Minister of Finance, Ken Ofori-Atta says Ghana’s economy is showing signs of recovery from the shocks it suffered.
Delivering the 2023 Mid-Year Budget Review before Parliament, Mr. Ofori-Atta said economic measures implemented by government in addition to positive sentiments that arose from the signing of the IMF agreement has resulted in the stabilisation of macroeconomic indicators.
This, he indicated, has ultimately put the country’s economy on the path of recovery.
“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 stabilized, inflation has softened and interest rates have declined since December 2022,” he said
“Mr. Speaker, these outturns as the result of focus implementation of all the measures presented in the 2023 budget and the positive sentiments, rising from the progress of the IMF programme”.
Ghana’s economy ran into deep crisis in 2022 with an inflation rate of over 54 percent and a free fall of its currency.
It enrolled out a raft of measures to turn things around but those measures yielded little results, compelling it to seek an IMF intervention.
The IMF intervention, some say, has worsened the plight of the ordinary citizens.
But Mr. Ofori-Atta insists despite the economic turmoil, government has prudently managed the situation, mitigating its impact on citizens and has now made significant progress in resolving the crisis.
