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The President of the Republic, Nana Addo Dankwa Akufo-Addo, highlighted the positive economic trajectory of African economies since 2023, following a challenging start to the 2020s. Speaking at the Timbuktoo: Unleashing Africa’s Startup Revolution event on the sidelines of the World Economic Forum in Davos, Switzerland, on January 16, 2023, President Akufo-Addo emphasized the resilience and adaptability demonstrated by African economies amidst global uncertainties.
Focusing on Ghana’s economic progress, President Akufo-Addo noted a rebound in economic growth, citing an average GDP of 3.2% for the first nine months of 2023 compared to 2.9% in the same period of 2022. He highlighted the stabilization of the exchange rate and softening interest rates, indicating a positive turn towards a more resilient and transformed economy.
Across the African continent, the President mentioned an average growth of 3.8% in 2022, stabilizing at 4.1% in 2023 and forecasted to reach 4.3% in 2024. He underscored the potential for growth and innovation driven by the continent’s youthful demography, attracting entrepreneurs and investors.
Acknowledging challenges, President Akufo-Addo expressed optimism about the continent moving in the right direction. He emphasized the need to establish structures facilitating young Africans in creating innovative businesses for job creation and sustainable economic growth.
With a focus on job creation due to Africa’s projected population growth to 2.5 billion by 2050, President Akufo-Addo highlighted Africa’s status as the youngest population globally. He emphasized the importance of initiatives like Timbuktoo in supporting the pan-African startup ecosystem with legal frameworks, systems, and deal pipelines to harness the demographic dividend and address critical issues on the continent. President Akufo-Addo expressed hope for collaboration among governments, the private sector, and international partners to support groundbreaking solutions and achieve the Sustainable Development Goals.
Source: Omanghana.com
