The following highlights represent what President Akufo-Addo said in his first State of the Nation address to Parliament on Tuesday, February 21, 2017.

• I used to be here as MP, now I’m President
• Thank God for peaceful and smooth transfer of power
• Sincere appreciation to President John Mahama for his leadership and role in the transition.
• Happy for presence of two ex-presidents Jerry Rawlings and John Kufuor.
• Congratulates Mr Speaker on his election to preside over parliament.
• Commends EC and its Chairperson, Charlotte Osei, for the conduct of 2016 elections.
• Condemns political vigilantism and asks NPP/NDC to ensure it does not happen again.
• I am here in fulfillment of Constitution demand to account on state of the nation.
• I was inaugurated six weeks ago and have been building my team.
• I am, indeed, in a hurry, I am in a great hurry.
• Thank you Parliament, for expeditious vetting and approval of ministerial nominees.
• Council of State composed and ready for inauguration this week.
• Conditions demand that government machinery functions efficiently and at full force, nothing should be left on autopilot.
• SONA will highlight state of economy, governance and national culture and attitudes.
• Economy is in a bad way, our worst fears confirmed, plus a few additional, unpleasant surprises.

• Previous government had more than ten times financial resources than any other since independence but its management of economy in the run up to the 2012 elections resulted in a quagmire. IMF had to come in ostensibly to restore fiscal discipline, debt sustainability and increase economic growth.

• Government failed promise not to repeat in 2016, the reckless public expenditure that characterized the 2012 election. Missed virtually all the targets under the IMF programme, as at December 2016.
• Total projected expenditure for 2016 was GH¢43.9 billion (26% of GDP), but actual expenditure amounted to GH¢50.3 billion (30.2% of GDP). It appears that some GH¢7 billion of arrears and outstanding payments circumvented public financial management system.
• Revenue performance for the year was poor. Total revenue target was GH¢37.9 billion (22.7% of GDP), but actual revenue came in at GH¢33.2 billion (19.9% of GDP).
• Increasing fiscal deficits financed by increased borrowing. At the beginning of 2009, Ghana’s total debt stock was GH¢9.5 billion but by the end of 2016, the debt stock had ballooned to GH¢122 billion. Ghana’s debt stock now stands at 74% of GDP.
• More debt was accumulated by the previous government in the last eight years than all other governments put together since independence!
• Wages and salaries, interest payments and amortization and statutory payments consume Ghana’s total revenue as a result of policy choices.
• Economic growth declined dramatically notwithstanding the record amount of financial resources at the disposal of the previous government, Ghana’s GDP growth in 2016 is estimated at 3.6%. This is the lowest GDP growth in about 23 years.
• Banking sector not escaped economic decline and become increasingly fragile. Significant vulnerability of banks to current economic conditions, with many exhibiting significant weaknesses.