President Akufo-Addo has assured Ghanaians that the country is on the verge of a breakthrough in its economic fortunes.

Speaking at the Independence Day Parade on Wednesday, he mentioned initiatives that the government is embarking on to ensure the country and economy's transformation.

President Akufo-Addo said: “I refer to the successful selection of strategic partners that will work with the Ghana Integrated Aluminium Development Corporation (GIADEC) to build a new alumina refinery and develop mines at Nyinahin-Mpasaaso as three of four projects being executed under the Integrated Aluminium Industry (IAI) projects."

“I have witnessed the signing of two separate agreements in Accra recently, firstly, between GIADEC, a wholly-owned public entity, and Rocksure International, a wholly-owned private Ghanaian company, selected, after a rigorous process, as a strategic partner to develop a mine at Nyinahin-Mpassaso; and, secondly, between GIADEC and Mytilineos SA, a leading global industrial and energy company, which entails the development of a second mine at Nyinahin-Mpasaaso, and the establishment of a refinery,” he added.

President Akufo-Addo indicated that these will ensure that the exportation of raw bauxite from the country becomes a thing of the past.

He noted that Ghana will refine bauxite mined in the country, to produce alumina that will feed the VALCO smelter and the downstream aluminium industry.

He explained that it is going to have a huge impact on Ghana's industrialisation when the country produces parts for motor vehicles, air crafts, roofing sheets and home utensils.

This will also “deliver employment and high-paying jobs for our people and also ensure integration and value addition across the bauxite/aluminium value chain,” he said.

President Akufo-Addo also mentioned the establishment of Ada Songhor Salt project, being spearheaded by Electrochem Salt Mine Ltd as one of the initiatives that will bring change to the economy and the people.

“After many years of disputes, which prevented the exploitation of salt at the site, work has finally started and salt will be mined on a large commercial scale. With its initial ability to produce some 650,000 metric tonnes of salt per annum, and expanding its productive capacity to one million metric tonnes this year, and to two million metric tonnes by 2027, at 99.99% purity, the Electrochem Salt Mine will be the biggest salt producing facility in Africa.”

President Akufo-Addo believes that these initiatives will significantly change the economy and cheer Ghanaians up.

“It has taken a long time for us to get to this stage, but we have taken the trouble to make sure that we get it right. I am optimistic that, together with other initiatives of this Government, we are on the verge of a breakthrough in our economic fortunes," he added.

Ghana has been seeking a bailout from the IMF following an economic downturn. The first and second tranches have hit the Bank of Ghana’s account.

In Febraury, the International Monetary Fund (IMF) emphasised the importance for Ghana to stay committed to its bailout program to fully realize its benefits.

The Bretton Woods Institution stressed the need for effective implementation of structural reforms, especially following the disbursement of the $600 million second tranche to the government.

However, Ghana needs to engage the IMF for consensus on anticipated revenue shortfalls due to the planned suspension of the VAT on electricity following the stiff opposition from the Trades Union Congress (TUC).

Despite this, the IMF's Director of the African Department, Abebe Selassie, stressed the necessity for Ghana to adhere strictly to the agreed-upon austerity measures to navigate its way out of the economic crisis.

According to Mr Selassie who was speaking in a webinar on February 5, from Washington DC, these measures are vital for Ghana's economic prosperity.