President Nana Akufo-Addo has declared that Ghana’s economy has rebounded more swiftly and robustly than anticipated following the economic downturn caused by the COVID-19 pandemic.
In his final State of the Nation Address (SONA) on Friday (3 January), Akufo-Addo outlined how the New Patriotic Party’s (NPP) slim parliamentary majority during his second term initially prompted international rating agencies to downgrade Ghana’s financial standing.
This uncertainty led the government to seek assistance through the International Monetary Fund (IMF)-supported post-COVID-19 Economic Growth Programme (PC-PEG).
“The government’s difficulties in parliament with the slimmest of majorities gave the impetus to the international rating agencies to trash us on their assumption that we will struggle to get financial policy measures passed through the legislature,” Akufo-Addo said.
“We faced the problems, which we encumbered with equanimity, took a deep breath and decided to apply for an IMF-supported programme, the post-COVID-19 programme for economic growth, PC-PEG, in the middle of 2023.”
The president highlighted that the programme has been progressing well, despite the challenges faced along the way.
Ghana has successfully navigated three reviews by the IMF Board, with the latest review on 2 December 2024 leading to the disbursement of US$360 million.
To date, a total of US$1.92 billion has been released under the programme.
“In the moment, I’m able to say with confidence that the crisis is over, that the economy has recovered strongly and faster than projected,” Akufo-Addo confidently stated.
