Akufo-Addo government excels in majority of macroeconomic indicators – Report

As the Akufo-Addo administration prepares to exit office next week, a new report reveals its strong performance across key macroeconomic indicators, reflecting a resilient economic strategy even amidst global challenges.
According to data from the Ministry of Finance and the Bank of Ghana, the outgoing government has outperformed its predecessor, the John Mahama administration, in 10 out of 13 critical economic metrics.
According to the report, one of the standout successes of the Akufo-Addo administration is its record on GDP growth. When John Mahama left office in 2016, Ghana’s economy was growing at a modest rate of 3.9%. In contrast, despite the economic disruptions caused by the COVID-19 pandemic, the current government has achieved a GDP growth rate of 7.2%, nearly doubling the previous figure.
Performance across sectors
The report highlights several areas where the Akufo-Addo government has delivered notable improvements:
- Agriculture Growth: Enhanced policies and investments have driven better performance in the agricultural sector.
- Industry Growth: Industrial development has surged, reflecting a more robust economic base.
- Per Capita Income: Citizens’ average income levels have seen an upward trend.
- Budget Deficit and Primary Balance: Fiscal management has resulted in improved deficit control and primary balance figures.
- Trade and Current Account Balances: Ghana’s trade balance and current account-to-GDP ratio have both improved significantly.
- Gross International Reserves: The country’s reserves have grown, providing greater economic stability.
- Exchange Rate Management: Cumulative exchange rate depreciation has been kept relatively in check.
Mahama Administration Outperforms in Three Indicators
While the Akufo-Addo administration boasts a superior record in most indicators, the Mahama government showed better performance in three areas:
- Public Debt: Debt levels under Mahama were lower.
- Average Inflation: Inflation was better controlled during Mahama’s tenure.
- 91-Day Treasury Bill Rate: Treasury bill rates were more favourable under the previous administration.
Closing the year with inflation of 23%, Policy Rate of 27% represents failure of monetary policy – Kwakye