Finance Minister Ken Ofori-Atta presents 2019 Budget
Finance Minister, Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta, has pointed out that the Ghanaian economy is gradually on the upswing despite the numerous shocks it faced over the past two years.

Responding to the 3.4% and 4.8% outturn in growth in the 1st and 2nd quarter of 2022, Mr Ofori-Atta said the figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be.

“This progress gives us a solid foundation to confront the challenges ahead. Undoubtedly, global risks remain on the horizon, including a strengthening US dollar and higher interest rates which negatively affect external borrowing.

“This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the International Monetary Fund,” he mentioned.

Within this context, the Finance Minister said the government is finalising its Post-Covid-19 economic programme as the domestic blueprint to engage the IMF.

“This document has already benefitted from input from key stakeholders including Civil Society Organisations, social partners (Labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament. Additional stakeholder engagements will be held to solicit further inputs for the programme,” he stressed.

“Our economic programme contains a set of time-bound structural reforms and fiscal consolidation measures to place our debt levels and fiscal accounts on a sustainable path over the medium-term,” he added.

The programme is hinged on seven pillars, including Debt Sustainability, Fiscal Consolidation, Strengthening Monetary and Exchange Rate Policies and Building Strong Financial Institutions.

Economy expanded by 4.8%

The economy expanded by 4.8% in the 2nd quarter of 2022, data from the Ghana Statistical Services revealed.