President Nana Addo Dankwa Akufo-Addo has said Ghana’s economy is rebounding at a faster rate than anticipated.
Addressing Ghanaians in a Christmas message on Thursday, December 24, 2020, the President said the government revived the economy by making education and healthcare accessible to all.
“We are ensuring that the basic elements of social justice, that is wide access to quality education and good healthcare are being met. Food is affordable and it is in abundance in our Ghanaian markets.”
He also indicated that the government is “seeing to the transformation of the Ghanaian economy which will bring in its wake, jobs for the youth of our nation.”
The government had said the impact of the pandemic on revenues and expenditures resulted in a fiscal deficit of 9 percent of GDP as of September.
Halfway through 2020, the Finance Minister, Ken Ofori-Atta said the COVID-19 pandemic had resulted in a revenue shortfall of GHS13.6 billion and unanticipated expenditures of approximately GHS11.7 billion.
The fiscal deficit situation is expected to improve to 8.3 percent in 2021 and this is a reflection of improved revenues from the anticipated pick-up of economic activities and a more rationalised public expenditure programme, according to Mr. Ofori-Atta.
Before the pandemic, the government’s fiscal deficit estimate for 2020 was 4.7 percent.
The government also exceeded respective targets for both revenue and expenditure in the first nine months of the year resulting in the new fiscal deficit figures.