2023 will be a comeback year for Ghana – Ofori-Atta on economy

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The Finance Minister, Ken Ofori-Atta, says he will ensure Ghana’s economy changes for the better in 2023.

He said the New Patriotic Party (NPP) government will put in place a strong economic foundation next year.

Mr. Ofori-Atta said this on Monday, December 19, 2022, while addressing the public on the suspension of the external debt payment.

The ensuing years will focus on building an entrepreneurial and export-driven economy as we grow the economy to protect and create jobs, tackle inflation, and strengthen our currency. The importation of food should soon be a thing of the past.

“2023 must be our “comeback” year. A year in which we put in place stronger foundations that would allow us to change our country for the better and in a way that is enduring, inclusive and transformational.

We all have a role to play. And I urge us all to work together with the Government and support the various interventions being implemented to kick–start our recovery in a determined, bold and courageous way,” the Finance Minister opined.

He also stated that the announcement of the debt exchange programme and the staff-level agreement with the International Monetary Fund on a $3 billion bailout have contributed immensely to the rebound of the economy.

The launch of the debt exchange programme, coupled with the signing of the Staff Level Agreement with the International Monetary Fund, have aided our stability efforts and have in particular contributed significantly to the rebound of our currency.

While accommodating the inputs of stakeholders, we must do all we can to sustain the gains of these initiatives keeping in sight the urgency of obtaining IMF Board approval in Q1 2023. The cost of this not succeeding will be too huge for our economy.”

In a related development, President Akufo-Addo has also stated that the appreciation of the cedi against all major trading currencies is a result of deliberate policy interventions introduced by his government over the last few months.

According to him, “the strengthening of the cedi has not happened by chance, but through the implementation of deliberate policies by government, in collaboration with the Bank of Ghana.

These measures, he said, include cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value.

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