According to Finance Minister Ken Ofori-Atta, 2022 was a challenging year for him and the administration of President Nana Addo Dankwa Akufo-Addo.
He claimed that the COVID-19 aftermath and the Russia-Ukraine war, which had an impact on the entire world, were to blame for the rising cost of goods and services.
Ken Ofori-Atta informed the legislature about the mid-year budget review and claimed that the pandemic and conflict forced the government to seek assistance from the International Monetary Fund (IMF).
He said “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.
“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.”
He added: “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.”
He claims that Ghana has economic stability indicators such as lower inflation, more foreign exchange reserves, and less erratic exchange rates.
He stated that the nation is close to overcoming the obstacles that have plagued the economy.
“The economy is showing signs of recovery. The exchange rate has stabilised, inflation has softened, and interest rates have declined since December 2022,” he stressed.
