Finance Minister Ken Ofori-Atta has said the country’s economic recovery is not imaginary but “real and here to stay”.
Ofori-Atta said the government has worked to restore Ghana’s economy on the path of growth that will create more jobs.
Presenting the 2024 Budget in Parliament on Wednesday (15 November), Ofori-Atta said the prompt deployment of strong fiscal and monetary policy measures since the last year as well as in the first half of 2023 largely accounts for the continued economic recovery that is being experienced.
He said, “So far, growth in 2023 has been more resilient than expected, inflation has declined in line with the fundamentals, the fiscal and external balances have improved, and the exchange rate has stabilised,” he said when he delivered the 2024 Budget statement in the House on Wednesday, November 15.
The minister the government had turned the corner relative to the economic challenges when it successfully completed the first review of the GHC3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.
“We turned the corner when we completed the IMF first review. We turned the corner when inflation started declining from 54.1% in December to 35.2 in October 2023,” he added.
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