Ghana’s Economy on Path to Recovery, Bank of Ghana Data Indicates – Akufo-Addo

 

President Nana Addo Dankwa Akufo-Addo has called on Ghanaians to maintain their cooperation with the government in building an economy that is stable, inclusive, and prosperous.

 

He made this statement on Wednesday, November 20, 2024, during the commissioning of The Bank Square, the impressive new headquarters of the Bank of Ghana, situated in the heart of Accra.

President Nana Addo Dankwa Akufo-Addo described the new architectural marvel as more than just a building, emphasizing that it stands as a symbol of Ghana’s financial strength, resilience, and aspirations for a sustainable future. He highlighted that the structure, designed with eco-friendly technologies and cutting-edge innovations, embodies the modern face of Ghana, ready to meet the challenges of a dynamic global economy.

 

President Akufo-Addo further noted that the Bank Square symbolizes the country’s significant progress. Citing recent data from the Bank of Ghana, he pointed out that Ghana’s economy is on a strong path to recovery. With provisional GDP growth of 6.9% in the second quarter of 2024 and a notable non-oil growth of 7.0%, the data underscores the strength of Ghana’s agriculture, industry, and services sectors.

 

He highlighted that inflation has been significantly reduced, dropping from 54.1% in 2022 to 22.1% as of October 2024, offering much-needed relief to households and businesses. These accomplishments are further supported by a trade surplus of $2.78 billion and international reserves totaling $7.5 billion, which provide a robust buffer against external economic shocks.

He further added, “This milestone is a testament to the Bank of Ghana’s commitment to sound monetary policies under the leadership of Governor Ernest Addison and his dedicated team. I applaud their efforts, as well as the creativity and expertise of the architects, engineers, and contractors—especially GoldKey Properties, a wholly Ghanaian entity—that brought this vision to life. Together, we are building a foundation for a resilient economy, inclusive growth, and a brighter future for all Ghanaians.”

 

He continued, “As we celebrate this achievement, I call on all of us to continue working together to build an economy that is stable, inclusive, and prosperous. The Bank Square is not just a symbol of what we have accomplished; it is an inspiration for what lies ahead. Let us remain united in our efforts to make Ghana great and strong!”