The Minister of Finance, Ken Ofori-Atta in his 2023 mid-year budget review has indicated that the measures put in place by the government in attempts to mitigate the impacts of COVID-19 and the current economic challenges have resulted in stabilizing fluctuating exchange rates, softened inflation, and brought down interest rates.
The Finance Minster in his presentation attributed the achievements to ongoing fiscal adjustments implemented by the government.
He indicated that these fiscal adjustments have significantly improved the ailing economy.
“Mr. Speaker, the implementation of ongoing fiscal adjustments and sustained investments in our people have contributed immensely to the stabilisation we are seeing in the economy. Exchange rate has stabilised, inflation has softened, and interest rates have declined since December 2022, and private investments have been announced due to increased investor confidence in our economy.”
He intimated that he and the government remain committed to working to sustain the improvement in the economy to ensure that prices of goods and services are within the budget of citizens.
“Ordinarily, Mr. Speaker, these positive trends should ease the burden on our pockets. As a Finance Minister and a family man myself, I will continue to work hard to build and sustain a favourable macroeconomic environment, and remain confident that the prices of goods and services would reflect the trend for all of us – for our families and enterprises.”
Mr. Ofori-Atta further hailed the government’s domestic debt exchange programme which he said provided “the government with increased fiscal flexibility and addressed cash and other liquidity constraints. Once again, we are grateful to all investors who participated in this exchange.”