The President of the Republic, Nana Addo Dankwa Akufo-Addo, says the realisation of his vision of Ghana Beyond Aid “requires a deliberate, qualitative change in all aspects of our lives; especially, in the structure of our economy, the nature of our infrastructure, the education of our young people and acquisition of skills, and, above all, in our attitudes and holding firm to the values that define us.”
According to President Akufo-Addo, “even if there were no aid fatigue, and with the best will in the world and the most charitable governments in place in the so-called donor countries, there will never be enough aid to develop Ghana to the level we want. Aid was never meant to be what would bring us to the status of a developed nation.”
President Akufo-Addo made this known when he delivered his address at the 61st Independence Day Celebration, at the Black Star Square, on Tuesday, 6th March, 2018, which had the President of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari, as the Special Guest of Honour.
Strong macro-economy
The President noted that his government has started on the right path towards a prosperous future with the concrete steps it is taking to restore macro-economic stability and economic growth, explaining that after a year of disciplined and innovative economic management, the results have been remarkable.
The economy, the President said, has grown from 3.6% in 2016 to 7.9% in 2017; inflation has gone down from 15.6% at the end of 2016 to 10.3%, as of January 2018; and a spectacular revival from a growth rate of -0.5% in 2016 to 17.7% in 2017.
“Interest rates are on the decline, the cedi is stabilising, and the fiscal deficit has gone down from 9.3% in 2016 to 5.6% of GDP in 2017, with a projection of 4.5% for 2018. Fiscal discipline has been restored, and fiscal consolidation has taken hold. For the first time since 2006, government has been able to meet its fiscal deficit target,” the President said.
He continued, “We will continue to manage the economy in a disciplined and sound framework so that we maintain fiscal and debt sustainability. This, in the long run, is fundamental to moving Beyond Aid.”
Job Creation
An improving, disciplined macro-economy, the President stressed, is essential for expanding the economy, and, thereby, creating jobs.
This year, he assured that Ghanaians will see vigorous job creation in the public sector, beginning with the recruitment of one hundred thousand (100,000) young men and women in the Nation Builders Corp.
“But, what I am seeking, above all, is the rapid growth of private sector jobs, both in industry and agriculture, i.e. in the programme for Planting for Food and Jobs, which should generate a lot of rural sector jobs. Moving Beyond Aid demands that effective measures are taken to address widespread unemployment, especially amongst our youth. We are on the right path to do so,” the President said.