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President Kufuor, in State of Nation Address, describes his
achievement as solid
Accra, Feb. 14, Ghanadot/GNA - President
John Agyekum Kufuor on Thursday gave an upbeat assessment of
the performance of the Government over the last seven years
describing its achievements as "solid".
He said through well-implemented policies and adherence to
fiscal and monetary discipline, Ghana was now solvent and
the economy strong and resilient.
In his last State of the Nation address to Parliament,
intermittently interrupted with applause from the majority
and heckling from the minority, President Kufuor said the
spectacular issuance of a Euro-Bond on the London Stock
Exchange to raise 750 million dollars for infrastructural
development and the economy's ability to withstand the heavy
shocks of the price of crude oil was testimony to this fact.
Added to these, were the successful redenomination of the
Cedi, without incident; the flocking in of many reputable
banks; commencement of offshore banking and the rating of
Ghana as the most attractive place to do business in the
emerging markets by the World Bank.
Again there has also been a consistent growth in the Gross
Domestic Product (GDP), which has now moved beyond the 6.5
per cent mark and is expected to hit eight per cent within
the next three years.
President Kufuor, who said his abiding principle in life had
been to leave a place better than he found it, pointed out
that given the high levels of inflation of over 40 per cent
and interest rates of more than 50 per cent in 2001, as well
as the free fall of the Cedi at the time, with the Tema Oil
Refinery (TOR) then smarting under crushing debts and being
blacklisted, the country on the balance had done
progressively well under his watch.
He said he was confident that, with the present trend of
progress, the country should be able to achieve the
Millennium Development Goal of reducing poverty by half
ahead of schedule.
"A socially sensitive development framework is already in
place. We must build on it to promote widely shared growth
which will come to reflect in the pockets of the people
generally."
President Kufuor touched on the discovery of oil in
commercial quantities estimated to be over three billion
barrels and said this was the country's biggest blessing of
the Jubilee Year and that proceeds from it should have a big
impact on the economy within the next two to three years.
He announced the setting up of Ministerial Committee to work
towards the development of appropriate policies and
measures, especially a regulatory framework to make the
sector profitable to the entire society.
"With proper management of the oil, the country should be
free from the inadequate liquidity, which has been a major
constraint to effective discharge of development programmes."
Besides, Ghana's dependency on external donor support would
be reduced, thereby strengthening the self-confidence of the
nation and people.
President Kufuor also touched on the rediscovery of the
national spirit since the start of the Jubilee Celebrations
last year, noting that, the pulse of the nation had become
vibrant and the people's outlook positive and enthusiastic.
"Ghanaians are displaying a strong yearning to be the best
or with the best in Africa, as was manifested clearly during
the just ended soccer tournament."
He asked the nation to take pride in the remarkable
performance of the national team, the Black Stars, in the
football fiesta, something that has helped the country to be
ranked first in Africa and 14th in the world by the world
football controlling body, FIFA, in its latest rankings.
President Kufuor saluted the Black Stars and the technical
team for doing their best and for being good sportsmen as
well as the Local Organizing Committee for their
contribution
GNA
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