For the first time, Ghana recorded increase in exports compared to imports since 2017. This trend was maintained in 2018 as well. President Nana Addo Dankwa Akufo-Addo attributed this success to his administration that ensured economic recovery over the past three years.
Ghana is the leading recipient of foreign direct investments in West Africa. The President asserted that the economy had been growing steadily above seven per cent and, in the last two years, had been among the world’s fastest growing economies. Fiscal deficits have also been brought down to 4.5 per cent and external reserves as of June 2019 stood at 4.3 months of import cover.
Owing to the recognition of economic successes by international credit rating companies, the country now has access to Eurobonds at lower rates and longer maturities. The President also pledged to continue to ensure the stabilization of the country’s economy in a way that the country would no longer require support from external donors.