Ghana is set to continue implementing measures introduced under the 2023 budget and the International Monetary Fund (IMF)-supported program. Finance Minister Kenneth Ofori-Atta made this announcement during the mid-year budget review presented to the parliament.
Ofori-Atta highlighted the progress made in tackling recent economic challenges through government initiatives, expressing optimism for the path ahead. He stated, “We have turned the corner, and more importantly, we are determined to continue down that path.” Notably, Ghana has made significant strides in restoring macroeconomic stability, evident in the stabilizing exchange rate, softening inflation, and declining interest rates.
The positive outcomes, according to Ofori-Atta, are a direct result of the focused implementation of measures outlined in the 2023 budget and the encouraging sentiments arising from the IMF program’s progress. However, acknowledging changes in global oil prices, the minister announced plans to reduce income and expenditure targets related to oil revenue.
In May, the IMF approved Ghana’s 3-billion-U.S.-dollar loan request, providing a much-needed boost to the West African nation. An initial disbursement of 600 million dollars was immediately allocated to rescue the country from severe debt overhang, soaring inflation, continuous currency depreciation, and rising living costs.
Ghana’s steadfast commitment to fiscal discipline, coupled with the IMF’s support, holds promising prospects for the nation’s economic recovery and growth.
