Finance Minister, Ken Ofori-Atta, is promising exciting times ahead despite the economic challenges facing the country.
According to him, government is developing an Enhanced Domestic Programme in collaboration with the International Monetary Fund to complement the GhanaCares Obataanpa programme for macroeconomic stability, debt sustainability, robust growth and Ghana Beyond Aid.
Presenting the 2022 Mid-Year Budget Statement, Mr. Ofori-Atta said the programme will stimulate economic growth, promote fiscal consolidation and enable the country re-emerge on the path of sustained transformation.
He noted that the programme reinforces government focus on fiscal consolidation.
“To demonstrate our commitment, we are not seeking additional resources despite significant challenges. We will stay within the appropriation for 2022.”
He pointed out that government will balance underperforming revenues and the adverse impacts of the strong external headwinds with effective use of the windfall from the Upstream Petroleum Sector.
“The Ministry of Finance will work with the Bank of Ghana in the coming months to provide emergency financing shortfalls, in line with the law, given the current unpredictable and challenging environment”, he added.
Continuing, the Finance Minister also said the Bank of Ghana is taking measures to help reduce inflation and has introduced a major critical measure to help stabilise the cedi; which is to exercise Ghana’s first right of refusal to gold produced locally, adding, “for the first time in the Fourth Republic, at least, Ghana is building a strong gold reserves culture to protect the cedi better moving forward”.
“The collective achievement of these initiatives will offer a more permanent respite and improve our capacity to withstand similar challenges in the future. Our economic prospects are bright. But we will have to contend with recurrent external challenges, and adapt quickly to a new environment. There will always be unexpected challenges ahead”, he alluded.
“These have to be carefully considered and measures put in place to resolve them. We are confident because we have laid the key infrastructure upon which we can anchor this process of national growth.”
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