The Finance Minister, Ken Ofori-Atta, is highly optimistic that the economy will bounce back after Ghana experienced its worst economic crisis in 2022.
Presenting the 2023 Mid-Year Budget Review in Parliament on Monday (31 July), he said the economy is making significant gains from the various policies the government has rolled out.
In mid-May 2023 the International Monetary Fund (IMF) approved a US$3 billion 36-month arrangement with Ghana and immediately disbursed the first tranche of US$600 million to bolster Ghana’s foreign currency reserves and help stabilise the cedi as well as for budget support.
Ofori-Atta said Ghana has come far since the turmoil, urging Ghanaians to appreciate the major milestones achieved in the past three years such as a stable political atmosphere, health, security, and a continuous supply of power.
“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 Budget Review, which is presented annually, in accordance with Article 179 of the 1992 constitution and the Public Financial Management Act 2016 (Act 921), offers the opportunity to revise macroeconomic targets and presents a comprehensive economic outlook for the rest of the fiscal year.
Source: Daily Mail GH