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President Nana Addo Dankwa Akufo-Addo has indicated that his administration has been able to pay ‘half of arrears’ inherited from the erstwhile Mahama administration and is "current" on its administration's "obligations to statutory funds".

"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 indicated.

He made this known during the presentation of his second state of the Nations Address, Thursday in accordance with Article 67 of the 1992 Constitution.

President Akufo Addo who reiterated that his administration inherited a bankrupt economy said through the assistance of the Economic management team led by vice President Mahamudu Bawumia, the economy is taking shape.

"I am glad to be able to report that the Economic Management Team, under the stellar leadership of the strong, brilliant economist, Vice President Mahamadu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results," Nana Addo said.

“We have reduced taxes, we are bringing down inflation and interest rates, economic growth is increasing, from the alarming 3.6% at December 2016, to 7.9% in our first year, and the indications are that it will be even better 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...We have restored teacher and nursing training allowances".

“We have doubled the capitation grant, and, to confound the skeptics and professional naysayers, we have implemented Free Senior High School education. It has enabled 90,000 more students gain access to Senior High School education, in 2017, than in 2016” he added.