In his 2023 mid-year budget review, Minister of Finance Ken Ofori-Atta stated that the government’s efforts to lessen the effects of COVID-19 and the present economic difficulties had been successful in stabilising changing exchange rates, taming inflation, and lowering interest rates.
In his address, the finance minister credited the accomplishments to continuous budgetary changes made by the administration.
He said that the weak economy has greatly improved as a result of these budgetary changes.
“Mr. Speaker, the adoption of continuous fiscal reforms and consistent investments in our people have greatly aided in the stabilisation of the economy that we are now witnessing. Since December 2022, the exchange rate has stabilised, inflation has moderated, interest rates have dropped, and private investments have been announced as a result of growing investor confidence in our economy.
He hinted that he and the government would continue to endeavour to keep the economy growing so that pricing for products and services would stay within the reach of average residents.
“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.”
