The Minister of Finance, Ken Ofori-Atta has expressed optimism about the country’s economic bounce back following its worst economic crisis in 2022.
The Finance Minister highlighted the significant gains made by the economy, attributing them to various government policies implemented to address the crisis.
He pointed out that Ghana has made remarkable progress, urging citizens to acknowledge major milestones achieved over the past three years, including a stable political atmosphere, improved healthcare, enhanced security, and a consistent power supply.
Earlier in May 2023, the International Monetary Fund (IMF) approved a US$3 billion 36-month arrangement with Ghana, and the first tranche of US$600 million was immediately disbursed to boost foreign currency reserves and stabilize the cedi, in addition to providing budget support.
Presenting the 2023 Mid-Year Budget Review on Monday, July 31, 2023, Ofori-Atta acknowledged the challenges faced during the tumultuous period and expressed gratitude to the people of Ghana for their patience, understanding, and positive contributions to the government’s efforts in weathering the storm.
“With a lot of effort, we have managed to avoid empty shop shelves for medicines and other essentials; we have seen no shortages of food; we have been spared the frustrating spectre of long queues for fuel at our filling stations; and, we have managed, in spite of all the challenges, to keep the lights on,” the minister said.
“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,” he added.
“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,” Ofori-Atta added.
The Finance Minister was also full of hope that the measures implemented will lead to a massive transformation in the economy which will surpass any previous records in the history of the Fourth Republic.
