Ken Ofori-Atta, Ghana’s Finance Minister, claims that 2022 was his worst year as the country’s fiscal manager.
Mr Ofori-Atta stated in Parliament on Monday, July 31, that the aftermath of the COVID-19 outbreak provided a significant problem for him and the governing New Patriotic Party, compelling the government to seek relief from the International Monetary Fund.
He noted that steps made by the Finance Ministry and the administration have begun to bear fruit as the economy gradually recovers.
“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.
“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.”
“The economy is showing signs of recovery. The exchange rate has stabilised, inflation has softened, and interest rates have declined since December 2022,” the Finance Minster added.