ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
It affected many bondholders and was one of the most challenging decisions our administration had to undertake.
It was not a choice made lightly, as we were acutely aware of the personal and financial hardships it would impose on individuals, families and institutions across the country.
Many citizens had invested their hard-earned savings, and we fully understood the pain and sacrifices this exercise demanded.
However, it became evident that, without such bold and decisive action, our economy would have faced an even greater crisis, with far-reaching consequences for every Ghanaian.
This restructuring was essential to address unsustainable debt levels, and to create the fiscal space needed to stabilise the economy and lay the groundwork for future growth.
It was critical in ensuring that Ghana could meet her financial obligations, regain the confidence of international and domestic investors, and restore our economic credibility.
Through the resilience and understanding of the Ghanaian people, coupled with the strategic measures we implemented, we have been able to chart a path towards the recovery that is underway.
Today, we are witnessing the positive outcomes of this painful yet necessary exercise.
The economy is rebounding strongly, our fiscal position is more stable, and our debt sustainability has significantly improved.
These developments have provided a solid foundation for sustained growth and development, ensuring that the sacrifices made by bondholders and other stakeholders will not be in vain, but rather the basis of Ghana's economic revival.
Mr Speaker, the country is not broke, as some propagandists want us to believe.
We are handing over the country with Gross International reserves of almost eight billion United States dollars ($8 billion.
This is more than the six-point-two-billion United States dollars ($6.2 billion) of Gross International Reserves my administration inherited in 2017.
Economic growth has also returned to the pre-COVID trajectory, with an impressive growth rate, rising from four-point-eight-percent (4.8%) in the first quarter of 2024; seven percent (7%) in the second quarter and seven-point-two percent (7.2%) in the third quarter.
It is projected that this year’s growth rate will be six-point-three per cent (6.3%), significantly higher than the three-point-four percent (3.4%) my administration inherited in 2017.
The growth of the economy is further reflected in the growth of private-sector credit.
Private sector credit in nominal terms grew by twenty-eight-point eight seven percent (28.87%) in October 2024, compared to the negative seven-point five percent (-7.5%) growth recorded in the same comparative period of 2023.
In real terms, growth in credit to the private sector improved to five-point five percent (5.5%) compared to a contraction of thirty-one-point six percent (31.6%) recorded in October 2023.
It is further reinforced by improved external balances, with the current account balance improving significantly to a surplus of two-point six percent (2.6%) of GDP in the first nine months of the year, compared to a deficit of six-point six percent (6.6%) of GDP in 2016.
In much the same way, the trade balance has improved, and stands at a surplus of three point eight five billion US dollars ($3.85 billion), compared with a deficit of one point eight billion US dollars ($1.8 billion) in 2016.
Headline inflation, which stood at twenty-three percent (23%) in November, is still very high, but this is coming down from fifty-four percent (54%) recorded in December 2022 following the effects of COVID-19 and other global economic pressures.
Encouragingly, food prices have also begun to decline, bringing some relief to households and contributing to a reduction in the overall cost of living.
Government has implemented significant measures to address the hardships that accompanied the economic difficulties.
These include increased budgetary allocations towards the School Feeding Programme, Capitation Grant, National Health Insurance Scheme, and the Livelihood Empowerment Against Poverty programme.
The stock of public and publicly guaranteed debt increased during the economic difficulties.
However, the government is servicing its debts, honouring coupon payments for both domestic bonds and Eurobonds.
Moreover, the debt levels are reducing, recording a significant reduction in the debt stock by forty-six point eight billion Ghana cedis (GH₵46.8 billion) to seven hundred sixty-one point zero one billion Ghana cedis (GH₵761.01 billion) in October 2024 from eight hundred seven point seven nine billion Ghana cedis (GH₵807.79 billion) in September 2024.
The public debt-to-GDP ratio, therefore, reduced from seventy-nine-point two percent (79.2%) in September 2024 to seventy-four-point six percent (74.6%) in October 2024.
This is expected to reduce further to fifty-five percent (55%) of GDP in net present value terms, a level that restores Ghana’s debt sustainability.
It is hoped that the new government will continue with the policies being implemented to achieve this debt sustainability target.
I am happy to inform the House that today, 3rd January 2025, my government will honour coupon payments to our Eurobond holders amounting to three hundred forty-six million US dollars ($346 million).
We cannot afford to default on our debt repayments.
These achievements demonstrate our firm commitment to the policies, structural reforms, and programme objectives and targets under the Programme.
Let me at this juncture state unequivocally that the Banking Sector Clean-up undertaken by my administration was an act of necessity, not of vendetta.
It was a bold and decisive intervention to safeguard the strength and integrity of Ghana’s financial system.
The illegalities and irregularities perpetuated by the affected banks and financial institutions are well-documented and indisputable.
These practices threatened the very foundation of our banking sector and jeopardised the hard-earned savings of millions of Ghanaians.
Our actions ensured that not a single depositor lost their money—an unprecedented achievement in financial crisis management.
Today, the results are there for all to see: a more robust, stable and resilient banking sector capable of driving economic growth and supporting the aspirations of our people.
It was a necessary decision to restore public confidence and secure the future of Ghana’s financial sector.
Mr Speaker, my government recognized, at the very outset, that the fight against corruption required more than rhetoric; it demanded systemic, sustained and strategic action.
To this end, my government initiated a holistic programme of legislative, administrative, financial and technological reforms.
Indeed, one of my most satisfactory moments as President was when we established the Office of the Special Prosecutor.
For me, this was not just another government office.
It was—and still is—a symbol of our determination to tackle corruption head-on.
I wanted Ghanaians to know that no one, no matter their rank or status, would be above the law.
Its creation was, initially, met with considerable skepticism in some quarters, but I believe that, now, there is general consensus that it has been an important contributor to our anti-corruption efforts.
During my first term, we passed the Witness Protection Act in 2018, creating a framework to safeguard individuals who cooperate with law enforcement, especially in corruption cases.
Furthermore, the Criminal Offences (Amendment) Act of 2020 elevated corruption from a misdemeanour to a felony, with harsher penalties of twelve (12) to twenty-five (25) years of imprisonment.
We also enacted key laws such as the Fiscal Responsibility Act, the Revenue Administration (Amendment) Act, and the Anti-Money Laundering Act, all of which have strengthened our institutional framework to combat corruption and ensure accountability.
We ensured that all allegations of corruption levelled against appointees were duly investigated by independent institutions of state, which generally dismissed them as unfounded.
Budgetary support for accountability institutions has also witnessed unprecedented increases.
For instance, from 2017 to 2023, CHRAJ’s budget increased by ninety-nine percent (99%), Parliament’s by one hundred percent (100%), the Office of the Attorney General by one hundred and sixty-two percent (162%), the Audit Service by two hundred and fifty-eight percent (258%), and the Police by two hundred and seventy-four percent (274%).
These investments reflect my administration’s commitment to empowering these institutions to discharge their mandates effectively, which means that the tools needed to exact accountability from all public office holders, including those of my own government, have been considerably sharpened.
The application of these tools, whilst respecting, as it should, due process and the rule of law, should, however, pose no fears for any honest public office holder.
I remember the early days of these reforms when skepticism abounded.
People asked, “Will this really make a difference?”
Today, the numbers speak for themselves.
The Auditor-General’s report for 2023 showed a reduction of five-point-two-billion cedis (GH¢5.2 billion) in financial irregularities—a thirty-two percent (32%) drop from the previous year.
Speaker, my government has undertaken impressive reforms to strengthen Ghana's judiciary, enhancing both capacity and accessibility.
Key achievements include addressing court infrastructure challenges, with the construction of one hundred (100) courthouses, ninety (90) of which have been completed and are operational, making it the biggest single infrastructural intervention for the Judiciary in our nation’s history.
The establishment of the Court of Appeal complex in Kumasi, along with twenty (20) townhouses and a guesthouse for justices in the northern sector, now enables appeals from eleven (11) regions to be handled locally, reducing delays in justice delivery.
Additionally, the implementation of the e-justice system has digitised case management and streamlined processes, solidifying the judiciary's role as a bulwark of Ghana's democracy and development.
Moreover, the Law House, a modern facility for the Office of the Attorney General, has been completed.
Speaker, infrastructure development has been a cornerstone of this administration.
The construction and rehabilitation of over twelve thousand (12,000) kilometres of roads have improved connectivity and reduced travel times.
These projects have not only facilitated trade, but also enhanced access to essential services.
It is fitting, therefore, to acknowledge that this administration has constructed more roads and interchanges than any other in our nation’s history.
In the Greater Accra Region alone, we have completed the Pokuase Interchange, Tema Motorway Interchange Phase I, Obetsebi Lamptey Interchange Phase I, the East Legon Underpass, and, recently, the Flowerpot Interchange.
Beyond Accra, we have also delivered the first-ever interchanges in the Eastern Region, at Suhum, and in the Northern Region, at Tamale.
Each of these projects tells a story of commitment, foresight, and a Ghana that is continuously moving forward.
There are fourteen (14) additional interchanges currently underway across Ghana, each at different stages of completion.
In Greater Accra, we are building interchanges at Obetsebi Lamptey Interchange Phase II, Nungua, Adjiringanor, Kpone Barrier, Prampram, Dawhenya, Savannah and Tema Motorway Phase II.
In the Ashanti Region, ongoing projects include the Suame Interchange Phase I, Anomangye, Maakro/Magazine New Road, Abusuakuruwa and Abrepo, as well as the PTC Interchange in Takoradi in the Western Region.
These projects represent the scale of our ambition—a commitment to excellence and growth that knows no limits.
Speaker, in aviation, we have expanded airports, including the construction of the Yakubu Tali International Airport in Tamale, the Prempeh I International Airport in Kumasi, the rehabilitation of the Sunyani Airport in Sunyani, and the completion of the Ho Airport, in Ho.
These projects position Ghana as a hub for regional air travel.
Speaker, over the past seven years, we have revitalized Ghana’s railway sector, undertaking key projects to modernize and expand the network.
Notable achievements include the rehabilitation of the sixty-six-kilometre (66-kilometre) narrow-gauge Western Line from Kojokrom to Tarkwa, the construction of a twenty-two-kilometre (22-kilometre) standard gauge line between Kojokrom and Manso, and securing funding to extend the Western Line from Manso to Huni Valley, connecting to the Port of Takoradi.
Additionally, a six-kilometre (6-kilometre) standard gauge line in Kumasi is underway, and the Tema-Mpakadan line has been completed.
Progress on the Ghana-Burkina Faso railway project further underscores efforts to enhance regional trade and integration.
Speaker, we have made some good strides in improving the housing sector.
Over the period, we have built one thousand and seventy-two (1,072) affordable homes, and broke ground for an additional eight hundred (800) in Kpone in the Greater Accra Region.
We have also established the National Homeownership Fund, which is delivering five hundred and thirty-four (534) homes in Tema Community Twenty-Two.
We delivered one thousand (1,000) homes to the security services, and are delivering six hundred (600) homes for public servants through the Bungalow Redevelopment Programme.
Speaker, the transport sector has also seen the deployment of electric buses in major cities, reducing carbon emissions and aligning with our climate change commitments.
These advancements signal Ghana’s commitment to building a sustainable transport infrastructure for the future.
Behind every completed road and bridge is a story of lives transformed—farmers reaching markets, students accessing schools, and families connected.
Speaker, my government has prioritised the modernisation of Ghana’s maritime infrastructure, with the Takoradi Harbour standing as a shining example of this commitment.
The port has been transformed into a world-class facility, enhancing its capacity to meet the demands of modern trade and of the oil and gas industry.
In November 2024, I commissioned a state-of-the-art Oil and Gas Services Terminal, a one-hundred-million-dollar ($100 million) investment, which serves as a hub for oilfield operators, logistics service providers, and other key players in the energy sector.
Additionally, I launched a Dry Bulk Terminal and the Atlantic Services Container Terminal, diversifying the port's capabilities and solidifying its role as a critical player in regional and international commerce.
We have also begun the processes for the construction of another modern port at Keta.
These efforts are positioning Ghana as a leading logistics and shipping hub in Africa, creating jobs, boosting investor confidence, and ensuring sustainable economic growth for our nation.
Speaker, agriculture remains the backbone of our economy, and our investments in this sector have been transformative.
Through the distribution of over 2.7 million bags of fertilizers and improved seedlings, we have increased crop yields and enhanced food security.
For example, maize production increased by one hundred and ten percent (110%), rice by forty-eight percent (48%), and soybean by one hundred and fifty percent (150%) between 2017 and 2023.
The establishment of one hundred and forty (140) agricultural mechanisation centres and the rehabilitation of irrigation schemes have modernized farming practices and reduced dependence on rain-fed agriculture.
The establishment of warehouse facilities under the One District, One Warehouse initiative has also helped reduce post-harvest losses by thirty percent (30%).
The net effect of these policies is that our agricultural GDP growth rate rose significantly from two-point seven percent (2.7%) in 2016 to an average of five-point-seven percent (5.7%) in 2023.
Our cocoa sector has witnessed remarkable improvements, with productivity increasing from an average of four hundred and fifty kilogrammes (450kg) per hectare to eight hundred kilogrammes (800kg) per hectare, making Ghana a leader in sustainable cocoa production.
The Living Income Differential policy, a policy agreed to by President Alassane Ouattara of Cote d’Ivoire and myself, under the aegis of the Strategic Partnership Agreement between our two countries, which is a fixed premium of four hundred US dollars ($400) per tonne, added to the selling price of cocoa beans, irrespective of fluctuations in market prices, ensured that our hardworking cocoa farmers receive a fairer share of the global value chain, indeed receiving the highest prices in the history of the cocoa industry in Ghana.
We were told by the Minority Leader on the campaign trail, and in the presence of the now President-Elect, that my successor will increase the price per bag of cocoa from the current three thousand, one hundred cedis (GH¢3,100) to six thousand cedis (GH¢6,000).
Our farmers will be very happy when this pledge is realised.
In the fisheries sector, the construction of twelve (12) landing sites and cold storage facilities across the coastal regions, along with the commissioning of the Jamestown Fishing Harbour and the Elmina Fishing Harbour, has improved livelihoods and reduced post-harvest losses.
These interventions have significantly boosted the incomes of our fisherfolk and contributed to the sustainability of our marine resources.
We have also enforced measures to combat illegal, unreported and unregulated (IUU) fishing, protecting our marine biodiversity for future generations, and proving the doubting Thomases wrong about our commitment to transforming the fisheries industry.
Speaker, Ghana has made significant progress in expanding electricity access, with electricity access rate increased to eighty-eight-point-eight- five percent (88.85%), up from the 79.3% I inherited.
In renewable energy, completed projects such as a four-megawatt (4MW) floating solar PV at Bui and a fifteen megawatt (15MW) solar PV at Kaleo, together with a one hundred megawatt (100MW) solar PV under construction at Bui and a mini-grid Electrification Programme in Ada East have advanced efforts to reach the ten percent (10%) renewable energy target by 2030.
Speaker, it is worth emphasizing that I inherited a nation plagued by dumsor, but I am very happy to say that I leave office in 2025 with the lights on.
This achievement did not come without its challenges.
When my administration assumed office, we inherited an energy sector legacy debt of two-point-five billion dollars ($2.5 billion).
The Energy Sector Recovery Programme (ESRP), developed by Government and the World Bank, projected that this debt would balloon to a staggering twelve-point-five- billion ($12.5 billion) within five (5) years, if no decisive actions were taken.
We knew that such a scenario would cripple the sector, undermine investor confidence, and plunge the nation back into darkness.
Speaker, we got to work immediately.
Through tough negotiations with Independent Power Producers (IPPs), prudent financial management, and targeted interventions, we have been able to stabilise the sector, while keeping the lights on.
I am pleased to report that we have kept the energy sector legacy debt at two-point-five billion ($2.5 billion), the same level we inherited, and have averted the twelve-point- five billion dollar (US$12.5 billion) debt scenario, despite the rising cost of energy production, and the global economic challenges that have unfolded during my tenure.
The energy sector has truly been transformed, and I am leaving office confident that the foundations we have laid will serve this nation well for generations to come.
Speaker, one of the most notable milestones of my administration has been the creation of six new regions—Western North, Ahafo, Bono East, Oti, North East, and Savannah.
This historic achievement responded to decades of passionate advocacy by local communities for a governance structure that brings development closer to the people.
Today, these regions stand as evidence of our commitment to equitable development, with enhanced access to public services, infrastructure, and economic opportunities for millions of Ghanaians.
Additionally, my administration championed a bold vision for local governance by advocating for the election of Metropolitan, Municipal, and District Chief Executives (MMDCEs).
Though the process was unfortunately aborted, I remain hopeful that, in the not-too-distant future, this vision will become a reality.
Such a reform would deepen democratic accountability and empower citizens to shape their local governance directly, ensuring that Ghana’s democracy continues to grow stronger and more inclusive.
Speaker, the youth are the heartbeat of our nation, and we have implemented programmes to empower them.
From the National Youth Authority reforms to sports infrastructure development, we have ensured that young Ghanaians have the tools and opportunities to thrive.
The construction of some one hundred and fifty (150) astroturf pitches across the country, and the rehabilitation of existing stadia, have bolstered Ghana’s standing as a hub for international sports, including hosting successfully, despite all odds, the 2023 All-Africa Games.
Creating an entrepreneurial climate has been a cornerstone of my administration's vision for empowering Ghana's youth.
From the establishment of the National Entrepreneurship and Innovations Programme (NEIP) in 2017 with a ten million United States dollar ($10 million) seed fund to the transformative Greenhouse Estate Project and Entrepreneurship and Innovation Centre in 2020, we have supported fifteen thousand (15,000) startups, trained two hundred and fifty thousand (250,000) young entrepreneurs, and created over one hundred thousand (100,000) jobs.
Initiatives being implemented by the Ghana Enterprises Agency (GEA), like the Ghana Economic Transformation Programme, Hubs Grant Acceleration Programme, CAPBuss, YouStart and the Ghana Cares Obaatanpa Programme, have further strengthened this vision, benefiting some one point six million (1.6 million) Ghanaians and disbursing over two billion cedis (GH¢2 billion) in loans and grants.
These efforts have sparked innovation, created jobs, and laid the foundation for a thriving entrepreneurial ecosystem, leaving a legacy of opportunity and growth.
Speaker, in tourism, the Year of Return in 2019 and Beyond the Return initiatives attracted over 1.5 million visitors.
These campaigns not only boosted our economy, but also strengthened ties with the African diaspora, positioning Ghana as a premier destination for cultural heritage and investment.
The establishment of eco-tourism sites and cultural heritage projects has further diversified our tourism offerings, attracting global attention.
One of the significant undertakings in this sector has been the renovation of the Kwame Nkrumah Mausoleum.
This celebrated site, dedicated to the memory of our first President, Kwame Nkrumah, has been transformed into a world-class facility that honours his legacy and attracts visitors from around the globe.
The renovations include modernized exhibits, improved infrastructure, and enhanced visitor experiences, ensuring that the Mausoleum remains a symbol of Ghana’s rich history and a source of inspiration for generations to come.
As visitors walk through the Mausoleum, they are reminded of the sacrifices and vision that built the foundation of our modern nation.
The Nationalism Park, which I recently commissioned, and which commemorates other important personalities in our independence struggle, like Nii Kwabena Bonney, Osu Alata Mantse, and the legendary three ex-servicemen of the 1948 Christiansborg Crossroads Shooting fame – Sergeant Adjetey, Corporal Attipoe and Private Odartey Lamptey – has also been added to this development, as will be the proposed Heroes Park, whose sod I cut recently, and whose purpose will be to celebrate the legendary ‘Big Six’ of UGCC Fame and other great figures of our path to freedom.
Speaker, our security forces have been equipped with modern tools and training to safeguard the nation.