Days of disarray in our public finances are over - Akufo-Addo

He said the days of Ghana seeking economic bailouts from the Bretton-Wood institutions like the World Bank are over.

The President explained that a new fiscal rule, which caps the fiscal deficit at a maximum of 5%, and ensures a debt-to-GDP ratio of a maximum of 65%, has been enacted.

In addition to this, he indicated that he established, in December 2018, the Presidential Fiscal Responsibility Advisory Council, composed of independent-minded, renowned economists, and the Presidential Financial Stability Advisory Council, made up of heads of the key regulatory agencies of our financial system, to advise and assist him achieve these targets.

“We are determined to provide stability to our economy to serve as the foundation for its sustainable and rapid growth,” he added.

President Akufo-Addo made this known when he commissioned a biomass boiler, a personal care dryer, and an oral care factory of Unilever Ghana Ltd., in Tema.      

Describing the commissioning of the three new factory plants as a happy day not only for Unilever, but also for our nation, the President commended the company for its continued presence in, and partnership with Ghana, spanning nearly a century, and has proved to be largely beneficial for the stakeholders involved.

“Unilever has become a household name in Ghana, with millions and millions of Ghanaians, on a daily basis, using products the company manufactures here in our country. On behalf of the Ghanaian people and their government, I express the appreciation of the nation to Unilever Ghana Ltd for its many years of service to the growth of our nation,” he added.

Whilst acknowledging that the ability of Government to create jobs on its own is limited, President Akufo-Addo reiterated his belief that the responsibility of creating jobs is primarily the responsibility of the private sector, with the active support of government.

“It is for this reason that, since assuming office two years ago, my Government set out to build the most business friendly economy in Africa. Through the abolishing of nuisance taxes, reduction of utility tariffs, and the introduction of reforms to ease the process of doing business in the country, we have succeeded, albeit modestly, in creating a conducive business climate where the macroeconomic fundamentals are all pointing in the right direction, spurring on the growth of the private sector,” the President said.

He continued, “Our goal is to unleash the innovative and entrepreneurial instincts of the Ghanaian private sector to drive rapid growth and job creation, and I am confident that we are on course to realising this important goal.”