The Finance Minister Ken Ofori-Atta has given seven (7) point bulletins affirming that government has “turned the corner” with regards to restoring the economy to its glory days.
During the presentation of the Budget Statement and Economic Policy of the government in Parliament Wednesday, November 15, 2023, he said the measures put in place by the government in changing the narrative resulted in the successes chalked to turn things around.
“Mr. Speaker, in the Mid-Year Review, I informed this House that we had started turning the corner. Today, it is evident that:
i. We turned the corner when inflation started declining from 54.1 percent in December 2022 to 35.2 percent in October 2023;
ii. We turned the corner when, despite a 1.5 percent projected growth, the economy galloped at a remarkable pace, and clocked an average of 3.2 percent growth in the first two quarters of the year;
iii. We turned the corner when the currency, which had been under severe pressure over the past two years, depreciated by a modest 6.4 percent cumulatively from February to date, compared to 53.9 percent over the same period in 2022. The performance of the Cedi is also a reflection of the fact that confidence is back, revenues have improved, and that the recovery is indeed real and is here to stay;
iv. We turned the corner when companies started going back to the job markets to hire workers;
v. We turned the corner when the International credit rating agencies, which have not been favourable to Ghana in recent years, started being positive about our economy; and
vi. We turned the corner when the Banking industry started to record and report a profit-after-tax growth of 43.8 percent (GH¢6.2 billion);
vii. We turned the corner when in record time we completed the IMF 1st Staff Review of 6 Performance Criteria, 3 Indicative Targets and 3 Structural Benchmarks,” he read out in Parliament.
According to him, the task of the government “now and in the medium-term is two-fold: to maintain stability and to keep on growing. We are determined to remain on this course of increased growth, currency stability, and disinflation over the medium-term.
“Our future growth prospects are certainly brighter. And I am confident that this ”Nkunim” Budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people. For with national dedication, the Lord will continue to give us treasures of dark places and hidden riches in secret places.”
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