According to him, under the leadership of the strong, brilliant economist, vice President Mahamudu Bawumia, he has risen to the challenge and putting the economy back on track.

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"I’m glad to be able to report that the Economic Management Team, under the stellar leadership of the strong, brilliant economist, Vice President Mahamudu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results," Nana Addo told parliament in his second State of the Nation Address on Thursday, 8 February 2018.

He said within one year, the results would begin to show of the good works of the government.

He added that the government has reduced taxes adding that inflation and interest rates has been reduced.

"We have reduced taxes, we are bringing down inflation and interest rates, economic growth is increasing, from the alarming 3.6% at December 2016, to 7.9% in our first year, and the indications are that it will be even better this year.

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"We have increased our international reserves, maintained relative exchange rate stability, reduced the debt to GDP ratio and the rate of debt accumulation, we have paid almost half of arrears inherited, and, crucially, we are current on obligations to statutory funds," the president added.

"I am also pleased to report that the 3-year IMF-supported Extended Credit Facility Programme, began in 2015, comes to an end this year. The relatively good macroeconomic performance in 2017 will strongly support our successful completion of the IMF programme.

"We are determined to put in place measures to ensure irreversibility, and sustain macroeconomic stability, so that we will have no reason to seek again the assistance of that powerful global body.

"We have restored teacher and nursing training allowances," he added.