Ghana’s economic fundamentals have seen significant growth under the Akufo-Addo-led government, Finance Minister, Ken Ofori Atta has said.
Mr Ofori Atta who made the statement at his third budget reading since becoming minister said the economic growth which declined to 3.4% in 2016, stands at 8.5% as of October 2018.
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He has attributed the feat to the prudent economic measures put in place by the economic management team of government.
“A change in the management of the economy from incompetence to competence; a change from macroeconomic instability to stability; change from a weak banking system to a more stable banking; change from a manual process at the ports with its attendant corruption to electronic process; a change from dumsor to that of power; a change from sole sourcing to competitive bidding which has saved the country billions of cedis. A change from graduate unemployment to employment with the NABCO programme; a change from a dead colonial railway sector [are responsible for the growth],” he stated.
The Finance Minister said the success is evidence of the macroeconomic discipline that was lacking in previous years.
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“The government is on course and we shall not return to Egypt; we still have a long way to go. We are paying for the years the locusts have eaten. We are moving forward in the right direction. We are on course to exiting the IMF,” he stated.
Mr Ofori Atta added that abolishing excise duty on Petroleum, reducing Special Petroleum Tax, abolishing Special Import Levy, among many others, all point to a stable economy.
He said the government will pursue prudent economic measures without compromising fiscal consolidation.
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