Inflation was now down to 10.4 per cent from 13.4 per cent, with the fiscal deficit declining from 9.37 per cent to 5.37 per cent.
Gross Domestic Product (GDP) growth has also shot up to 8.5 per cent from 3.6 per cent, with industrial growth at 20.5 per cent.
President Akufo-Addo described the progress made over the last 16 months as encouraging.
He said their goal was to aggressively promote “a value-added industrialised economy to create jobs, modernise agriculture and increase in trade and investment”.
This year’s celebration of the workers’ day was held at the Baba Yara Sports Stadium in Kumasi.
‘Sustainable Development Goals and Decent Work – the Role of Social Partners’ was the theme chosen for the event.
President Akufo-Addo took the opportunity to outline various programmes and interventions being implemented by his administration to better the lives of people.
These were in the areas of education, health, agriculture, job creation, environmental protection and the welfare of Organised Labour.
He announced that in the last 16 months, a total 33,160 teachers and 16,502 nurses had been employed.
Approval had also been given to engage an additional 32,000 nurses this year, to boost healthcare delivery.
Touching on the government’s signature ‘Planting for Food and Jobs’ programme, he said there were plans to extend it to benefit 500,000 farmers from the current 200,000.
President Akufo-Addo called for all to unite behind the efforts at fighting poverty, hunger and environmental degradation.
He underlined the government’s determination to build the entrepreneurial skills of young people through technical and vocational education.
He applauded Ghanaian workers for the hard work and commitment to duty, and appealed to the labour unions to help their members to avoid practices inimical to increased productivity.
He expressed excitement at the industrial calm, and said the peace between the government and Organised Labour had been due to continued engagement between the two parties to address workers’ concerns.
On the tier one and tier two pension schemes, he said they had stepped up the effort at reviewing these schemes to bring their operations and policies to standard for the benefit of pensioners.
Dr Yaw Baah, Secretary-General of the Ghana Trades Union Congress, praised workers for their dedication and hard work, which had helped to improve the growth and development of country.