Finance Minister Ken Ofori-Atta Turns To God For A Miracle To Revive Ailing Ghanaian Economy

Finance Minister Ken Ofori-Atta Turns To God For A Miracle To Revive Ailing Ghanaian Economy

  • Finance Minister Ken Ofori-Atta says he’s hoping for a miracle to accelerate Ghana’s economic turnaround
  • The Minister, who is hopeful of a positive turnaround soon, called on Ghanaians to support and trust the Akufo-Addo-led government
  • He also likened Ghana’s current economic situation to Ireland’s Celtic Miracle, which saw that country’s financial situation change in the 1990s

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Ken Ofori-Atta, Ghana’s Minister of Finance, is hopeful of a miracle to help turn around the country’s dwindling economic fortunes.

According to him, a “Ghana miracle” will prove crucial to helping the economy rebound from its current crisis state.

Mr Ofori-Atta is hopeful of a miracle to help turn around the country's economic fortunes
Finance Minister Ken Ofori-Atta @fatimatu.abubakar.395
Source: Getty Images

At a press conference on the state of the economy on Wednesday, September 28, 2022, Mr. Ofori-Atta rallied Ghanaians to support and trust the Akufo-Addo-led government to make things right.

Read also

It’s painful to report on Ghana’s struggling economy – Ofori-Atta

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He was also hopeful of a Ghana miracle to salvage the economy since the sanctity and well-functioning financial system is sacrosanct.

In the address, Mr. Ofori-Atta likened the country’s economic situation to the great Celtic Miracle in Ireland in the 1980s.

“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,” the Minister said.

The Akufo-Addo-led government returned the country to the International Monetary Fund (IMF) after worsening economic conditions led to agitations from the general populace.

The government is hopeful a $3 billion package from the IMF will help revive the economy and stem the dollar-cedi depreciation tide.

Also, the high inflation rate, which has led to skyrocketing prices of goods and services, is expected to be addressed after the bailout.

Read also

Economic Crisis: Finance Minister Ken Ofori-Atta upbeat about prospects; says economy is bouncing back

But there are fears the economic programme from the Bretton Woods Institution will lead to debt restructuring, which experts believe will affect Ghana’s banking and finance industry.

Ghana's Public Debt To GDP Is About 100%; It Is Simply Unsustainable – Ato Forson Sounds The Alarm Bells

Earlier, YEN.com.gh reported that the Ranking Member of Parliament's Finance Committee, Dr Cassiel Ato Forson, had sounded the alarm bells on the country's debt to GDP ratio.

According to him, Ghana's public debt is about 100% of GDP, which makes it highly unsustainable and scary.

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Source: YEN.com.gh

Ekow Annan avatar

Ekow Annan Francis Ekow Annan writes for YEN.com.gh. He has been part of the Politics and Current Affairs Desk since August 2022. Ekow has over ten years of experience in news reporting via various multimedia channels, including TV, Radio, and Online. He is an experienced multimedia journalist specialising in telling impactful current affairs, politics and business stories. He holds a BA in Communications (Strategic Communications) from the prestigious African University College of Communications (AUCC).

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