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Sun, Sep

ECONOMIC INDICES POINT IN THE RIGHT DIRECTION: AKUFO-ADDO

Business & Economy

President Akufo-Addo has declared that Ghana’s macroeconomic indices are now pointing in the right direction because his government has succeeded in restoring fiscal discipline in the management of the economy in the past two and a half years.

President Akufo-Addo has declared that Ghana’s macroeconomic indices are now pointing in the right direction because his government has succeeded in restoring fiscal discipline in the management of the economy in the past two and a half years.

 

The favourable macroeconomic environment, the President said, is a firm indication of his government’s commitment to creating a conducive business atmosphere which allows the private sector to flourish.

Fast growth

“We, in Ghana, are taking steps to put our country on to a similar path,” said the President, speaking in Tokyo yesterday. “Maintaining a stable macroeconomy is fundamental to attracting private-sector investment.
“We have restored fiscal discipline, our macroeconomic indices are pointing in the right direction, we have implemented tax cuts and incentives to stimulate the rapid growth of the private sector, and we are projected, according to the International Monetary Fund, to be the fastest-growing economy in the world this year,” he said yesterday.

Investor incentives

The President was speaking at the plenary session of the seventh Tokyo International Conference on African Development (TICAD).

He said that sound economic management has led “to some of the world’s largest vehicle manufacturing companies signalling their intention to set up assembly plants in the country, with global energy giants investing in the development of our considerable oil and gas deposits, and the establishment of the first Artificial Intelligence Centre in Africa by Google in Ghana. Their decision to operate in Ghana is for good reason.”

The President told his colleague heads of state and governments that Ghana is leveraging technology to help reform and improve the country’s institutional and regulatory processes, to develop a digital economy that is supporting sustained economic growth, and improving the well-being of our citizens.

“We are embracing fully the advancements made in the digital world to help drive growth and increased productivity of our economy,” he said.

Structural change

President Akufo-Addo further noted that if the aspirations and desires of Africa’s young populations for jobs, progress and prosperity are to be met, then the structural transformation of Africa’s economies can no longer be postponed.

“It is time we also traded in the world economy, not on the basis of exports of raw materials, but on the basis of things we make and grow,” he said.

With the future of Africa and her economy to be driven by the youth of the continent, President Akufo-Addo was confident that: “They are going to build Africa, and we, in Ghana, are determined to provide them with the skills to do so. The vision is to build a free, prosperous, self-reliant Africa, an Africa Beyond Aid.”

Mauritius PM

Earlier in the day, the Prime Minister of Mauritius, Pravind Jugnauth, paid a courtesy call on President Akufo-Addo on the sidelines of the TICAD7 conference.

One matter of discussion was to do with the decolonisation of the island of Diego Garcia, currently home to a US military base. In February this year, the International Court of Justice ruled that Britain must give up control of the island to Mauritius.

The opinion, issued in The Hague by a majority on the court, said that the decolonisation of Mauritius “was not lawfully completed” when it attained independence because Britain carved away the Chagos Archipelago from Mauritius and retained control of it.

In spite of this, the Mauritian Prime Minister said: “They are still maintaining that they have sovereignty over the British Indian Ocean territory, but they are in a very embarrassing position because they know they have been going against international law.

“Now there is tremendous pressure on the UK, but we don’t know what is going to be their next stand.”

President Akufo-Addo said: “All of us are happy to see the developments in the judicial proceedings. The ruling has been made in your favour, and it has been strongly endorsed by the General Assembly.”

Nonetheless, the President’s chief concern was with the holding of the next session of the Permanent Joint Commission for Co-operation (PJCC), which serves as the legal framework for addressing trade and investment concerns of Ghana and Mauritius.

“It means that some of the things that could normally have been dealt with are still outstanding. So, it will be good if we could make some firm commitments as to the holding of the next session of the PJCC. It is our turn to host it, and we are ready,” he said.

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