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"Gov't committed to restoring Ghana's economic fortunes within shortest possible time" - Ofori-Atta

Finance Minister, Ken Ofori-Atta has reiterated government's commitment to restoring Ghana's economic fortunes within the shortest possible time.


According to the Finance Minister, it will do so through a combination of front-loaded fiscal adjustment and structural reforms while creating the conditions for private sector-led growth.


Addressing Journalists on Sunday in Accra, he said "W are certainly at the beginning of a promising journey towards not just recovery, but also resetting our economy. As a number of you have said to me- we have turned the corner"

 

"Government is committed to restoring Ghana's economic fortunes within the shortest possible time through a combination of front-loaded fiscal adjustment and structural reforms while creating the conditions for private sector-led growth"

 

"Going forward, we will continue to count on the support of all Ghanaians, including the general public, to achieve the objectives set out in the IMF-backed PC-PEG"


"We engaged the IMF Technical Mission last week (8th to 15th June, 2023) to discuss recent economic developments and the implementation of the IMF-supported PC-PEG."


"In this regard, we undertook a joint assessment of Ghana’s preparedness for the 1st Review of the Programme scheduled for September, 2023"


He hinted that it will pave the way for the IMF Board to consider and approve the 1st Review and the disbursement of the second tranche of US$ 600 million in November, 2023.


"As the IMF attested to in their Press Release on 15th June, 2023, “Against a complex global economic backdrop, the Ghanaian economy is showing signs of stabilisation, with softening inflation, an increase in international reserves, and less volatile exchange rate” 

 

As a people, we must continue to be inspired by the momentum that propelled us to secure support in near-record time to implement the PC-PEG. We have a history of accomplishments in these situations. In 2017, we re-negotiated a derailed IMF programme, imposed stringent conditions on ourselves and collectively achieved them ahead of schedule."

 

"From a macro-fiscal standpoint, the results were remarkable. Between the period 2017- 2019,  the  Economic growth double; with an average of 7% annually, Inflation coming down to single digits (7.9% in 2019 from 15.4% in 2016), he fiscal deficit, which was about 6.5% was brought down to 5%; and echange rate depreciation reduced significantly to under 5% in 2017, averaging 8.7% between 2017 and 2019"


The Finanace Minister hinted that alongside these achievements, Ghana made significant investments in education, health, infrastructure and revitalized the financial sector to promote private sector entrepreneurship.


"We re-emerged as a bright Star on the regional and global stage, prior to the Pandemic"


"Ladies and Gentlemen, we are being called upon to do this again and surpass this stellar performance. We must push past these ‘dark clouds’ that suddenly gathered and reclaim our manifest destiny"


"We must resolve and resort to our collective inner strength and overcome this new challenge for our country"


"We must do this, inspired by assurance that the Good Book provides in Joel 2:25, that, I will restore to you the years that the swarming locust has eaten"


""We shall surely be restored, if we persist on this path to recovery and transformation. The Lord has Rescued us, we will Recover all, he will Restore what the locusts have destroyed, and Ghana shall experience His Revival"

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