Finance Minister, Ken Ofori Atta has said that the toughest year of his tenure as Ghana’s Finance Minister was in 2022. He indicated that it was during this time that Ghana sought support from the International Monetary Fund (IMF) to implement a post Covid-19 economic growth program.
Addressing Parliament, Ofori Atta stated, “On July 1st, 2022, we took what was then a difficult but necessary decision to request support from the IMF to implement our post Covid-19 programme of economic growth. The country was going through a fire period of economic uncertainties and despondency.”
He acknowledged the severity of the economic situation and the need for external assistance to navigate the challenging times.
However, the Finance Minister promises a better future for Ghana as he expressed his optimism about the measures taken, anticipating economic activities that would surpass anything experienced in the history of Ghana’s fourth republic.
“We have turned the corner, and more importantly, we are determined to continue down the path. Soon we expect the measures taken result in economic activity greater than anything experienced in the history of the fourth republic”
Ken Ofori Atta further laid out his ambitious plans and programmes aimed at fostering economic growth and reducing Ghana’s dependence on imports. He highlighted the importance of boosting domestic production, especially in the manufacturing and farming sectors, with the ultimate goal of replacing many imported products. This shift in focus could have far-reaching implications for Ghana’s economy and could bolster its self-reliance in the long run.