Economy recovering faster than anticipated – Akufo-Addo

President Nana Akufo-Addo has expressed optimism about economic growth after months of jaw-dropping decline triggered by the coronavirus pandemic.

In his latest address to the nation, the president observed that “the economy is recovering faster than initially anticipated.”

In March after Ghana recorded cases, the Finance Ministry projected that the GDP would fall freely from 6.8% to 2.6%.

The partial three-week lockdown in Ghana meant that even the 2.6% would fall further to 1.5%.

Business were closed and employees stayed home, leading to loss of an undisclosed number of jobs.

But after five months of battling the virus, government began easing restrictions, giving life to economic activities.

“Consumer confidence is bouncing back strongly”, he said and indicated that government had observed same for business confidence.

The president provided no data in his speech. But earlier in the week, the Ghana Statistical Service had said inflation had dropped again.

The rate of increase in the prices of goods and services across the country dropped marginally to 10.4% for September 2020 due to food prices.

Ghana appears to be on track to eliminate the virus, with active coronavirus cases recorded per day now falling to 25, President Akufo-Addo has announced.

The president noted that the measures put in place has helped reduce the infection rate drastically.

“The science and data of the virus, when you look at trajectory tells you we have reduced disease activities. Daily infections rate are no longer in the hundreds as they were sometime back.

“Presently, they are in the tens, averaging 25 new cases per day as of last week. This is a sharp contrast of what is happening in other countries that are experiencing the second wave of the infection.

“Where, in some instances new instances and hospitalisation are in the thousands per day,” he indicated.

Although, the infection rate has reduced, President Akufo-Addo is convinced the novel virus remains a mystery, and thus the need to continue adhering to the safety protocols.

Comparing Ghana’s measures in dealing with the virus, the president said, “We, in Ghana have been spared all these measures and restrictions. We must be doing something right.”

“When you take a close look at all the measures; imposing night time curfews and partial lockdown, declaring state of emergency, mandatory people for now wearing nose masks, all in a bid to maintaining the second wave of the virus,” he stated as some of the measures put in place by other countries.

As of October 18, 2020, Ghana’s coronavirus cases stands at 47, 232 with 46, 578 recoveries.

The death toll stands at 310.