Nana Yaw Preko, the Deputy Communications Director at the Office of the President has said that the government is focused on building a resilient economy with recovery measures to achieve sustainable growth.
To him, the government has implemented several recovery policies to put the economy back on track with commitment to expenditure cuts to ensure fiscal stability.
Mr Yaw Preko said that despite the challenges posed by the Covid-19 pandemic and Ukraine-Russia crisis, the government implemented strategic interventions on domestic’s debt restructuring policies and the International Monetary Fund (IMF) deal.
Mr Yaw Preko in an engagement with media in the Eastern region indicated that government has demonstrated its ability to steer the economy towards growth recovery.
He continued that through strategic interventions, and visionary leadership, government initiated measures that led to a steady increase in the annual GDP growth rate.
He added that government remains committed to implementing effective policies and reforms despite the lasting impact of Covid-19 pandemic and global economic.
Mr Yaw Preko indicated that President Akufo Addo led administration turned the tides, and in 2018 the GDP growth rate has already reached its peak at 8.1% which stabilized at 6.5% in 2019.
‘‘African Development Bank projected a steady growth rate of 5.4% to 5.3% by 2023, contingent upon the absence of any major global economic disruptions,’’ said Mr Yaw Preko.
He said that the economic recovery is a dynamic progression that positioned Ghana as the fastest-growing economy in the sub Saharan African sub region during the pre-Covid era (2017-2019).
Mr Yaw Preko expressed that Ghana has experienced a significant economic slowdown during the Covid-19 era.
He affirmed that the Ukraine-Russia crisis has contributed to macroeconomic challenges adding that difficult global economic conditions have deepened existing fiscal vulnerabilities.
Source: Mybrytfmonline.com
