The Minister of Finance, Ken Ofori-Atta, has said that Ghana is making significant progress in its economic recovery process.

According to him, the data on Ghana’s economic variables shows that the country is recovering from the economic meltdown it suffered due to the COVID-19 pandemic and the Russian-Ukraine war.

Ofori-Atta made these remarks while he was presenting the mid-year budget review for 2023 on July 31, 2023, on the floor of parliament.

“Mr. Speaker, it is no exaggeration to say we cannot find another period in our history where so many different headwinds hit our economy at the same time with unrelenting speed and scale. Thankfully, as the numbers are beginning to show and as many Hon. Members of the House have indicated to me in our engagements, we have, together as a nation, turned the corner.

“Mr. Speaker, we have avoided the unimaginable, but what could have been so easily possible under different leadership circumstances. With a lot of effort, we have managed to avoid empty shop shelves for medicines and other essentials; we have seen no shortages of food; we have been spared the frustrating spectre of long queues for fuel at our filling stations; and, we have managed, in spite of all the challenges, to keep the lights on. Indeed, as the Psalmist said (in Psalm 118:23) this is the LORD’s doing; and it is marvellous in our eyes," he said.

The minister also said that the measures put in place by the Nana Addo Dankwa Akufo-Addo government, including the implementation of the International Monetary Fund bailout, helped Ghana "turned the corner".

“This ‘turning the corner’ is underpinned by the investments and sacrifices we have collectively made during this difficult period since March, 2020,” he added.

BAI/OGB

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