Nana Akufo-Addo Says Ghana’s Economy Is Recovering To Pre-Covid Levels

Nana Akufo-Addo Says Ghana’s Economy Is Recovering To Pre-Covid Levels

  • Nana Akufo-Addo is optimistic about the future prospects of Ghana's economy post the Covid-19 pandemic
  • The president has assured the global business community that the Ghanaian economy is fast recovering to pre-Covid levels
  • The optimism by the president is coming at a time inflation figures are skyrocketing and the cedi depreciation is worsening

President Nana Akufo-Addo has assured the global business community that the Ghanaian economy is fast recovering to pre-Covid levels.

Akufo-Addo at Nestle
Nana Akufo-Addo at the Nestle Ghana plant commissioning. Source: Facebook/@nakufoaddo
Source: Facebook

The president gave the assurance after he commissioned a GH¢175.4 million Nestlé Ghana’s state-of-the-art plant in Tema on Wednesday, June 8, 2022. The plant will be manufacturing infant cereals for the domestic market, as well as for markets in other countries in Central and West Africa.

“This investment by a major multinational company does not only underscore the confidence that Nestlé and its shareholders have in the Ghanaian economy, but it is also a signal to the global business community that the Ghanaian economy is recovering to its pre-COVID-19 levels,” Akufo-Addo posted on his Facebook page.

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Ghanaians spending even more cash for the market as May records 27.6% inflation

Ghana’s economy has been reeling under post-COVID pressures but the Russia-Ukraine war has disrupted the recovery trajectory.

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In a nutshell, Ghana’s economy is facing new realities beyond pandemic-induced crisis and fast-changing trade dynamics with the warring Russia and Ukraine.

High inflation, for instance, has been blamed on local structural factors although the government insists the Ukraine war is a significant factor. About a quarter of Ghana’s grain imports, mainly wheat flour, is from Russia and about 60% of steel import is from Ukraine.

The cedi continues to depreciate, fuelling inflationary pressures and undermining the sentiment of the monetary policy authorities toward stimulating productive activities in the real sector.

In 12 months, the cedi has lost 19% of its value, closing at GH¢7.1441 per US dollar on May 31, 2022, compared to GH¢6.0061 per US dollar on December 31, 2021.

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Inflation: High Transport Fares And Rising Food Prices Push Ghana’s May 2022 Figures Further Up

Meanwhile, YEN.com.gh has reported previously that Ghana's inflation figures for May 2022 have revealed that transport fare increases and rising food prices have pushed the rate to 27.6%.

According to the Ghana Statistical Service, the rate of inflation for Transport (39.0%), Household Equipment & Maintenance (33.8%), Housing, Water, Gas & Electricity (32.3%), and Food & Non-Alcoholic Beverages (30.1.6%) were higher than the national average (27.6%).

In April 2022, the inflation rate was 23.6%. This means in just 30 days, prices of goods have gone up on the market by 4%.

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Source: YEN.com.gh

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