President Nana Addo Dankwa Akufo-Addo, has described the macroeconomic achievements of his government as key to the progressive standard of living of Ghanaians, this is despite public criticisms about its relevance on the living conditions of the people.
According to the President, “the high rates of inflation, are not a statistic. They reflect in your pockets! They reflect in your ability to handle issues of daily living,” he stated.
Addressing the media today, he asserted that the current government has performed comparatively well in managing the inflation rates, consequently steering the country towards progress.
“The average rate of inflation this year is between 8.3% – 8.4% which is a significant improvement of the figure [the government] inherited in 2017”
According to President Akufo-Addo, the proper management of inflation has been accompanied with significant improvement in the fiscal statistics of the country.
“A 9.3 deficit has been reduced to 4.5 deficit in this year’s budget” he pointed out.
The president explained that the improvement in fiscal statistics is due to legislation that caps the fiscal deficit of government expenditure to 5% forcing “the management of the economy in the way that we are able to meet the statutory figure”
He said due to these achievements, the Ghanaian economy is projected to be one of the fastest growing in the world.