President Nana Addo Dankwa Akufo-Addo, delivering his fourth State of the Nation Address to Parliament Thursday, said Ghana is in good health and the economy is on a sure footing for the accelerated development of the country.
“We have fixed the broken economy, we have delivered Free Senior High School Education, we have brought the National Health Insurance Scheme back to life, we have revamped our agriculture, we have sanitised the banking sector, our industrial transformation is on, we are digitising the economy, and Ghana continues to be at peace.
“We have done much more than we inherited, we are creating conditions for young people to have hope again, and we are determined to do more. Things are working in Ghana, and Ghana is surely changing… Mr. Speaker, our nation is in good health, and in good competent hands!” he said to cheers from the majority side in the Legislature.
Making an upbeat assessment of his administration’s performance in the last three years, the President stated that the deliberate and meticulous planning and competent execution of economic policies by Government had led to significant economic growth that had placed Ghana among the fastest growing economies in the world for three years in a row.
The development, he stated, had drawn the attention of the International Investor Community, and resulted in Ghana being the largest recipient of Foreign Direct Investment in West Africa.
President Akufo-Addo said the massive vote of confidence in the current management of the economy had engendered a good outlook for the country in 2020, and had placed it as a top candidate for economic leap in Africa.
“This is a massive vote of confidence in the current management of the economy, as best illustrated by Ghana’s successful issue of the longest-dated Eurobond ever issued by a sub-Saharan African country, with investors placing $15 billion of orders for Ghana’s 41 year Eurobond.
“The seven-year Bond attracted the lowest coupon rates ever for Ghana at six point three-seven-five percent (6.375%), compared with the nine point two-five percent (9.25%) Ghana had to pay for a similar Eurobond issue in 2016.
“No wonder Bloomberg, the reputable global financial media house, earlier this week, highlighted Ghana as the top candidate for an economic leap in Africa. This expression of confidence is important because it will lead to enhanced investments in our economy, and the accompanying greater numbers of jobs,” he said.
Despite the achievements over the past three years, the President said there was still much more to be done to improve the economic growth.