Minister of Finance, Ken Ofori-Atta insists Ghana is recovering from the economic crisis it has been bedevilled with.
Presenting the 2024 Budget Statement and Economic Policy before Parliament, the Minister the country has turned the corner and it is getting back on the path of economic growth.
He said this is evident in the improved macroeconomic indicators, which he said recorded remarkable performance despite a slow growth projection.
Ken Ofori-Atta mentioned the performance of the cedi against major international currencies, the declining inflation and GDP as some of the indicators that show the country’s recovery from the crisis.
“In the mid-year review, I informed the House that we have started turning the corner. Today, it’s evident that we turned the corner when inflation started declining 54.1 percent in 2022 to 35.2 percent in October 2023. We turned the corner when despite a 1.5 percent projected growth, the economy gallop at a remarkable pace and clock an average of 3.2 percent in the first 2 quarters of this year. When the corner when the currency had been under severe pressure over the past 2 years depreciated by a modest 6.4 percent in the past 9 months compared to 53.9 percent a period in 2022,” he stated.
He added that, “The performance of the cedi is also a reflection of the fact that confidence is back, revenues have improved and the recovery is indeed real and is here to stay”.
The minister has been outlining the challenges the country has been faced with and what he believes are successes the government has chalked its management of the economy.
