2018 Budget: We have turned the economy around – Ken Ofori-Atta

Finance Minister Ken Ofori-Atta has indicated that the Akufo-Addo led administration has turned the economy around because their policies are yielding results.

Presenting the 2018 budget statement to parliament, the finance minister stated that the government has achieved in one year what seemed impossible in 8 years.

“Mr. Speaker, a lot has been achieved by the Government of President Nana Akufo-Addo and we have achieved in one year what seemed impossible in 8 years” he said.

Mr. Ofori-Atta assured the house that government is committed to solidify the gains for as long as they remain managers of the economy.

“Mr. Speaker, our commitment is to solidify these gains for as long as we remain managers of the economy” he stressed.

The finance minister further stated the following as some of the achievements under Akufo-Addo’s administration;

• Restored macroeconomic stability.


• Renewed confidence in the economy.


• Provided reliable electricity supply.


• Returned to robust growth, with a real GDP growth of 7.8 percent in the first half of 2017, against 2.7 percent in 2016.


• Reduced inflation; end-October inflation of 11.6 percent from 15.4 percent end-December 2016.


• Maintained stability of the cedi against the US dollar.


• Brought down policy rate to 21 percent from a peak of 26 percent in 2016.


• Normalized the domestic yield curve.


• Issued the country’s maiden 15-year bond in April 2017.


• Improved external balances, driven by higher export earnings and lower imports.


• Improved gross international reserves to US$7.2 billion, equivalent to 4.1 months of imports cover.


• Improved primary balance to 0.3 percent surplus in September 2017 against a deficit of 1.6 percent in September 2016.


• Received positive sovereign rating reviews from international ratings Agencies: Fitch, B/stable; Standard & Poor, B-/positive.


• Successfully completed the 4th IMF/ECF program review, and


• Achieved positive developments in the oil & gas sector - favorable ITLOS ruling, and Sankofa producing 1st oil three months ahead of schedule.