Accra — AHEAD of the resumption of his second term, President Nana Addo Dankwa Akufo-Addo, has pledged to revatilise Ghana’s economy against the tide of the coronavirus (COVID-19) pandemic.
He will be inaugurated in Accra on Thursday, exactly a month after he was re-elected in a closely-contested poll.
Akufo-Addo delivered his State of the Nation Address on the Dissolution of the Seventh Parliament in Accra.
He noted the outbreak of the COVID-19 halted the strong growth shown by the West African country’s economy at the end of 2019.
Single digit inflation, reduced fiscal deficits, three consecutive years of primary surpluses, a stable exchange rate, improved current account, strong foreign exchange reserve buffers and reduced lending rates characterized the growth.
“The global pandemic of COVID-19 threatened to derail the progress chalked over the first three years of my administration,” the president said.
He noted the COVID-19 led to the revision in GDP growth for 2020, from 6,8 percent to 0,9 percent, and later to 1,9 percent to reflect significant slowdown in economic activities.
Akufo-Addo however said the proactive decisions taken by government to fight the pandemic, as well as revitalise and transform the economy with the GH₵ 100 billion (US$17 billion) Ghana CARES programme, anchored bright prospects for the medium-term.
Launched in 2018, the programme aims to stabilise, revitalise and transform Ghana’s economy to create jobs and prosperity over a three-year period.
Meanwhile, Peter Pham, the American special envoy for the Sahel region, is leading a United States delegation to Akufo-Addo’s inauguration.
The delegation will include Ambassador to Ghana, Stephanie Sullivan.
The two countries are scheduled to strengthen partnerships in the areas of regional peace and security, economic development and democratic governance.