Akufo-Addo authorities excels in majority of macroeconomic indicators – Report
As the Akufo-Addo administration prepares to exit workplace subsequent week, a brand new report reveals its robust efficiency throughout key macroeconomic indicators, reflecting a resilient financial technique even amidst international challenges.
According to information from the Ministry of Finance and the Bank of Ghana, the outgoing authorities has outperformed its predecessor, the John Mahama administration, in 10 out of 13 important financial metrics.
According to the report, one of many standout successes of the Akufo-Addo administration is its document on GDP development. When John Mahama left workplace in 2016, Ghana’s financial system was rising at a modest charge of three.9%. In distinction, regardless of the financial disruptions brought on by the COVID-19 pandemic, the present authorities has achieved a GDP development charge of seven.2%, practically doubling the earlier determine.
Performance throughout sectors
The report highlights a number of areas the place the Akufo-Addo authorities has delivered notable enhancements:
- Agriculture Growth: Enhanced insurance policies and investments have pushed higher efficiency within the agricultural sector.
- Industry Growth: Industrial improvement has surged, reflecting a extra sturdy financial base.
- Per Capita Income: Citizens’ common revenue ranges have seen an upward development.
- Budget Deficit and Primary Balance: Fiscal administration has resulted in improved deficit management and first steadiness figures.
- Trade and Current Account Balances: Ghana’s commerce steadiness and present account-to-GDP ratio have each improved considerably.
- Gross International Reserves: The nation’s reserves have grown, offering better financial stability.
- Exchange Rate Management: Cumulative change charge depreciation has been stored comparatively in verify.
Mahama Administration Outperforms in Three Indicators
While the Akufo-Addo administration boasts a superior document in most indicators, the Mahama authorities confirmed higher efficiency in three areas:
- Public Debt: Debt ranges below Mahama had been decrease.
- Average Inflation: Inflation was higher managed throughout Mahama’s tenure.
- 91-Day Treasury Bill Rate: Treasury invoice charges had been extra beneficial below the earlier administration.
