Leaving stronger: Prez Akufo-Addo touts US$8 billion reserves legacy

By Buertey Francis BORYOR

The outgoing President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo has highlighted that his administration is handing over a strengthened economy with Gross International Reserves nearing US$8 billion—an improvement from the US$6.2 billion inherited in 2017.

“The country is not broke, as some propagandists want us to believe. We are handing over the country with Gross International reserves of almost US$8 billion. This is more than the US$6.2 billion of Gross International Reserves my administration inherited in 2017.”

The President made this remark during his final State of the Nation address on Friday January 3, 2025.

Additionally, he emphasised that the country’s economy has regained its pre-COVID growth trajectory, achieving impressive growth rates of 4.8 percent in the first quarter of 2024, 7 percent in the second quarter, and 7.2 percent in the third quarter.

Also, he noted that the projected growth rate for 2025 is 6.3 percent, a significant increase from the 3.4 percent growth inherited by his administration in 2017.

“The growth of the economy is further reflected in the growth of private sector credit. Private sector credit in nominal terms grew by 28.87 percent in October 2024, compared to theb-7.5 percent growth recorded in the same comparative period of 2023.

“In real terms, growth in credit to the private sector improved to 5.5 percent compared to a contraction of 31.6 percent recorded in October 2023,” he also said.

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