Finance Minister, Ken Ofori-Atta is proclaiming that the country is on its way out of the challenges that have bedeviling the economy.

Reflecting on the challenges faced in 2022, the Finance Minister acknowledged that it was the most difficult year for him as Ghana's Finance Minister.

He said this when he addressed the nation during the Mid-Year Budget Review, highlighting the significant progress made in Ghana's economy.

On May 17, the International Monetary Fund (IMF) granted Ghana a $3 billion bailout to aid its economic recovery from the debt crisis.

"A year on, our steps are more grounded, the vision is clearer, the path to recovery is better set, and confidence in our economy is back, growing gradually," he told Parliament.

According to the Minister, indications after the bailout and the ongoing implementation of the Post-COVID-19 Programme of Economic Growth (PC-PEG) point to the fact that "we have turned the corner and, more importantly, we are determined to continue down that path."

Mr Ofori-Atta is optimistic that "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."

The Mid-Year Fiscal Policy is in accordance with Article 179 of the 1992 Constitution and the Public Financial Management Act, 2016 (Act 921).