President Nana Addo Dankwa Akufo-Addo has emphasized the significant strides in the country’s economic recovery, including improvements in the Gross International Reserves, during his final State of the Nation Address (SONA) to Parliament.
He announced that his administration is leaving behind Gross International Reserves of almost US$8 billion, an improvement from the US$6.2 billion inherited in 2017, while also projecting a 6.3% economic growth rate for 2025. This is a reduction in the debt-to-GDP ratio to 74%, signaling what he described as a strengthened and resilient economy.
The President attributed these achievements to strategic government interventions and reforms aimed at stabilizing the economy amidst global and domestic challenges.
He reflected on the difficulties posed by the COVID-19 pandemic, rising global inflation, and domestic economic pressures but emphasized that Ghana had successfully overcome these crises.
One of the highlights of his administration, he noted, was the successful completion of three consecutive reviews of the International Monetary Fund (IMF) programme, with the most recent review in December 2024 resulting in a US$360 million disbursement to support ongoing recovery efforts.
He framed the US$8 billion reserves as a critical financial buffer for the nation, serving to stabilize the cedi, manage exchange rate pressures, and support essential imports.
This achievement, he said, underscores the administration’s commitment to prudent fiscal management, even in the face of challenges like domestic debt restructuring and the economic fallout from the pandemic.
President Akufo-Addo expressed optimism about Ghana’s economic trajectory, noting that the projected 6.3% growth rate would be driven by key sectors such as agriculture, mining, and manufacturing. The debt-to-GDP ratio of 74% reflects efforts to control borrowing and improve revenue generation, providing a foundation for sustainable economic management.
While highlighting these successes, the President acknowledged ongoing challenges, including high inflation, unemployment, and the impact of illegal mining on critical sectors like cocoa production.
As his administration bows out, he called on stakeholders to continue implementing policies that ensure the momentum of growth is sustained.
