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According to Ghana’s Minister of Finance, Ken Ofori-Atta, 2022 was his worst year in charge of the country’s public coffers.
The aftermath of the COVID-19 pandemic presented a significant problem for Mr. Ofori-Atta and the ruling New Patriotic Party, requiring the government to turn to the International Monetary Fund for relief, he said on Monday, July 31, when he presented the 2023 mid-year budget review in Parliament.
“2022 was the most difficult year for me as Ghana’s Finance Minister. On July 1st 2022, we took what was then a very difficult but necessary decision to request support from the IMF to implement our Post-COVID-19 Programme of Economic Growth (PC-PEG). The country was going through a dire period of economic uncertainties and despondency.”
He continued by saying that the government’s and the Finance Ministry’s actions have started to show benefits as the economy is slowly recovering.
“After a year, we have more firm foundations, a clearer vision, a better recovery plan, and progressively regaining confidence in our economy.
“We have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken to result in economic activity greater than anything experienced in the history of the Fourth Republic. Our plans and programmes should soon lead to a sustained increase in domestic production, including manufacturing and farming, replacing many of the products that we are used to importing.”
“The economy is showing signs of recovery. The exchange rate has stabilised, inflation has softened, and interest rates have declined since December 2022,”Mr Ofori-Atta said.
Thus, Mr. Ofori-Atta has pleaded with Ghanaians to aid the administration in repairing the damage done to the nation’s economy.
He declared that the administration is committed to making quick improvements to the citizens’ situation.
The Finance Minister had stated very forcefully that Ghana would not be seeking the IMF. Critics had no choice but to rebuke him because of the abrupt U-turn that brought Ghana to the IMF.
Source: Ghanatodayonline.com
