He said although there was still problems with the cost of power, government was working to put Ghana at a competitive advantage. “We intend to find private sector operators to buy into the state-owned thermal plants, and inject the capital needed to bring power tariffs down for both domestic and commercial consumers,” he stated.

President Akufo-Addo said this when he delivered the State of the Nation Address to Parliament in Accra. He said the solution to the country’s power needs was adopting renewable energy sources and, therefore, encouraged investment into the renewable energy sector.

He applauded the tireless efforts of Boagye Agyarko, the Minister of Energy, for leading the effort to resolve the country’s energy challenge.  “I am sure that the House shares my relief that dumsor is no longer part of our everyday lexicon. Long may it stay so,” he said.

Touching on the economy, the President said the government had made a lot of strides, saying; “I am glad to report that the Economic Management Team, under the stellar leadership of the strong, brilliant economist, Vice President Mahamudu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results”.

President Akufo-Addo said it had reduced taxes, brought down inflation and interest rates, while economic growth had increased from the alarming 3.6 per cent in December 2016, to 7.9 per cent in the first year of his administration. He noted that, the positive economic indicators were signs that the country would experience better economic outcomes this year.

“We have increased our international reserves, maintained relative exchange rate stability, reduced the debt to GDP ratio and the rate of debt accumulation, we have paid almost half of arrears inherited, and crucially, we are current on obligations to statutory funds,” he stated.   The President said the three-year International Monetary Fund (IMF)-supported Extended Credit Facility Programme, which began in 2015, would come to an end this year.

He said the relatively good macroeconomic performance in 2017 would strongly support the successful completion of the IMF programme.  President Akufo-Addo said his government was determined to put in place measures to ensure irreversibility, and sustain macroeconomic stability, so that the nation would have no reason to seek assistance again from the powerful global body.

The State of the Nation Address is in accordance with Article 67 of the 1992 Constitution, which requires the President to deliver the address to Parliament annually.