President Akufo-Addo presenting a citation to the Chamber Business Woman of the Year, Bella Ahu
President Nana Addo Dankwa Akufo-Addo says Ghana’s macro-economy has grown stronger over the last 10 months evidenced by key economic indicators.
He said his administration had also begun to work on the fundamentals of the economy and putting in place measures that would improve the living conditions Ghanaians.
“The interventions, initiated by government, over the last 10 months, have ensured that the fiscal deficit, which stood at 9.5% at the end of 2016, has been reduced to 6.3% this year. Inflation, within the same period, has declined from 15.4% to 11.6%. Our economy has grown from 3.3% last year, the lowest in 22 years, to 7.9 % this year,” the President said.
He said interest rates were declining with a more stable cedi.
“The Monetary Policy Rate by the Bank of Ghana declined by 450 basis points from 25.5% in January to 21% in September. That has contributed to the downward trend of interest rates, with a sharp decline in the 91-day and 182-day Treasury Bill Rates.”
President Akufo-Addo disclosed this on Saturday when he delivered a speech at the maiden edition of the Chamber Business Awards at the Banquet Hall of the State House, Accra.
He said the Chamber has shown strong leadership in promoting and protecting Ghana’s commercial and industrial interests.
“Successive governments have worked with the Chamber to address private sector concerns for the overall growth of the Ghanaian economy. My government will not be an exception!” he said.
The President also said the Chamber has been a key participant in several business meetings held with some foreign Heads of State to Ghana recently.
“Together with the General Confederation of Moroccan Enterprises (CGEM), for example, a Ghana-Morocco Economic Meeting, which preceded the state visit of the King of Morocco, His Majesty King Mohamed VI, was held. This brought together over 200 investors from both countries, resulting in the signing of over 15 MoUs in areas of mutual interest,” he said.
President Akufo-Addo noted that during the visit of Her Excellency Marie-Louise Coleiro Preca, President of the Republic of Malta, another high-level business forum was organized on 26th July, 2017 by the Ghana National Chamber of Commerce and Industry, together with the Malta Chamber of Commerce Enterprise and Industry, to strengthen and deepen bilateral trade and investment relations between the two countries.
The President also commended the Chamber for the lead role it is playing in the West Africa Sealink project, which is aimed at enhance intra-ECOWAS trade.
“It is vital for the prosperity and progress of the peoples of West Africa that we increase the volumes of trade among countries in the region. Strong regional transportation networks will facilitate the realisation of this objective,” he added.