According to the Finance Minister’s statement before parliament on Thursday, the devaluation of the cedi since the start of 2022 has raised Ghana’s debt stock by GHc93 billion this year alone.
He claims that although individuals and households are affected, the Ministry is also faced with difficulties in managing Ghana’s debt as a result of the rapid depreciation of the Cedi.
“Even as the State struggles to raise sufficient revenues, high inflation rates continue to eat away the already meagre wages of the average Ghanaian” Mr Ofori-Atta stated.
Meanwhile, he said that the government is even more motivated to permanently restructure and rebuild Ghana’s economy and increase resilience as a result of the relapse in macroeconomic stability.
The 2023 Budget Statement and Economic Policy of the Government, which aims to revive and stabilize the macroeconomy, was presented to Parliament by the Finance Minister.
According to a statement from the Finance Ministry, the government’s initiatives to rebuild and stabilize the macroeconomy, foster inclusive growth, and encourage value creation would be the main emphasis of the 2023 Budget.
Source: Ghanatodayonline.com/Louis Gyamerah