The President who was speaking to the media on Wednesday, to mark his one year in office, said it has taken a lot of hard work from his economic team, led by the vice-president to transform the West African nation’s ailing economy.
According to him, macroeconomic fundamentals have seen improvements through improved fiscal and monetary discipline and the government saved about $7 billion after reviewing power sector deals signed by his predecessor covering a 13-year contract.
Eleven of the contracts had been terminated. It also saved at least $200 million through value-for-money procurement reviews.
Ghana’s economic growth, which had slowed from 4.0% in 2014 to 3.7% in 2015, recovered to 5.8% in 2016 and 8.7% in 2017.
In its latest report dubbed: “Global Economic Prospects: Sub-Saharan Africa,” the World Bank said Ghana is tipped to lead Africa as the fastest growing economy in 2018 with a growth rate of eight per cent.
Ghana’s forecasts put growth at 7.8 per cent in 2018 as increased oil and gas production boosts exports and domestic electricity production.