Ghana’s economy, which had fallen in recent years, has begun to make tiny increases, according to Finance Minister Ken Ofori-Atta.
Mr Ofori-Atta stated in Parliament on 15 November that the country’s inflation has begun to fall since the economy is operating well.
“In the midyear review, I informed the House that we have started turning the corner, and it is evident today. We turned the corner when inflation started to decline from 54.1 per cent in December 2022 to 35.2 per cent in October 2023. We turned the corner when the 1 per cent projected growth came to 3 per cent in the first two quarters of this year. We turned the corner when the currency, which had been under severe pressure over the past two years, depreciated by a modest 6.4 per cent in the past nine months compared to 53.3 per cent during the same period in 2022.”
“The performance of the Cedi is also a reflection that confidence is back, revenues have improved, and that the recovery is indeed real and here to stay. We turned the corner when companies went back to the job market to hire workers, and we turned the corner when the banking industry started to record and report profits after-tax growth of GH¢6.2 billion this half-year.”
When the Finance Minister praised Ghana’s economic success in his midyear budget review in July, he drew significant criticism.
