Tag: Akufo-Addo

Ghana’s economy is showing remarkable resilience and growth, with recent data from the Bank of Ghana painting a promising picture.

President Nana Addo Dankwa Akufo-Addo, speaking at an event, shared the impressive news of the nation’s economic progress.

According to the President, Ghana’s provisional GDP growth for the second quarter of 2024 reached an impressive 6.9%, showcasing the economy’s strength.

““Recent data from the Bank of Ghana paints a picture of resilience and promise,” the President declared, noting that Ghana’s provisional GDP growth reached an impressive 6.9% during this period.” he remarked.

The growth, he explained, was driven by strong performances in construction, industry, agriculture, consumer spending, and tourism. These sectors contributed significantly to the economy’s positive momentum.

Highlighting another achievement, President Akufo-Addo pointed to non-oil GDP growth, which stood at 7.0%, underscoring the strength of the country’s economic fundamentals.

“This demonstrates the dynamism of the Ghanaian economy and reinforces our confidence in its future potential,” he made this statement when he commissioned the magnificent edifice serving as the new headquarters of the Bank of Ghana at Ridge, Accra

President Akufo-Addo explained that this milestone was the result of six decades of increasing demands and the evolving complexity of the Bank’s operations. He noted that the old headquarters, though rich in historical value, could no longer meet the institution’s needs.

He said, “This new complex, built by Ghanaian architectural powerhouse GoldKey Properties under the leadership of Kwaku Bediako, signals a transformative era for the Bank of Ghana.”

The project was crafted by Ghana’s globally recognized architect, David Adjaye.

The commissioning of the Bank Square marks a significant step toward a broader vision of progress, reflecting Ghana’s aspirations to establish itself as a leading financial hub in the region.

Equipped with world-class facilities, the new headquarters will strengthen the Bank’s capacity to implement reforms, improve regulatory frameworks, and attract investments.

President Akufo-Addo expressed his appreciation to Governor Ernest Addison, Deputy Governors Maxwell Opoku-Afari and Elsie Awadzi, as well as the entire staff of the Bank of Ghana, for their professionalism and commitment.

He also praised the architects, engineers, and contractors whose creativity and expertise brought this iconic structure to life.

“Recent data from the Bank of Ghana paints a picture of resilience and promise,” President Akufo-Addo declared. He highlighted that Ghana’s provisional GDP growth reached an impressive 6.9% in the second quarter of 2024. This growth, driven by robust performances across construction, industry, agriculture, consumer demand, and tourism, demonstrates the dynamism of the Ghanaian economy. Non-oil GDP growth of 7.0% further reinforces the strength of the nation’s economic fundamentals.

One of the most notable achievements, the President said, is the sharp reduction in inflation. From a staggering 54.1% in 2022, inflation has dropped to 22.1% as of October 2024, thanks to the effective monetary policies implemented by the Bank of Ghana. This progress has brought relief to households and businesses, renewing confidence in the economic stability of the country.

On the external front, Ghana recorded a trade surplus of $2.78 billion, buoyed by robust gold and crude oil exports. The nation’s international reserves stand at $7.5 billion, providing a critical buffer against external shocks. President Akufo-Addo attributed these achievements to the prudent stewardship of the Bank of Ghana, emphasizing its indispensable role in navigating global uncertainties and fostering economic growth.

Finance Minister Dr. Mohammed Amin Adams has stated that Ghana’s economy is recovering steadily and that growth has even exceeded the target.

Dr. Mohammed Amin Adams stated this during the commissioning of the state-of-the-art new headquarters of the Bank of Ghana at Ridge.

He also enumerated the investments the government has made in infrastructure and human development.

He said, “I can report, Mr. President, that you have steered this economy to strong recovery—the economy is getting stronger and stronger by the day under your leadership.” The Finance Minister added, “Macroeconomic stability is returning faster; growth has exceeded the target, and you’ve invested heavily in infrastructure and human development… and we also know that the banks are posting strong performances across key financial ratios.”

Governor of the Bank of Ghana, Dr. Ernest Addison, said that he is glad the construction of the new headquarters of the Bank of Ghana has been accomplished during his tenure, in spite of the challenges, which included land litigation.

Speaking at the opening of the Bank Square at Ridge, Accra, Dr. Addison noted that the headquarters is not only a physical structure but serves as a national legacy.

According to him, the new BoG headquarters, which begins operations today, will house more than 2,000 staff and has several state-of-the-art features.

President Nana Addo Dankwa Akufo-Addo has inaugurated the Bridge Power Plant in Tema, a $1.2 billion project, marking a pivotal moment for Ghana’s energy sector and its broader economic growth.

This state-of-the-art 590-megawatt combined-cycle plant, developed in collaboration with Early Power Ltd. and Endeavour Energy, stands as one of the largest and most advanced power generation facilities in the country.

The launch of this plant realizes a goal first set in April 2017 when construction began, demonstrating Ghana’s dedication to integrating modern technology and innovative energy solutions to meet the country’s increasing electricity needs.

“Today, we celebrate a transformative step forward in our journey toward energy independence. Reliable power is the backbone of development, and this facility is proof that Ghana is ready to overcome the challenges of the past and embrace a brighter future,” President Akufo-Addo said during the ceremony.

The President reflected on the difficult times of “dumsor” (persistent power outages) under the previous government, which caused significant disruptions to both daily life and businesses nationwide.

He reassured Ghanaians that the Bridge Power Plant would deliver a reliable power supply, easing the pressure on the national grid and tackling the energy shortfalls that previously hindered the country’s economic development.

“This plant is more than a source of power; it is a beacon of hope and a testament to what we can achieve through strategic partnerships and a clear vision,” he remarked.

The Bridge Power Plant is designed to integrate seamlessly into Ghana’s energy mix, providing efficient and environmentally sustainable electricity. Its cutting-edge technology ensures lower carbon emissions, aligning with the government’s commitment to a greener future.

President Akufo-Addo highlighted the plant’s potential to drive industrial growth by supplying reliable power to factories, hospitals, schools, and households. The facility will also support rural electrification efforts, bringing electricity to remote areas and improving the quality of life for underserved communities.

“The power generated here will fuel an industrial revolution, create jobs, attract foreign investment, and lay the foundation for sustained economic growth,” he added.

The President praised Endeavour Energy and its partners for their steadfast commitment to the project, while also recognizing the invaluable contributions of Ghanaian engineers and workers who played a vital role in the plant’s completion.

Looking forward, President Akufo-Addo reiterated his government’s dedication to resolving financial challenges in the energy sector and reinforcing partnerships with Independent Power Producers (IPPs). He urged all stakeholders to collaborate in maintaining the facility and advancing Ghana’s energy goals.

The launch of the Bridge Power Plant represents a key milestone in Ghana’s energy evolution. It ushers in a new era of resilience, sustainability, and growth, signaling the end of energy shortages and laying the foundation for a brighter future.

“This plant stands as a symbol of what Ghana can achieve when united by a shared purpose. It is with immense pride that I declare the Bridge Power Plant officially commissioned,” President Akufo-Addo concluded.