The Minister for Finance, Ken Ofori-Atta has said the government has progress in restoring macroeconomic stability of the country.
Address Parliament on the mid-year budget review on Monday July 31, 2023, the Minister stated that with the approval of Parliament the government set out to achieve key macroeconomic targets for 2023 namely Overall Real GDP growth of 2.8 percent; Non-Oil Real GDP growth of 3.0 percent.
Other areas mentioned by the Minister include End-December inflation rate of 18.9 percent; Overall budget deficit of 5.9 percent of GDP (on commitment) and 7.7 percent on cash basis; Primary Balance (Commitment basis) of a surplus of 0.7 percent of GDP and deficit of 1.1 percent of GDP on cash basis; and Gross International Reserves to cover not less than 3.3 months of imports.
“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.
“Mr. Speaker, these outturns are the result of focused implementation of all the measures we presented in the 2023 Budget and the positive sentiments arising from the progress with the IMF Programme, which I will now discuss,” Mr. Ofori-Atta stated.