In his 2024 budget statement presented in Parliament today, Ghana’s Finance Minister, Ken Ofori-Atta, announced that the country’s economy has started to make modest gains after a period of decline.
Ofori-Atta highlighted several positive indicators, including declining inflation and increased growth figures.
During his speech, Ofori-Atta acknowledged the previous concerns about Ghana’s economic performance but expressed confidence in the recent turnaround.
He stated that the inflation rate has dropped from 54.1 percent in December 2022 to 35.2 percent in October 2023, signaling a positive trend.
Additionally, the projected growth rate of 1 percent has been exceeded, reaching 3 percent in the first two quarters of this year.
The finance minister also noted that the depreciation of the currency has been more moderate this year, compared to the severe pressure experienced in previous years.
He further emphasized that these improvements reflect restored confidence in the economy, as evidenced by increased revenues and job creation.
Companies have resumed hiring workers, and the banking industry has reported profits after-tax growth of GH¢6.2 billion in the first half of this year.
The Finance Minister’s positive assessment of Ghana’s economic progress drew widespread condemnation when he previously mentioned it in his midyear budget review back in July.
However, with the release of the 2024 budget statement, Ofori-Atta has reiterated his belief that the recovery is real and has come to stay.
Overall, the Finance Minister’s remarks indicate that Ghana’s economy is on a path to recovery, with various sectors showing signs of improvement.
As the country continues to navigate its economic challenges, these positive advancements provide hope for a brighter future and potential opportunities for sustained growth.
By Vincent Kubi