Ghana will work hard to sustain fiscal discipline by continuing with the measures introduced under the 2023 budget and the International Monetary Fund (IMF)-backed program to achieve economic recovery, Finance Minister Kenneth Ofori-Atta said at the meeting. mid-year budget review presented to Parliament.
The minister specified that Ghana has begun to make progress in tackling the recent economic challenges thanks to the measures adopted by the government. “We have turned the corner and, more importantly, we are determined to continue on this path,” the minister said, adding that Ghana has made significant progress in restoring macroeconomic stability, with the economy showing signs of recovery in the context of a stabilized exchange rate, declining inflation and falling interest rates.
“These results are the result of the targeted implementation of all the measures we presented in the 2023 budget and the positive sentiments deriving from the progress of the IMF programme”, according Ofori-Atta.
However, the minister added that the government would reduce revenue and expenditure targets related to oil revenues, in line with expectations of reduced oil revenues due to changes in global prices.
The IMF approved Ghana’s $3 billion loan application in May and immediately disbursed $600 million to bail out the West African cocoa, gold and crude oil exporter from a severe debt overrun, soaring of inflation, the continuous depreciation of the currency and the increase in the cost of living. [Da Redazione InfoAfrica]
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