SONA 2019: 7 major improvements in Ghana’s economy that Akufo-Addo reported on in Parliament

SONA 2019: 7 major improvements in Ghana’s economy that Akufo-Addo reported on in Parliament

On Thursday, February 21, 2019, President Akufo-Addo delivered the State of the National Address (SONA) at the House of Parliament.

Key amongst the details presented were highlights presented about the economy, with the focus on improvements in recent years.

According to a JoyBusiness report on Facebook, he revealed the following details in the house:

READ ALSO: Highlights of President Akufo-Addo's 3rd SONA address

1. Drop in inflation:

President Akufo-Addo announced a drop in the rate of inflation, from 15.4% at the end of 2016 to 9% in January 2019.

2. Strong real GDP growth:

There was also an increase in Ghana's real GDP growth rate to 6%, which is higher than the annual target of 5.6% and one of the highest in the world. Real GDP growth for 2019 is forecast at 7.6%.

3. Increased economic growth:

President Akufo-Addo informed the house of an increase in economic growth from 3.7% in 2016 to 8.5% in 2017 to 7.4% in the year 2018.

4. Debt to GDP ratio:

Ghana's debt to GDP ratio also experienced a significant drop from 73.1% in 2016 to 68.3% in 2017 to 57.2% in the year 2018.

5. Fiscal deficit (of GDP):

In a similar fashion, Ghana's fiscal deficit dropped from 9.3% in 2016 to 5.9% in 2017 to 2.8% in 2018.

6. Growth in Industry:

Industrial growth also shot up from 0.5% in the year 2016 to 16.7% in the year 2017, indicating a 16.2% increase

7. Agriculture growth:

Ghana's agricultural sector also experienced a growth, as it shot up from 3% in the year 2016 to 8.4% in the year 2017.

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