All Eyes On Ghana As Country Turns Fastest Growing Economy In The World

Ghana’s economy is predicted to grow by 8.3% this year, 2018, which would make it the fastest growing economy in the world, President Nana Akufo-Addo, announced in his State of the Nation Address, delivered in Parliament yesterday.

Akufo-Addo said the world has taken notice of this enviable economic stride the country is achieving and he was full of praises for the Finance Minister, Ken Ofori-Atta, the Finance Minister, a man that is “proving to be a national asset”, in the President’s own words.

Nana Akufo-Addo noted: “Last week, Bloomberg described Ghana’s Stock Exchange as the best-performing Stock Exchange in the world for January 2018. The report illustrated how the Ghana Stock Exchange Composite Index has gained 19% since the start of the year, in dollar terms, ahead of the Nigerian, Chinese and Brazilian Stock Markets. Ken Ofori-Atta, the Finance Minister, is proving to be a national asset.

“I know that, when it comes to the economy, many of us have very low tolerance for what we consider as boring figures, and we do not see that they affect the reality of our everyday lives. But, as I said earlier in the year, this current set of boring figures happens to spell good news for our economy.”

The President said his government has so far made significant savings in protecting the public Purse and saved the nation several millions Of Ghana cedis through prudent economic management policies such as procurement.

He stated that an overall savings of some GH¢800 has been made by cutting down on sole source procurement processes.

“In 2017, my first year in office, 394 Sole Sourcing Requests were made, out of which 223 (56.6%) were approved, and 171 (43.4%) were rejected. There were 346 Requests for Restricted Tenders, and 167 (48%) were approved, and 179 (52%) were rejected. The savings, made over the year as a result, amounted to some GH¢800 million he disclosed.

“I said I will protect the public purse and that is exactly what I am doing” he said.

Pensions

He commended the Minister for Employment and Labour Relations, through whose hardwork some Ghc 3.1 of pension fund transferred into the custodian account of beneficiaries of tier two holders.

He stated that in the first year of his government, Parliament passed five important Bill on the NPP government’s flagship programmes.

Economy

The President said he was faced with a distressed economy when he took over the reins of governance but theEconomic Management Team, under the stellar leadership of the strong, brilliant economist, Vice President Mahamudu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results.

According to him Ghana’s macroeconomic indicators are pointing to the right direct for the first time in many years.

He said his government will institute measure to sustain the gains chalk over the last one year.

“We are determined to put in place measures to ensure irreversibility, and sustain macroeconomic stability, so that we will have no reason to seek again the assistance of that powerful global body” he said.

These include reduction by half in the debt to GDP ratio what was inherited, reduced taxes, brought down inflation among others whiles expressing optimism that this year will be far better.

He also indicated that government will institute measures to sustain macro economy stability among other gains.

Other achievements

Government he said has restored teacher trainee and nursing trainee allowances, Implementing Frees SHS with an additional 90, 000 more students gaining access to school and doubled the capitation grant, reduced the fiscal deficit from 9.3%, to an estimated 5.6% of GDP among others.

He stated that Ghana’s Stock Exchange adjudged the best performing this year in the world,

“Last week, Bloomberg described Ghana’s Stock Exchange as the best-performing Stock Exchange in the world for January 2018.

The report illustrated how the Ghana Stock Exchange Composite Index has gained 19% since the start of the year, in dollar terms, ahead of the Nigerian, Chinese and Brazilian Stock Markets’’ he stated.

The President who described the Finance Minister, Ken Ofori-Atta as a national asset commended him for reaching that height and other Ministers for their sterling performances in proving his skeptics and professional nay Sayers wrong.

Fictitious Claims

According to him a report by the Auditor-General on Ministries, Departments and Agencies (MDAs) as at December, 31, 2016 had identified Ghc 5.4 billion fictitious claims.

“The Auditor-General’s Report on MDA liabilities as at 31st December, 2016, makes truly alarming reading. I make reference to the fact that a staggering amount of GH¢5.4 billion has been identified as constituting fictitious claims’’ he stated.

The amount he said was huge enough to have been used to build and furnish hundreds of classrooms and construct the Eastern Corridor roads.

He has therefore assured of his government’s commitment to treat the Auditor-General’s Report seriously in order to retrieve illegally acquired monies from those found culpable.

Role of Special Prosecutor

The President acknowledged that the establishment of the Special Prosecutor would play an important role in the overall strategy to combat corruption in the country and urged Parliament to expedite the process of confirmation of the Special Prosecutor nominee in the person of Martin Amidu.

Corruption allegations

The President reiterated his call to the public that anyone who has information about acts of corruption by any of my appointees, should bring it forward, and should be prepared to back it up with evidence and he will ensure that it is investigated.

He stated that the allegations brought against his appointee’s so far have all been investigated.

“So far, every single alleged act of corruption levelled against any of my appointees has been investigated by independent bodies, and, in some cases, by Parliament itself, and the findings made public” he said.

JOB Creation

The president also assured of his commitment to create jobs in order to secure the future of the Ghanaian youth.

He said initiatives such Nation Builders Corps, One District, One factory are geared towards meeting that goals.

Agriculture

On Agriculture, he said the One Village, One Dam promise will see full operation this year, whiles the Planting for Food and Jobs has aroused fresh interest in farming where 500 new farmers have been signed on to the program this year.

Accra Cleanest City

On his vision to make Accra the cleanest city in Africa by the end of his tenure, the President urged all citizens to join hands in that direction.

He disclosed that a total amount of GHC 200 million is needed to address sanitation challenge facing the country.

Other areas the President touched on includes the elections of DCEs, Improving Railway network as a modern system, public security, Cyber Security, Education, Housing among others.

Prior to the address by the President, the Minority join the Police band in singing the chorus of the National Anthem, “And help us resist oppressors rule with all our Will, and Might Forever!! This is apparently, to send a signal to the President that they will resist any such governance style by his administration.

In attendance to the SONA were former Presidents Jerry John Rawlings, John Agyekum Kufour and John Dramani Mahama and former Vice President, Akwesi Amissah Arthur,

Chairman and Members of the Council of State, members of the Diplomatic Corps, Religious leaders among others.

Majority leader, Osei-Kyei-mensah-Bonsu moved the motion for the adjournment of the House.

The Minority Leader, Haruna Iddrisu, in seconding a motion for the adjournment of proceeding told the President that “We have heard u on your state of promises, we have heard on your message that at least sole sourcing is still lawful…” he concluded.

By: Christian Kpesese/ thePublisher