Unpacking President Akufo-Addo’s last state of the nation address

Ghana's President, Nana Akufo-Addo, recently delivered his last state of the nation address, where he announced the payment of the second-largest coupon in the country's history to domestic bondholders. The GH¢5.84 billion payment was made last week Tuesday, showcasing the government's commitment to meeting its financial obligations. Additionally, President Akufo-Addo revealed plans to introduce a Performance Tracker by March aimed at ensuring transparency and accountability in project financing and execution. Kweku Arkoh-Koomson, an Economic Analyst at Data Bank, joined CNBC Africa to discuss the key highlights of the President's address. During the interview, Arkoh-Koomson shared his insights on various topics, including the economy's performance, debt restructuring talks with creditors, and the overall reception of the President's speech. One of the key takeaways from the address was the emphasis on program accomplishments like the 'Planting for Food and Jobs' and 'One District One Factory' initiatives. While these achievements were lauded, Arkoh-Koomson noted that there were no major surprises in the address, with most points being familiar to the public. He also touched upon the ongoing debt restructuring talks with creditors and expressed optimism about the new Finance Minister's ability to navigate these negotiations effectively. Despite the former Finance Minister's optimism about concluding the talks by March, Arkoh-Koomson suggested that achieving a sustainable debt limit agreement might take longer due to complex negotiations. The interview also delved into the general public's reaction to the President's speech. Arkoh-Koomson highlighted that while Ghanaians appreciated the political stability assurance provided by the President, there was a sense that the economic narrative had not significantly shifted. Moreover, he evaluated President Akufo-Addo's performance in steering the economy, particularly in the aftermath of the COVID-19 pandemic. While acknowledging some positive interventions post-COVID, Arkoh-Koomson highlighted fiscal indiscipline and debt accumulation as areas of concern. Assessing the economic landscape, he described the current state of the economy as 'okay', citing a mix of positives and negatives contributing to the overall assessment. The conversation also delved into the average Ghanaian's outlook amid rising living costs and tax burdens. Arkoh-Koomson pointed to the IMF program as a source of hope, indicating that meeting program targets could pave the way for economic recovery and development. Overall, the interview provided valuable insights into Ghana's economic trajectory, highlighting achievements, challenges, and prospects for the future.