'The Days of Disarray in Our Public Finances Are Over' - President Akufo-Addo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has assured the people of Ghana and the private sector that his Government will continue to work to create a stable economic framework and positive outlook for businesses.

According to President Akufo-Addo, "The days when economic indicators went haywire and through the roof are over. The days of disarray in our public finances, the reason for our recent 'marriage' with the IMF, are over."

The President explained that a new fiscal rule, which caps the fiscal deficit at a maximum of 5%, and ensures a debt-to-GDP ratio of a maximum of 65%, has been enacted.

In addition to this, he indicated that he established, in December 2018, the Presidential Fiscal Responsibility Advisory Council, composed of independent-minded, renowned economists, and the Presidential Financial Stability Advisory Council, made up of heads of the key regulatory agencies of our financial system, to advise and assist him achieve these targets.

"We are determined to provide stability to our economy to serve as the foundation for its sustainable and rapid growth," he added.

President Akufo-Addo made this known on Tuesday, 15th January, 2019, when he commissioned a biomass boiler, a personal care dryer, and an oral care factory of Unilever Ghana Ltd., in Tema.

Describing the commissioning of the three new factory plants as a happy day not only for Unilever, but also for our nation, the President commended the company for its continued presence in, and partnership with Ghana, spanning nearly a century, and has proved to be largely beneficial for the stakeholders involved.

"Unilever has become a household name in Ghana, with millions and millions of Ghanaians, on a daily basis, using products the company manufactures here in our country. On behalf of the Ghanaian people and their government, I express the appreciation of the nation to Unilever Ghana Ltd for its many years of service to the growth of our nation," he added.

Whilst acknowledging that the ability of Government to create jobs on its own is limited, President Akufo-Addo reiterated his belief that the responsibility of creating jobs is primarily the responsibility of the private sector, with the active support of government.

"It is for this reason that, since assuming office two years ago, my Government set out to build the most business friendly economy in Africa. Through the abolishing of nuisance taxes, reduction of utility tariffs, and the introduction of reforms to ease the process of doing business in the country, we have succeeded, albeit modestly, in creating a conducive business climate where the macroeconomic fundamentals are all pointing in the right direction, spurring on the growth of the private sector," the President said.

He continued, "Our goal is to unleash the innovative and entrepreneurial instincts of the Ghanaian private sector to drive rapid growth and job creation, and I am confident that we are on course to realising this important goal."

The three additional factories established, according to the President, will not only increase the manufacturing capacity of the company, but will also lead to the creation of more jobs for the people of the locality, and, indeed, of Ghana.

"I am excited by the company's decisions to bring onshore its operational capabilities into the country, and to continue to source locally its raw material base. It is my hope and expectation that many more companies would commit to this development," President Akufo-Addo added.

As co-Chair of the Eminent Group of Advocates of the 2030 United Nations Sustainable Development Goals, the President also commended Unilever for its "Unilever Sustainable Living Plan (USLP)".

USLP works to improve the health and hygiene needs of people, reduce the environmental impact of operations and of consumption of products, and enhances people's livelihoods.

"The government I lead is a natural cheerleader for the private sector, and it is my sincere wish that Unilever, and, indeed, the Ghanaian private sector will take advantage of the growing business friendly climate in the country to invest further in Ghana. Cascading investments in our economy is the most effective way to expand and strengthen it in order to create the many jobs our young people so ardently want. It will happen, and soon," President Akufo-Addo assured.

Read Full Story