Mr. Ken Ofori-Atta, Minister for Finance, has said the Akufo-Addo administration has turned around the economy within a year of being in charge of the country’s economy.
“I am happy to note that we have turned the economy around and our policies are yielding results, restoring hope and bringing relief to Ghanaians,” he said on Wednesday when presenting to Parliament the Budget Statement and Economic Policy of the Government for the 2018 financial year.
Mr Ofori-Atta immediately cited two social programmes, which were introduced this year by the government as part of the implementation of the 2017 budget, to back his claim of an economic turnaround.
“Personally, it is heart-warming when a parent runs up to you and says ‘thank you’ for putting money in her purse, because she did not have to pay Gh¢2,000.00 for her two children in SHS; or when an excited teacher trainee shows you the text message notification of her allowance received. Yet, these are just two examples of the promises some said were impossible to fulfil,” he said.
He also pointed to macro-economic indicators to back his claim, boasting that “…we have achieved in one year what seemed impossible in 8 years.”
The achievements, he mentioned, include restored macroeconomic stability, renewed confidence in the economy and provision of reliable electricity supply.
He also said government has returned the economy “to robust growth, with a real GDP growth of 7.8 percent in the first half of 2017, against 2.7 percent in 2016.”
In addition, he listed the following:
- reduced inflation; end-October inflation of 11.6 percent from 15.4 percent end-December 2016.
- maintained stability of the cedi against the US dollar, and
- brought down policy rate to 21 percent from a peak of 26 percent in 2016.
- normalized the domestic yield curve
- issued the country’s maiden 15-year bond in April 2017
- improved external balances, driven by higher export earnings and lower imports
- improved gross international reserves to US$7.2 billion, equivalent to 4.1 months of imports cover
- improved primary balance to 0.3 percent surplus in September 2017 against a deficit of 1.6 percent in September 2016
- received positive sovereign rating reviews from international ratings Agencies: Fitch, B/stable; Standard & Poor, B-/positive
- successfully completed the 4th IMF/ECF program review, and
- achieved positive developments in the oil & gas sector – favorable ITLOS ruling, and Sankofa producing 1st oil three months ahead of schedule.
