Ghana is not broke—Akufo-Addo tells critics

President Akufo-Addo has stated that the economy is on a sound footing.

He said the country is financially sound, contrary to what his critics would want Ghanaians to believe.

“Mr Speaker, Ghana is not broke, contrary to what the propagandists are saying. We are handing over a country with gross international reserves worth $ 8 billion. ,” the President said during his final State of the Nation Address (SONA) presentation on January 3.

He said, “This is more than the $6.2 billion of gross international reserves my administration inherited in 2017. Economic growth has returned to the pre-COVID trajectory with an impressive growth rate, rising from a 4.8% growth rate from 7% in the 2nd quarter and 7.2 in the 4th quarter. This year, the rate is projected to be 3.6%, significantly higher than the 3.4% my administration inherited in 2017.”

The President added that “the economy’s growth is further reflected in the growth of private sector credit, which grew by 28.8% in October 2024.

He further noted that, ‘The trade balance has improved compared to the deficit in 2016. I’m happy to inform the House that today, my government will honour coupon payments to our EuroBond holders.”

The SONA, mandated by Article 67 of the 1992 Constitution, provides the President with an opportunity to report on the nation’s status before leaving office