Coronavirus has impacted heavily on our economy - Akufo-Addo admits

He reiterated that the pandemic also weakened health systems as it had to admit several persons who had contracted the virus.

“COVID-19 has impacted heavily on economic activities. Creating uncertainties, weakening global growth conditions while putting undue strain on weakening fragile health systems particularly in developing countries,” he explained.

While the economy witnessed stabilization about 3 years ago, it plunged because of the outbreak of the coronavirus pandemic.

“Mr Speaker, between 2017 and the first quarter of 2020 we had made considerable gains in the management of the national economy where we witnessed annual average GDP growth of 7%, single-digit inflation, the reduced fiscal deficit with 3 consecutive years of primary surpluses, and relatively stable exchange rate…,” he stated.

President Akufo-Addo said this while delivering his State of the Nation Address in Parliament Tuesday, March 9, 2021.