The Minister of Finance, Ken Ofori-Atta has disclosed that he had a tough time managing Ghana’s public purse in 2022.
According to the Minister, happenings after the COVID-19 pandemic presented a difficult situation for him and the governing New Patriotic Party which compelled the government to seek a bailout package from the International Monetary Fund (IMF) to give the country some breathing space.
“2022 was the most difficult year for me as Ghana’s Finance Minister. On July 1st 2022, we took what was then a very difficult but necessary decision to request support from the IMF to implement our Post-COVID-19 Programme of Economic Growth (PC-PEG). The country was going through a dire period of economic uncertainties and despondency,” Mr Ofori Atta said while presenting the 2023 mid-year budget review in Parliament on Monday, July 31, 2023.
He noted that the country’s economy has started recovering due to the pragmatic measures adopted by the Finance Ministry and the government.
“A year on, our steps are more grounded, the vision is clearer, the path to recovery is better set, and confidence in our economy is back, growing gradually.
“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.”
“The economy is showing signs of recovery. The exchange rate has stabilised, inflation has softened, and interest rates have declined since December 2022,” the Finance Minister added.
Source: Kasapafmonline.com
