We have turned the economy around after experiencing severe economic hardship in 2022 – Ken Ofori-Atta

After facing great economic hardship in 2022, Ghana is now achieving small economic progress, according to Finance Minister Ken Ofori-Atta.

On July 31, Mr. Ofori-Atta stated during the presentation of the 2023 Mid-Year Budget Review in Parliament that the government’s plans and programs are beginning to show progress.

The Finance Minister urged the country in his speech to recognize and celebrate the significant accomplishments made over the last three years.

Ghana has managed to retain a number of important aspects of life, including peace, health, security, and a steady supply of power, despite overcoming numerous obstacles.

Ofori-Atta expressed confidence that the steps taken will result in an increase in economic activity that will be unprecedented in the Fourth Republic’s history.

“Mr. Speaker, it is important that we acknowledge some of the major milestones that this country has experienced in the last 3 years. We should be still and appreciate that despite our challenges as a country, we have been saved from many extreme conditions that others have suffered, including peace, health, security, continuous supply of power, and life itself, amongst others.

“Over that period, the country has gone through extremely difficult situations, and the gratitude of His Excellency the President and his government goes to the good people of Ghana for their patience, understanding and positive contributions to Government’s efforts to weather the storm.

“Mr. Speaker, 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.”

“As I have indicated, we have made significant progress on restoring macroeconomic stability and the narrative is changing. The economy is showing signs of recovery. The exchange rate has stabilised, inflation has softened, and interest rates have declined since December, 2022.”

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