President Nana Addo Dankwa Akufo-Addo has said Ghana’s economy has rebounded with an average GDP of 3.2% for the first nine months of 2023, compared to 2.9% within the same period in 2022.
He said with the exchange rate becoming increasingly more stable and interest rates easing, it is imperative to conclude that “we have, indeed, turned the corner and can look forward to attaining a more resilient and transformed economy.”
Across the African continent, President Akufo-Addo said average growth “estimated at 3.8% in 2022, stabilised at 4.1% in 2023 and is forecasted to reach 4.3% in 2024.”
President Akufo-Addo was addressing Heads of State and the international business community at the Timbuktoo on ‘Unleashing Africa’s Startup Revolution’, organised on the sidelines of the World Economic Forum in Davos Switzerland on Tuesday.
He recognised and indicated that the continent’s youthful demography presents massive potential for further growth and innovation, the reason why entrepreneurs and investors are flocking to the continent.
Whilst recognising the many challenges needed to be scaled to unlock the continent’s potential, he was happy to state that, “most countries on the continent are certainly moving in the right direction.”
“Indeed, for many African leaders, our foremost challenge now and over the short term is to ensure that we put in place the right structures to enable young Africans to create innovative and compelling businesses that can contribute significantly to job creation and sustainable economic growth,” he stated.
With such focus on job creation, primarily due to Africa’s 1.3 billion people, which is expected to double up to 2.5 billion by 2050, President Akufo-Addo said “Africa has the youngest population in the world, according to the U.N., with 60 per cent of the population under the age of twenty-five.”
President Akufo-Addo said was exciting to note that growth potential was already enticing entrepreneurs and investors into the continent, which has been driven by a combination of factors including low market penetration, as well as a variety of industries which remain underserved.
Having performed way better than its South American counterparts, he said the ravaging effects of COVID have left Sub-Saharan Africa alone in need of some US$574 billion annually, until 2030 to finance the Sustainable Development Goals (SDGs).
The President was, however, hopeful that, “with initiatives like Timbuktoo, all of us, governments, the private sector and international partners, must ensure the Pan-African startup ecosystem is supported with the right legal frameworks, systems and deal pipelines for us to realise not only a demographic dividend, but also create a platform for funding ground-breaking solutions to some of the most critical problems plaguing the Continent.”
Rex Mainoo Yeboah, ISD