World leaders commemorate Ghana’s independence day celebration

Ghana, a country in West Africa, recently celebrated its 68th Independence Day with world leaders and members of the Economic Community of West African States. The celebration was marked by commendations from U.S. Secretary of State, Marco Rubio, who praised Ghana for its steadfast leadership in the region. As the country reflects on its journey since gaining independence, CNBC Africa's interview with Benjamin Boachie, Chief Economist at Secondstax, provided insights into Ghana's economic growth trajectory over the years. Boachie highlighted key moments in Ghana's economic history, such as its struggle with debt in 2004 and subsequent recovery, including currency redenomination and the discovery of oil reserves. He emphasized the importance of democratic governance and responsible economic policies in navigating challenges and leveraging international partnerships. Ghana's recent transition to a new government under President Nana Akufo-Addo has brought renewed focus on economic reforms and sustainability. The government's agenda includes strengthening public financial management, combating illegal mining activities, improving the energy sector, and exploring new trade financing mechanisms within Africa. Additionally, there is a growing emphasis on enhancing credit formation in the banking sector to support private sector growth. These initiatives signal a positive direction for Ghana's economic development moving forward. While the country faces challenges such as inflation and GDP growth expectations, the ongoing dialogue and policy measures demonstrate a commitment to addressing key economic issues and driving sustainable growth. Ghana continues to position itself as a key player in West Africa, attracting global interest and fostering collaborative relationships with international partners.