Finance Minister, Ken Ofori-Atta, has reiterated that the Ghanaian economy is recovering gradually and will soon achieve stability.
According to him, recent macroeconomic indicators suggest that the economy is on the path of stability.
I think the currency is a lot more stable, Treasury bill rates have moved from 35% to 20 something percent. The domestic Debt exchange programme was very difficult for us as a country but I think [there was] the need to do it and improve it”, he told Journalists on the sidelines of an event to mark the 247th Independence Day anniversary of the United States of America (USA)
“So you can see some stability and we are grateful for that. There is a lot of work ahead and really we need to remain focused as Ghanaians and we move ahead,” he added.
The Finance Minister also recognized the dramatic change since the country went to the International Monetary Fund for support to stabilize the economy.
“We got the Fund approval in record time. We got three times our quota which is unprecedented. We also were able to front load it so that we may get $1.2 billion this year, which is good. Within three days of the approval also it was disbursed to us”.
The International Monetary Fund recently expressed optimism that the Finance Minister, Ken Ofori-Atta, and his team are on track to revive Ghana’s economy.
According to the Fund’s Mission Chief to Ghana, Stephane Roudet, the Ghanaian economy is showing signs of stabilisation, with softening inflation, an increase in international reserves, and a less volatile exchange rate.
This indeed manifested in a strong Gross Domestic Product (GDP) growth rate of 4.2% in the first quarter of 2023. The Ghana Statistical Service data further revealed a positive development in the country’s real GDP, with a 1.1 percentage points increase over the previous quarter’s record by 0.3 percentage points.