Finance Minister, Ken Ofor-Atta, says the economy has been turned around from its ailing position and therefore the government is determined to continue down that path

“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”, he disclosed this in the 2023 Mid-Year Budget Review in Parliament.

In the 2023 Budget in November 2022, the government indicated to pursue major fiscal and monetary policy measures within the framework of the Post-COVID-19 Programme of Economic Growth (PC-PEG) – its coordinated response to the macro-fiscal challenges.

 Along these lines, the government 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. Ofori-Atta said the government has been diligent and resolute in implementing these measures and successfully.

These include negotiating the $3 billion 3-year IMF-ECF Programme, which was approved on May 17, 2023 to support the implementation of our PC-PEG, concluding on February 14, 2022 the initial part of the debt operations, of which the Domestic Debt Exchange Programme (DDEP), among others.

“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”.

“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”, he added.

Mr. Ofori-Atta extended the government's appreciation to the IMF, the World Bank and other Development Partners as well as the G7 and G20 members who stood so strongly with the government.