By Enoch 
President Nana Addo Dankwa Akufo-Addo has strongly refuted claims that Ghana is currently battling a financial crisis. Speaking during his final State of the Nation Address (SONA) in Parliament, Akufo-Addo emphatically stated that Ghana is not broke, contrary to popular speculation.
Addressing the Nation
In his address, President Akufo-Addo attributed the claims of the country’s alleged indebtedness to propagandists aiming to mislead the public. “Mr. Speaker, the country is not broke, as some propagandists want us to believe. We are handing over a country with gross international reserves of almost $8 billion. This is more than the $6.2 billion in gross international reserves my administration inherited in 2017,” he declared.
Opposition’s Reaction
As the President spoke, members of the opposition began making noise in the Parliament chamber, expressing disagreement with his statement. Speaker of Parliament Alban Bagbin interjected, stating, “Your statistics may differ, but that doesn’t mean he is misleading the House.” Akufo-Addo responded, “The noise will not shutter the statistics and I intend to put the statistics on the record of hindsight no matter the amount of noise,” he said.
Economic Indicators
President Akufo-Addo cited several economic indicators to support his claim of financial stability. He highlighted the growth rate and international reserves as evidence of the country’s robust financial position. “We are leaving a gross international reserve of $8.7 billion. This year’s growth rate is projected to reach 6.7%,” he noted. Additionally, he mentioned that the government had started repaying some of its debts, further demonstrating the country’s financial health.
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Criticism from Economists
Despite the President’s assertions, some economists and observers have criticized his claims. Economist Alfred Appiah pointed to the restructuring of debt as an example of why the President’s claim was false. “The country that failed to pay its debts and had to restructure obligations to domestic and foreign investors to meet the requirements for an IMF bailout isn’t broke? What message does that send to the investors who suffered significant losses due to these debt exchanges?” Appiah questioned. Furthermore, financial analysts have expressed concerns over the sustainability of Ghana’s economic growth, citing high inflation rates and dependency on external financial aid as potential risks.
Government’s Response
In response to the criticism, President Akufo-Addo urged reliance on verified data rather than conjecture. He emphasized his administration’s commitment to fiscal discipline and growth, asserting that the noise from critics would not overshadow the statistics. “The noise will not shut out the statistics, and I intend to put the statistics on the record, no matter the amount of noise,” he stated emphatically. The President also outlined several initiatives aimed at bolstering the economy, including investment in infrastructure, education, and healthcare, to ensure long-term economic stability.
Public Opinion
The President’s address has sparked mixed reactions among the public. While some citizens support his assertion and commend his administration’s efforts to stabilize the economy, others remain skeptical. Concerns over rising living costs, unemployment, and the effectiveness of government policies continue to dominate public discourse. Many Ghanaians are calling for greater transparency and accountability from the government to ensure that the economic benefits are felt across all sectors of society.
As the debate over Ghana’s financial status continues, President Akufo-Addo remains resolute in his stance that the country is not broke. His final State of the Nation Address served as both a defense of his administration’s economic policies and a call for a balanced assessment of the country’s financial standing. The coming days will be crucial in determining how the financial concerns raised by critics will be addressed and whether the President’s claims of financial stability will hold true. The President’s steadfast commitment to maintaining the country’s economic stability reflects his dedication to the progress and prosperity of Ghana.