Akufo-Addo: Ghana’s economy will rebound at a faster rate

President Akufo-Addo says the relaxed COVID restrictions will help the economy to bounce back, calling on Ghanaians to support the government by staying safe.

President Akufo-Addo has given assurance to Ghanaians that the economy will rebound sooner rather than later as Ghana lifts more COVID measures.

Nana Akufo-Addo announced in a televised address on Sunday night that land and sea borders have been re-opened plus wearing of masks in the West African country is no longer mandatory as active COVID-19 cases drop below 100.

He said the relaxed restrictions will help the economy to bounce back, calling on Ghanaians to support the government by staying safe.

Akufo-Addo also urged everyone to put in all efforts by working together to “put our nation back onto the path of progress and prosperity.”

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He said: “It has been a difficult two (2) years for all of us, and we are seeing light at the end of a very long tunnel. I appeal to all of us to live responsibly, protect ourselves at all times, and do everything we can to stay safe, as we lift these restrictions. Now is the time for all of us to join hands, work hard, and help put our nation back onto the path of progress and prosperity, as we resume full production and increase productivity.”

Economy to grow at a faster rate

“As your President, I assure you that, sooner rather than later, our economy will rebound from the ravages of COVID-19. The policies we are implementing will, with your active support, help grow the economy at a much faster rate, help create jobs for the youth, and help us overcome the difficulties we are faced with. This too shall pass!! For the Battle is still the Lord’s!!” he added.

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Measures to mitigate economic crisis

The Minister for Finance, Ken Ofori-Atta, has said the government will save about GHC3.5 billion from the 30% salary cut of ministers and heads of state-owned enterprises (SOEs) among others.

Addressing the country on measures being taken to curb the economic challenges Ghana is facing, Ofori-Atta said: “With regard to savings, in terms of our initial calculations of all of that [the salary cut] will be about GHC3.5 billion that we expect to be able to save.

“But we’ll keep titrating and tightening it to ensure that we get as much [as we can] from that,” he said.

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Cabinet earlier approved a proposal that ministers and the heads of SOEs contribute 30% of the salary they earn between April and December 2022 to the Consolidated Fund.

Members of the Council of State have also agreed to a 20% cut to their monthly allowance for the next year to support efforts aimed at stabilising the economy.

According to the Council of State, the contribution is their widow’s mite to support the overall effort being made by the government to spur economic recovery.

The government has also said it begin the collection of property rates in April to generate more revenue for the country.

While “ghost” workers will also be removed from the government’s payroll by the end of December.



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