On Wednesday, November 15, 2023, the Finance Minister Ken Ofori-Atta delivered the 2024 budget declaration to Parliament. The Ministry’s employees greeted him with a hero’s welcome.
Ghana’s economy under the Akufo-Addo administration is valued at over one trillion cedis, Mr. Ken Ofori-Atta informed Parliament during the budget presentation, among other things.
He claimed that this was in violation of the GHc219.5 billion left over from the 2016 Mahama administration.
The Finance Minister said “The 2024 budget is even more significant because we cross the one trillion Gross Domestic Product (GDP) mark for the first time in our economic history.
“Let me repeat, Ghana’s economy, under President Akufo-Addo, in 2024 final year in office is projected to be valued at over One Trillion Cedis in 2025 from the GHS219.5 billion we inherited in 2016.”
Mr. Ofori-Atta went on to say that the government’s present priority is to keep up the current rate of economic growth.
He declared that the government is committed to medium-term disinflation and local currency stability.
“Our task now is to maintain stability and keep on growing. we are determined to remain on a course of increased growth, currency stability and disinflation over the medium term.
“I am confident that this victory budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people,” the Finance Minister said.
After the administration finished the first review of the three-year, $3 billion International Monetary Fund External Credit Facility (IMF-ECF) program effectively, he declared the country had turned the corner in terms of the economic difficulties.
“We turned the corner when we completed the IMF first review,”he stated to Parliament on Wednesday, November 15, during the presentation of the 2024 budget statement.
He added that the administration is prepared to “maintain stability and keep growing. and ensure increased growth, currency stability”
“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he added.
“The recovery is indeed real and is here to stay,” he further assured.
Mr. Ofori-Atta went on to say that the ongoing economic recovery is mostly due to the swift implementation of aggressive fiscal and monetary policy measures during the past year and in the first half of 2023.
Source: Marzuuq Issah | Ghana360news.com
