Credit: Kenneth Appiah Bani
The imminent departure of the Akufo-Addo administration next week is accompanied by a positive economic outlook across various indicators. Despite the challenges posed by the COVID-19 pandemic, the macroeconomic performance under President Akufo-Addo’s leadership has reportedly outperformed that of the previous administration led by John Mahama. Data from the Ministry of Finance and the Bank of Ghana indicate that the outgoing government has excelled in 10 out of 13 key macroeconomic indicators, with GDP growth standing out as the most significant achievement. When Mahama left office in 2016, Ghana’s economy was growing at a GDP rate of 3.9%.
Presently, Ghana is experiencing a robust GDP growth rate of 7.2%. The outgoing Akufo-Addo government is leaving behind a legacy of progress in areas such as agriculture growth, industry growth, per capita income, budget deficit, primary balance, trade balance, current account/GDP, gross international reserves, and cumulative exchange rate depreciation. In contrast, the previous Mahama administration only saw improvements in three out of the 13 key macroeconomic indicators, namely public debt, average inflation, and average 91-day treasury bill rate.
