President John Mahama has stated that the current economic trends and developments in advanced countries have contributed to the current downward swing of Ghana's economy
While delivering his last State of The Nation address at the parliament house earlier Thursday, the outgoing president said, "As the United States of America (USA) makes a slow but steady recovery, the recent increase in the US interest rates means more money is leaving emerging markets and being reinvested in America. Coupled with the fall in commodity prices on the international markets, this is causing an adverse economic outlook for lower-middle income economies like ours (Ghana).”
President Mahama further stated that, "the world economic crisis and the slow-down in the growth of the Chinese economy has affected the growth of emerging markets and has resulted in a fall in world demand for commodities”.
According to him, countries have been negatively impacted by these conditions, but he expressed confidence with the intelligent policies already laid down by government, the incoming NPP government would have a solid foundation upon which to boost the economic status.
This final State of the Nation address was to highlight the achievements of Mahama's government, as well as pave way for the dissolution of the 6th parliament.