Ghana’s Minister of Finance, Ken Ofori-Atta, announced today that the country has successfully stabilized its exchange rate and reduced inflation through a combination of fiscal adjustments and investments in its people.
Mr. Ofori-Atta highlighted the positive economic indicators that have emerged in recent months, signaling a significant turnaround for the Ghanaian economy.
He attributed these achievements to the implementation of ongoing fiscal adjustments and sustained investments in key sectors.
He said this during the presentation of the 2023 mid-year budget review in Parliament on Monday, July 31.
“The implementation of ongoing fiscal adjustments and sustained investments in our people has contributed immensely to the stabilization we are seeing in the economy,” stated Minister Ofori-Atta. “The exchange rate has stabilized, inflation has softened, and interest rates have declined since December 2022.”
The Minister further noted that the government’s commitment to fiscal discipline, prudent monetary policies, and structural reforms had yielded positive results.
These measures have instilled confidence in both domestic and international investors, leading to increased private investments in the country.
“Private investments have been announced due to increased investor confidence in our economy,” said Mr Ofori-Atta, emphasizing the positive impact of the government’s economic policies. “This influx of private investment will further stimulate economic growth and create job opportunities for our people.”
The stabilization of the exchange rate is a significant achievement for Ghana, as it helps to maintain price stability and boost investor confidence. A stable exchange rate also contributes to the country’s attractiveness as a business and investment destination.
In addition to stabilizing the exchange rate, Minister Ofori-Atta highlighted the decline in inflation rates. Lower inflation means that the prices of goods and services are rising at a slower pace, providing relief to consumers and improving their purchasing power.
While acknowledging these achievements, the Finance Minister emphasized that continuous efforts and vigilance were required to maintain the positive momentum.
He outlined the government’s commitment to sustaining the current economic trajectory and fostering an environment that encourages investment, job creation, and inclusive growth.
“We must remain steadfast in our commitment to sound economic policies and reforms,” stated Minister Ofori-Atta. “By doing so, we can ensure the long-term stability and prosperity of our economy, benefiting all Ghanaians.”
As Ghana continues to make progress in stabilizing its economy, the government’s focus on sustainable growth, investments in infrastructure, and human capital development will play a crucial role in fostering economic resilience and driving the country towards a brighter future.
Mr. Ofori-Atta pointed out that albeit the economic challenges that the country faces, the government of President Nana Addo Dankwa Akufo-Addo has kept the lights on for both domestic and commercial uses.
“We have managed to keep the lights in spite of the challenges, to enable business and households to function,” he said.
He further acknowledged the contributions that Ghanaians made to ensure economic recovery following the outbreak of Covid-19 and the war in Ukraine.
“We thank Ghanaians for their patience and understanding and for contributing to the efforts to weather the storm,” he said.
He further noted that the government has turned the corner relative to the economic challenges and assured that the government would continue in that trend.
By Vincent Kubi