Former Deputy Managing Director of the National Investment Bank (NIB), Alfred Thompson, has said that even though Ghana was also hit by global economic challenges, the government was able to manage the situation well.
The prudent management of the economic crisis prevented food rationing from taking place in Ghana as happened in some countries, he said.
Commenting on the 2024 budget presentation while speaking on the Key Points on TV3 on Saturday, November 18, the member of the communications team of the governing New Patriotic Party (NPP) said “Even though we are in a serious situation we were able to manage the situation.”
In the area of job creation, the Finance Minister said said “we believe it has been seven years of grace and positive impact. We are determined to do more to boost the capacity of the private sector to expand productivity and create jobs.
He noted that the “stability of the Cedi largely reflects the positive impact of the restoration of economic activity.”
“Specifically, the cedi has only depreciated by 6.4 percent on cumulative basis since February 2023 compared to 53.9 percent over the same period in 2022. The stability of the Cedi largely reflects the positive impact from the restoration of economic activity.”
The Minister of Finance also told Parliament that Ghana‘s economy under the Akufo-Addo administration is valued at over One Trillion Cedis.
This, he said, is against the GHc219.5billion that was inherited from the Mahama administration in 2016.
Presenting the 2024 budget statement on the floor of the House on Wednesday, November 15, the Finance Minister said “The 2024 budget is even more significant because we cross the one trillion Gross Domestic Product (GDP) mark for the first time in our economic history.
“Let me repeat, Ghana’s economy, under President Akufo-Addo, in 2024 final year in office is projected to be valued at over One Trillion Cedis in 2025 from the GHS219.5 billion we inherited in 2016.”
He said the government is determined to ensure the stability of the local currency and disinflation over the medium term.
“Our task now is to maintain stability and keep on growing. we are determined to remain on a course of increased growth, currency stability and disinflation over the medium term.
He said the government had turned the corner relative to the economic challenges when it successfully completed the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.
“We turned the corner when we completed the IMF first review,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.
“We turned the corner when inflation started declining from 54.1% in December to 35.2% in October 2023,” he added.
“The recovery is indeed real and is here to stay,” he further assured.
By Laud Nartey
