Economy On Track – Finance Minister

The Minister of Finance, Ken Ofori-Atta, says government will create the best environment for investment to ensure sustainable growth of the country’s economy.

According to him, the Akufo-Addo administration has dramatically transformed Ghana’s economy through sound policies and programmes to improve the welfare of Ghanaians.

Speaking at a stakeholders’ engagement on the 2019 Bbudget in Kumasi, the Finance Minister said government’s prudent measures and sound economic programmes had helped to lower inflation, deficit and relatively stabilized the cedi.

He revealed that over the last 20 months, the current Akufo-Addo administration has increased the growth rate from 3.5 percent to 3.7 percent, while it has reduced the trade deficit from 9.5 percent to 9.3 percent, indicating that the government intends to achieve 4.5 percent by the end of this year.

Mr. Ofori-Atta added that inflation had declined from 15.4 percent inherited from the NDC to 9.9 percent while public debt decreased from 73 percent to 69.8 percent of GDP.

“Interest rate has dropped to 13.3 percent from 16.4 percent. These have been achieved despite the challenges inherited from the National Democratic Congress (NDC) government led by John Dramani Mahama, according to the Finance Minister.

On the current depreciation, Mr Ofori-Atta said even though Ghana’s cedi has declined by seven percent owing to the strengthening of the US economy, it’s the best performance in 10 years.

The Euro has also depreciated by six percent to the dollar, Pound Sterling by five percent, South Africa Rand by 12 percent and the Kenyan Shilling by eight percent.

He reiterated government’s commitment to strengthening the Cedi as part of efforts to consolidate gains in the economy.