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“Our economy is picking up gradually” – Ofori-Atta on economic crisis

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Minister of Finance, Ken Ofori-Atta, has indicated that after facing tremendous economic difficulties in 2022, Ghana is currently making modest progress in turning around its economy.

Presenting the 2023 Mid-Year Budget Review in Parliament on July 31, the Finance Minister stated that the government’s plans and programmes are starting to yield positive results.

Mr. Ofori-Atta further urged the Ghanaians to acknowledge and appreciate the major milestones achieved in the past three years.

“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.”

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