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Finance Minister, Ken Ofori-Atta, Acknowledges 2022 as His Toughest Year in Managing Ghana’s Finances
During the presentation of the 2023 mid-year budget review in Parliament on Monday, July 31, Mr. Ofori-Atta revealed that 2022 proved to be the most challenging period for him as Ghana’s Finance Minister. He attributed this difficulty to the aftermath of the COVID-19 pandemic, which posed significant hurdles for both him and the governing New Patriotic Party. Consequently, the government sought support from the International Monetary Fund (IMF) to navigate through the economic uncertainties and despondency.
Reflecting on the past year, Ofori-Atta highlighted that the measures implemented by the Finance Ministry and the government have begun yielding positive results, leading to a gradual economic recovery. He emphasized that their vision for the nation’s economic growth is now clearer and that confidence in the economy has been restored.
He further explained that the country’s economic trajectory is more stable, and they are determined to continue on this path. The Finance Minister expressed optimism that the measures taken will soon result in economic activities surpassing anything experienced in the history of the Fourth Republic. Their plans and programs are geared towards increasing domestic production, including manufacturing and farming, aiming to reduce the reliance on imported products.
In a positive note, Ofori-Atta pointed out that the economy is already showing signs of recovery, with the exchange rate stabilizing, inflation softening, and interest rates declining since December 2022.
