Ofori-Atta: Finance Minister Admits Ghana’s Current Economy Is A Painful One To Report On

Ofori-Atta: Finance Minister Admits Ghana’s Current Economy Is A Painful One To Report On

  • Ken Ofori-Atta, the finance minster, has said it is painful for him to report on Ghana's troubled economy
  • According to him, the economy is in its worst state since August of 2001 when inflation was 33.9%
  • He said, however, that he remains confident in the possibility of a miracle to save the country while his office meets challenges head-on

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Finance Minister Ken Ofori-Atta has said Ghana’s economy is posting its worst performance ever, admitting that the country has not seen anything like this since 2001.

Ofori-Atta and market woman
Ken Ofori-Atta (R) is hopeful that a miracle will save Ghana's troubled economy. Source: UGC
Source: UGC

Speaking at the 4th press briefing on the economy this year, the finance minister said the economic uncertainties started in 2020.

According to him, his office has been determined to stabilise the economic instabilities created by the Covid-19 pandemic and the Russia-Ukraine war.

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“Indeed, during the 2022 Mid-Year Budget Review, I highlighted that our present situation was a painful one to report on. We haven’t seen anything like this since August 2001 when the inflation rate hit 33.9%,” he said.

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August 2022 recorded an inflation of 33.9%, while the cedi has depreciated by 37.1% against the US Dollar as at September 27, 2022.

Ghana’s Economy Needs A Miracle

But in the midst of the poor economic situation, the minister said he was hopeful that Ghana will be saved by a miracle.

He called for a collective effort to put the economy back on track, explaining that such a national approach is what will bring about the miracle.

“The great Celtic Miracle in Ireland in the 1980s was the result of such collaborations, especially with Labour and we shall also be blessed with the Ghana Miracle,” Ofori-Atta said.

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Ghana's Economy Gradually Bouncing Back

Meanwhile, YEN.com.gh has reported in a separate story that Ken Ofori-Atta also said he remains upbeat about the prospects of the Ghanaian economy during the press engagement on Wednesday, September 28.

He said the economy is on the road to full recovery despite the numerous shocks the country has faced.

Mr Ofori-Atta also adds that progress being made gives the country a solid foundation to address the challenges head-on.

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Source: YEN.com.gh

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