Finance Minister, Ken Ofori-Atta, has disclosed encouraging developments in the country’s economy, following a period of severe economic hardship in 2022.
During the 2023 Mid-Year Budget Review presented in Parliament on July 31, Mr Ofori-Atta highlighted the positive outcomes of the government’s plans and programmes.
“In the face of various challenges, we are witnessing modest gains in turning our economy around,” stated Mr Ofori-Atta.
“It is crucial that we acknowledge and appreciate the major milestones achieved in the past three years. Despite the difficulties, Ghana has managed to maintain peace, health, security, and a continuous supply of power, among other essential aspects of life.”
The Finance Minister expressed his optimism that the measures implemented will result in a significant upswing in economic activity, surpassing any previous achievements in the history of Ghana’s Fourth Republic.
“Our plans and programs are geared towards a sustained increase in domestic production, including manufacturing and farming, which will replace many of the products we currently import,” he added.
Acknowledging the nation’s resilience during challenging times, Mr Ofori-Atta extended his gratitude to the people of Ghana.
“The President and his government are thankful for the patience, understanding, and positive contributions of the good people of Ghana in our efforts to weather the storm,” he said.
The Finance Minister emphasised that significant progress has been made in restoring macroeconomic stability, leading to positive changes in the economic narrative.
“The economy is showing signs of recovery. The exchange rate has stabilized, inflation has softened, and interest rates have declined since December 2022,” he shared.
Mr Ofori-Atta reiterated the government’s determination to continue on the path of progress. “We have turned the corner, and we are committed to staying on this trajectory of economic growth and stability,” he affirmed. “With the support of the Ghanaian people, we anticipate witnessing economic activity that surpasses any previous achievements in our country’s history.”
ALSO READ: