SONA 2025: Economy has rebounded strongly- Akufo-Addo tells Parl

President Nana Addo Dankwa Akufo-Addo has confidently declared an end to Ghana’s economic crisis, announcing a strong and faster than projected rebound.

Delivering his final State of the Nation Address in Parliament on Friday, January 3, 2025, he stated, “The crisis is over; the economy has recovered strongly.”

The President said Ghana’s post-COVID-19 recovery efforts were bolstered by the adoption of the IMF-supported Post-COVID-19 Program for Economic Growth (PC-PEG) in mid-2023.

“The country has successfully passed three successive program reviews, with the most recent in December 2024 resulting in the disbursement of $360 million. To date, Ghana has received $1.92 billion under the program,” he added.

Central to this recovery was a bold debt restructuring initiative, described by President Akufo-Addo as one of the most challenging decisions his administration had to make.

Aimed at addressing unsustainable debt levels, the exercise was critical to creating fiscal space, stabilizing the economy, and restoring investor confidence.

“We fully understood the pain and sacrifices this demanded, but without it, the economy would have faced an even greater crisis,” he said.

President Akufo-Addo highlighted the tangible results of these efforts, noting that Ghana’s fiscal position is now more stable, debt sustainability has significantly improved, and the groundwork has been laid for sustained growth.

“Our sacrifices have not been in vain. We are witnessing the positive outcomes of this painful but necessary exercise,” he affirmed.

Additionally, he refuted claims that the country was financially insolvent, pointing to Ghana’s gross international reserves of nearly $8 billion—an increase from the $6.2 billion his administration inherited in 2017.

The president emphasized that the economic revival is not just about recovery but also about setting the stage for sustained growth and development.

“These developments have provided a solid foundation for the future, ensuring that the sacrifices made by bondholders and other stakeholders contribute to Ghana’s long-term economic revival,” he said.

President Akufo-Addo expressed optimism about the country’s economic trajectory, urging future governments to build on the progress made.

“The Ghanaian people have shown resilience and understanding through these challenging times. Together, we have charted a path towards recovery, ensuring a brighter future for generations to come,” he said.

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