Ghana’s economy has been a topic of discussion, and Finance Minister Ken Ofori-Atta sheds light on the recent boost and stability observed within the country’s financial landscape.
Addressing journalists at an event held in commemorating the 247th Independence Day anniversary of the United States of America (USA) in Accra on Tuesday, July 4, 2023, the minister made significant revelations.
Mr. Ofori-Atta highlighted a noteworthy development in Ghana’s inflation rate, which has witnessed a downward trend, falling from the previously recorded 54 percentage in January to an impressive 42.2% as of May this year.
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The focus on stability remained central to his remarks. The Ghanaian Cedi, he asserted, is experiencing a remarkable upturn against foreign currencies, with particular emphasis on its strength against the Dollar.
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Additionally, Treasury Bill rates have demonstrated positive movement, declining from 35% to an encouraging figure of 20 ‘something’ percent.
Read what he said below.
“We recognize that it has been quite a dramatic change to where we are, during that period in which we did the double take to go to the Fund, we got the Staff Level Agreement (SLA) in record time, we got the Fund approval in record time, we got three times our quota which is unprecedented, we also were able to front load it so that we may get $1.2bn this year, which is good, within three days of the approval also it was disbursed to us. Inflation has tapered down from 54 % to where we are.
“I think the currency is a lot more stable, Treasury Bill rates have moved from 35 to 20 something percent. The domestic Debt exchange programme was very difficult for us as a country but I think [there was] the need to do it and improve it. So you can see some stability and we are grateful for that. There is a lot of work ahead and really we need to remain focused as Ghanaians and move ahead.”
