President Nana Akufo Addo says his government over the course of the last two and a half years in office, has succeeded in restoring fiscal discipline in the management of the economy, resulting in the macroeconomic indices pointing in the right direction.
According to him, the favourable macroeconomic situation prevailing in the country is a firm indication of his government’s commitment to the creation of a conducive business atmosphere needed for the private sector to flourish.
Speaking at the plenary session of the 7th Tokyo International Conference on African Development (TICAD) ongoing in Japan on Wednesday, August, 28,2019, Nana Akufo Addo noted that Ghana, and, indeed, Africa, “must emulate the story of the East Asian Miracle”, if the potential of the country and continent is to be realised.He indicated that the East Asian Miracle saw, from 1965 to 1990, the twenty-three (23) countries of East Asia, especially Japan, growing faster than all the regions in the world, largely because of their belief in the primacy of the private sector, and the critical support they offered to ensure it survived and thrived.
He said, “We, in Ghana, are taking steps to put our country onto a similar path. Maintaining a stable macroeconomy is fundamental to attracting private sector investment,”
He added that, “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.”
This, Nana Akufo Addo stressed, has led, in his time as President, “to some of the world’s largest vehicle manufacturing companies signaling 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.