Finance Minister, Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta says it is ‘disappointing’ for people to attribute Ghana’s economic difficulties to domestic factors alone.

According to him, it must be duly acknowledged that the current economic challenges in the country have been influenced by global factors.

Presenting the 2022 Mid-Year Budget to Parliament for approval on Monday, he reiterated government’s claims that the present economic woes have been heightened by the COVID-19 pandemic and the Russia-Ukraine war.

“These are not ordinary times. Not for Ghana, not for Africa and certainly not for the whole world. Let us all acknowledge that the situation we are experiencing now is different. The global context we find ourselves in is the first of its magnitude in the 4th Republic and even before that.

It is therefore disappointing when people want to pretend that these developments are purely domestic. It is trite knowledge that global developments including the impact of the COVID-19 pandemic and the Russia-Ukraine invasion have greatly undermined and disrupted most economies”, he noted.

Mr. Ofori-Atta however assured that despite these hurdles, government is working around the clock to lessen the impact on Ghanaians.

In this regard, he stressed government’s commitment to reduce public expenditure as a way of helping put the economy on a better footing.

He further mentioned that government will use its resources prudently without seeking any additional funds from Parliament.

“In spite of the underperforming revenues and strong external headwinds, we are not seeking additional funds in this Mid-Year Review.

We are determined to efficiently use the windfall from the upstream Petroleum Sector to make-up for our revenue shortfall and aggressively improve our revenues even as we rationalise expenditures”, Mr Ofori-Atta added.

Meanwhile, the Minority has accused government of illegally printing 22 billion Ghana Cedis without the approval of Parliament.

Addressing a press conference after the presentation of the 2022 Mid-Year Budget, Minority spokesperson on Finance, Dr Cassiel Ato Forson said the Minority is appalled by this occurrence.

He said the clandestine move by government is the cause of the ballooning inflation.

He echoed the Minority’s resolve to keep government on its toes by scrutinising all expenditures and financial transactions to the letter.