Leaving stronger: Prez Akufo-Addo touts US$8 billion reserves legacy

In his final State of the Nation address on January 3, 2025, Ghana’s outgoing President Nana Addo Dankwa Akufo-Addo asserted that his administration is leaving behind a strengthened economy.

He highlighted Gross International Reserves reaching nearly $8 billion, surpassing the $6.2 billion inherited in 2017, countering claims that the country is financially strained.

Akufo-Addo underscored Ghana's post-COVID economic recovery, citing significant growth rates of 4.8% in Q1 2024, 7% in Q2, and 7.2% in Q3, with a 2025 growth forecast of 6.3%—a marked improvement from 3.4% in 2017.

He also noted robust private sector credit growth, which increased by 28.87% in nominal terms in October 2024, and a rebound in real terms to 5.5%, reversing a 31.6% contraction in October 2023.