GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
No Result
View All Result
Home News

The Economy Will Be Better In 2018

February 9, 2018
in News
Share on FacebookShare on Twitter

The various strategies devised by the economic management team led by Vice President Dr Mahamadu Bawumia have started yielding positive results, President Nana Addo Dankwa Akufo-Addo, has said.

You Might Also Like

Two People Arrested in Connection with Death of X-Rated American IG Model, Tyger Booty

Ghana’s Parliament Erupts into Chaos as NDC MP whisks away Speaker’s seat

Cedi records highest depreciation against dollar in 36 weeks

He explained that as a result, taxes had been reduced, inflation and interests rates were been lowered while economic growth was on the rise, increasing from 3.6 per cent in December 2016 to 7.9 per cent in 2017.

President Akufo-Addo who said this in his second State of the Nations Address to Parliament on Thursday gave the assurance that the economy would be better in 2018.

“We have increased our international reserves, maintained relative exchange rate stability, reduced the debt to Gross Domestic Product (GDP) ratio, the rate to debt accumulation and have paid almost half of arrears inherited,” he said.

President Akufo-Addo announced that the International Monetary Fund (IMF) which supported extended credit facility programme that started three years ago would end in 2018 and the relative good macro-economic performance in 2017 would strongly support the completion of the IMF programme.

“The government is putting in place measures to ensure irreversibility and sustain micro economic stability to ensure that the country would not seek the assistance of the IMF again,” he added.

The President mentioned that government had restored teachers and nurses’ trainee allowance and doubled the capitation grants for schools and had commenced the Free Senior High School programme.

Giving some details, he said, the programme had enabled 90,000 more students to gain access to Senior High School in 2017 than in 2016.

President Akufo-Addo hinted that the fiscal deficit had been reduced from 9.3 per cent to estimated 5.6 per cent of GDP and added that the government’s economic team had found a novel way to deal with the oppressive debt situation.

“This has brought some relief. The annual average rate of debt accumulation, which in recent years, has been as high as 36 per cent has declined to 13.3 per cent as at September 2017.

“As a result, the public debt stock as a ratio of GDP was 68.3 per cent against the annual target of 71 per cent for 2017 and ended 2016 actual figure of 73.1 per cent,” he said.

The President noted that as a result of appropriate policies and the mobilisation of the power situation in the country had engineered the revival of industrial sector from a growth -0.5 per cent in 2016 to 17.5 per cent in 2017.

He said for the first time in a long while, the country’s economic indicators were solid for growth.

Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.

Tags: Business_FinanceghanagovernmentGovernment of GhanaInternational Monetary FundMahamadu BawumiaMahamudu BawumiaNana AddoNana Addo DankwaNana Akufo-AddopresidentRebecca Akufo-AddoSenior High SchoolVice President

Related News

Two People Arrested in Connection with Death of X-Rated American IG Model, Tyger Booty

Two People Arrested in Connection with Death of X-Rated American IG Model, Tyger Booty

by ghanastar
January 2, 2022
0

The Ghana Police Service has announced the arrest of two persons in connection with the death of Julie Diane Williams,...

Ghana’s Parliament Erupts into Chaos as NDC MP whisks away Speaker’s seat

Ghana’s Parliament Erupts into Chaos as NDC MP whisks away Speaker’s seat

by ghanastar
December 1, 2021
0

Ghana's Paliament on Wednesday erupted into chaos with minority and majority members shoving and pushing each other. The heated confrontation...

Cedi records highest depreciation against dollar in 36 weeks

Cedi records highest depreciation against dollar in 36 weeks

by ghanastar
December 1, 2021
0

The local currency is back into free-fall mode against its major counterpart trading currency, the US dollar, as it records...

Meet Paul Mensah – the Ghanaian-Born Engineer Who Led Pfizer Team to Develop COVID-19 Vaccine

Meet Paul Mensah – the Ghanaian-Born Engineer Who Led Pfizer Team to Develop COVID-19 Vaccine

by ghanastar
March 11, 2021
0

Ghanaian-born Paul Mensah is a chemical engineer and the vice president of the bioprocess research and development group at Pfizer...

Next Post

Onshore Oil Exploration In the Voltaian Basin Yielding Dividends

Major Progress Made On Airport Projects

Trending News

Emma M’eni Nwu, Emma M’atamfo Nsere Me(Kyere Me W’akwan)

August 20, 2016

Kept By The Power Of God

August 20, 2016

My Hands Are Blessed

August 20, 2016

About

Read today's latest news headlines from Ghana and Africa. Stay up to date on local business, sports, crime, politics, arts, culture, and more.

Categories

  • Africa & World
  • African Music Lyrics Directory
  • Business
  • Business Directory
  • celebrities
  • Computing
  • Diaspora
  • Entertainment
  • Events
  • Feature
  • Featured
  • Ghana Elections 2016
  • Headlines
  • Health
  • International
  • Internet
  • Jobs
  • lifestyle
  • Music
  • News
  • Offbeat
  • Opinion
  • Politics
  • Profiles
  • Religion
  • Security
  • Seth Terkper
  • Smart Home
  • Social Networks
  • Sports
  • Technology
  • Top Stories
  • World News

Tags

accra addo africa Association football Banks - NEC business Business_Finance chairman Donald Trump economy education Entertainment_Culture environment Geography of Africa ghana Ghanaian people government Government of Ghana Human Interest John Dramani Mahama john mahama Law_Crime mahama minister MPs elected in the Ghanaian parliamentary election Nana Addo Nana Addo Dankwa Nana Akufo-Addo National Democratic Congress National Democratic Congress (NDC) New Patriotic Party New Patriotic Party (NPP) nigeria politics Politics of Ghana president Social Issues Social Media Social Media & Networking sports United Kingdom United Nations United States Vice President War_Conflict

Recent Posts

  • Suicide at Aburi Botanical Gardens: Man Found Dead
  • Ghanaian-American Family Suspects Cover-up in Son’s Death at Fort Rucker Military Base in Alabama US
List of Ghana Holidays for 2020
Ghana Geocoding
Ghana Cedis Exchange API
Ghana Maps Service
Toyota Cars Auto Auction History
  • African Music Lyrics Directory
  • Business Directory
  • Diaspora
  • Top Stories

All rights reserved © 2021 GhanaStar.com

No Result
View All Result
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music

All rights reserved © 2021 GhanaStar.com