By Franklin ASARE-DONKOH
The Finance Minister, Ken Ofori-Atta, says Ghana is currently making modest gains in turning the illing economy around after experiencing severe economic hardship in 2022.
Mr. Speaker, eight months ago, I presented the 2023 Budget Statement and Economic Policy of the Government- ‘NKABOM’ Budget. At the time, the economy was going through a very difficult period amidst unprecedented global turbulence. This was within the context of major external shocks coupled with domestic vulnerabilities triggered by credit rating downgrades, tightened domestic financing conditions, and increased cost of borrowing. With the cost of shipping a container increasing seven-fold in the 18 months following March 2020, just about every country in the world grappled with soaring prices from 2021.
However, the government’s plans and programmes are starting to yield positive results, saying, “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.”
Thankfully, as the numbers are beginning to show and as many Hon. Members of the House have indicated to me in our engagements, we have, together as a nation, turned the corner. The Finance Minister added.
Mr. Ofori-Atta said this on the floor of Parliament today, Monday, July 31, 2023 during the presentation of the 2023 Mid-Year Budget Review.
In his address, the Finance Minister urged the nation to acknowledge and appreciate the major milestones achieved in the past three years
Despite facing various challenges, Ghana has been able to maintain peace, health, security, and a continuous supply of power, among other essential aspects of life. He noted.
Mr. Ofori-Atta, however, expressed high hopes that the measures being implemented by the government will lead to an upswing in economic activity, surpassing anything experienced in the history of the Fourth Republic.
“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. He reiterated.
“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.
