Exchange rate has stabilized, inflation has softened, and interest rates have declined – Ken Ofori-Atta

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In his 2023 mid-year budget review, Minister of Finance Ken Ofori-Atta stated that the government’s efforts to lessen the effects of COVID-19 and the current economic difficulties had been successful in stabilizing fluctuating exchange rates, taming inflation, and lowering interest rates.

In his address, the finance minister credited the accomplishments to continuous budgetary changes made by the government.

He said that the weak economy has greatly improved as a result of these budgetary changes.

“Mr. Speaker, the implementation of ongoing fiscal adjustments and sustained investments in our people have contributed immensely to the stabilisation we are seeing in the economy. Exchange rate has stabilised, inflation has softened, and interest rates have declined since December 2022, and private investments have been announced due to increased investor confidence in our economy.”

He hinted that he and the government would continue to endeavor to keep the economy growing so that pricing for products and services would remain within the reach of average residents.

“Ordinarily, Mr. Speaker, these positive trends should ease the burden on our pockets. As a Finance Minister and a family man myself, I will continue to work hard to build and sustain a favourable macroeconomic environment, and remain confident that the prices of goods and services would reflect the trend for all of us – for our families and enterprises.”

The domestic debt exchange program, which Mr. Ofori-Atta praised as giving the government “increased fiscal flexibility and addressing cash and other liquidity constraints,” was also praised. We want to thank everyone who invested in this exchange once more.


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