The Minister of Finance, Ken Ofori-Atta has commended investors, financial institutions and bondholders for their sacrifice, support and forbearance in this difficult period of this country’s economic history.
The Minister made those remarks in Parliament on Monday while delivering the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for the 2023 Financial Year.
"Indeed, our sincere gratitude also goes to all investors, financial institutions and bondholders for the sacrifice, support and forbearance in this difficult period of our country’s economic history"
"We appreciate your contribution towards 'turning the corner’and commitment to partner us in transforming the economy."
"We must also extend our appreciation to the IMF, the World Bank and other Development Partners as well as the G7 and G20 members who stood so strongly with us:
The Minister who described 2022 as the most difficult year for him noted that on July 1st 2022, Ghana took a very difficult but necessary decision to request support from the IMF to implement our Post-COVID-19 Programme for Economic Growth (PC-PEG).
He confessed that the country was going through a dire period of economic uncertainties and despondency.
He further noted that a year on, Ghana's steps were more grounded, vision became clearer with path to recovery also better set, as well as confidence in the economy
"Mr. Speaker, we have turned the corner and, more importantly, we are determined to continue down that path. Soon, we expect the measures taken resulting 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"
"Mr. Speaker, when I presented the 2023 Budget in November last year, I indicated that we would pursue major fiscal and monetary policy measures within the framework of the PC-PEG – our coordinated response to the macro-fiscal challenges, which H.E the President charged us to develop in March, 2022, before going to the IMF – thus the PC-PEG"
Mr. Ofori-Atta explained that as a first step towards fulfilling this objective, Parliament passed the revenue, and expenditure measures as well several other macro-critical economic policies it presented in the 2023 Budget.
"Along these lines, we also needed to create additional fiscal space by negotiating an International Monetary Fund (IMF) Programme, concluding a debt operations programme; and attracting significant investments (especially green investments) for a vibrant growth strategy.
"Mr. Speaker, I can now report that we have been diligent and resolute in implementing these measures and successfully negotiated the US$3 billion 3-year IMF-ECF Programme, which was approved on 17th May, 2023 to support the implementation of our PC-PEG. Concluded on February 14th the initial part of the Debt Operations, of which the Domestic Debt Exchange Programme (DDEP).
"Developed a framework for the V20 Climate Prosperity Plan to attract climate investments from the private sector; and initiated the Mutual Prosperity Dialogue to crowd in domestic and external private investment to underpin our growth strategy."
"These achievements have been with the support and commitment of this august House and the Ghanaian people. It demonstrates that when we speak with one voice, we can achieve what we set our minds to do- Genesis 11:6- “if as one people speaking the same language, they have begun to do this, then nothing they plan to do will be impossible for them”
Story by: Joshua Kwabena Smith
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