President Nana Addo Dankwa Akufo-Addo has stated that he is unfazed by the unbelief of naysayers that his government will not be able to revive the economy which is on a meltdown trajectory.
Speaking at the 22nd General Assembly of the Presbyterian Church of Ghana at Abetifi on August 12, the President highlighted the challenges brought upon the economy by the onslaught of the Covid-19 pandemic and the ongoing Russia-Ukraine war.
He said it disrupted the gains made in maintaining the economy as one of the fastest growing in the world.
The president however said he remains resolute in bringing the economy out of the trenches with appropriate policies and determination by his government.
He said even though naysayers may see it as an impossibility, he is confident that God will turn around the fortunes of the country.
“I know there are some who doubt the resolve of my government and I to return our nation back to the path of progress and prosperity and lift us out of our current difficulties. I know some are saying it is impossible. The word ‘impossible’ has become the story of my recent life. They said it was impossible for Akufo-Addo to become president.
“They said it was impossible for a short man to become president. They said it was impossible to implement Free SHS. They said it was impossible under the One District, One Factory initiative. They said it was impossible to pay Nursing and Teacher trainee allowances. What they forget are the words of St Mathew 19: 26 which say “but Jesus looked at them and said to them, with men this is impossible but with God all things are possible”.
“I continue to have an abiding faith in God to help turn the fortunes of our nation around especially with the appropriate policy, determination and hard work on our part. I urge you all gathered here to have that same belief that the fortune of Ghana under the presidency of Nana Addo Dankwa Akufo-Addo will be restored,” President Akufo-Addo emphasized.
The economy has in recent times been experiencing a downturn with citizens lamenting the increased cost of living.
Ghana’s inflation rate for the month of July was 31.7% per data put out by the Ghana Statistical Service.
The recent developments prompted the government to initiate contacts with the International Monetary Fund for a programme.
Amid the downturn, international rating agencies such as Fitch and Standards and Poor have downgraded Ghana's economy.
For instance, Fitch in its latest report noted that the downgrade reflects the deterioration of Ghana's public finances which has contributed to a prolonged lack of access to Eurobond markets.