June 16, 2024

The Eye Of Africa

The implementation of the first phase of IMF bailout has changed our economy – Ken Ofori Atta

2 min read

 

In a recent budget presentation in Accra, Finance Minister Mr. Ofori-Atta announced a significant milestone for Ghana, declaring that the country has turned a corner following the successful implementation of the first phase of the International Monetary Fund (IMF) bailout.

The minister emphasized the government’s commitment to maintaining economic stability, ensuring sustained growth, and bolstering currency stability.

Mr. Ofori-Atta highlighted a pivotal moment in Ghana’s economic journey, citing the completion of the IMF first review as the turning point. He assured citizens that the government is steadfast in its efforts to “maintain stability and keep growing” while actively working towards increased growth and currency stability. A key indicator of progress mentioned was the notable decline in inflation, plummeting from 54.1 in December to 35.2 in October 2023.

The finance minister expressed unwavering confidence in the lasting nature of Ghana’s economic recovery. He attributed this success to the prompt deployment of robust fiscal and monetary policy measures throughout the previous year and the first half of 2023. According to Mr. Ofori-Atta, the resilience of growth in 2023 surpassed expectations, accompanied by a decline in inflation aligned with economic fundamentals, improved fiscal and external balances, and a stabilized exchange rate.

This budget presentation, a representation of the President Nana Addo Dankwa Akufo-Addo’s vision, underscores the government’s dedication to steering the nation toward prosperity. As Ghana’s economic indicators continue to show positive trends, the recovery appears not only real but poised for sustained and substantial growth in the foreseeable future.

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