President Akufo-Addo, one of the key drivers of the economic recovery was the government’s commitment to structural reforms aimed at enhancing productivity and competitiveness. He cited the government’s flagship programmes, such as One District, One Factory (1D1F) and Planting for Food and Jobs (PFJ), as examples of initiatives that had revitalized the agricultural and industrial sectors. These programmes, he noted, not only created jobs but also contributed to import substitution, foreign exchange savings, and economic diversification.
The President further highlighted the importance of the government’s infrastructure development agenda in supporting economic recovery. He noted that investments in roads, bridges, energy, and water supply systems had improved connectivity, reduced the cost of doing business, and enhanced the quality of life for Ghanaians. These infrastructure projects, he added, were strategically aligned with the government’s vision of transforming Ghana into a hub of trade and investment in West Africa.
In his address, President Akufo-Addo expressed gratitude to Ghanaians for their resilience and support during difficult times. He acknowledged the sacrifices made by citizens and urged them to continue working together to build a prosperous and united nation. He assured the nation that his administration had laid a solid foundation for sustainable development, and he expressed confidence that future governments would build on these achievements to further enhance Ghana’s economic prospects.
The President also used the occasion to reflect on the legacy of his administration in economic management. He noted that despite the challenges faced, including the global economic downturn and external shocks, his government had consistently demonstrated a commitment to prudent fiscal management, economic stability, and inclusive growth. He stated that the progress made under his leadership should inspire confidence in Ghana’s ability to overcome future challenges and achieve its development goals.
As his tenure comes to an end, President Akufo-Addo urged all stakeholders, including policymakers, businesses, and citizens, to remain committed to the principles of good governance, accountability, and national unity. He emphasized that economic recovery is a collective effort that requires the active participation of all segments of society. He called on Ghanaians to remain hopeful about the future and to continue supporting initiatives that promote growth, stability, and shared prosperity.
President Akufo-Addo concluded his address by reaffirming his belief in the resilience and potential of the Ghanaian economy. He expressed optimism that the reforms and policies implemented during his administration would continue to yield positive outcomes, paving the way for a brighter and more prosperous future. He reiterated that the journey to economic recovery and transformation is ongoing and that Ghana is well-positioned to achieve its aspirations of becoming a leading economy in Africa.
As he bid farewell to Parliament, the President reflected on the progress made over the years and the challenges that remain. He noted that his administration’s efforts to stabilize and grow the economy were driven by a deep commitment to improving the lives of Ghanaians. He expressed his gratitude for the opportunity to serve as President and pledged his continued dedication to the development of Ghana even after leaving office.
In his final remarks, President Akufo-Addo urged the next administration to build on the foundations laid by his government, ensuring continuity in policy implementation and sustained progress. He emphasized that the work of nation-building is a shared responsibility and called on all Ghanaians to remain steadfast in their pursuit of a better future.
