The Minister of Finance, Ken Ofori-Atta, has reassured Ghanaians of the government’s unwavering commitment to swiftly restore the country’s economic fortunes. Speaking at the MTN Group’s 2023 Capital Market Day (CMD) in Johannesburg, South Africa, Ofori-Atta addressed a gathering of industry experts, policymakers, and international partners. The minister emphasized the government’s dedication to revitalizing the economy and securing a prosperous future for all citizens.
Acknowledging the adverse impacts of the global economic downturn caused by the COVID-19 pandemic and ongoing geo-political tension, particularly between Russia and Ukraine, Ofori-Atta highlighted the challenges faced by Ghana’s economy. To overcome these challenges, the government sought support from the International Monetary Fund (IMF).
However, Ofori-Atta assured that the government remains undeterred and is implementing a series of comprehensive measures and strategies to navigate the storm and restore the country’s economic fortunes. Key focus areas include stimulating economic growth, attracting investments, and creating job opportunities. The minister emphasized the importance of enhancing key sectors such as agriculture, manufacturing, and infrastructure development, while promoting sustainable practices.
“We are concentrating on boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects,” Ofori-Atta stated. These actions aim to establish a conducive environment for businesses to thrive, generate employment opportunities, and drive sustainable economic growth.
The finance minister also underscored the government’s commitment to fiscal discipline and prudent financial management. Responsible fiscal policies, improved revenue generation, and efficient allocation of resources will be maintained to ensure the sustainability of economic revival efforts in the long run.
Recognizing the hardships faced by citizens, Ofori-Atta expressed empathy and reiterated the government’s determination to expedite the recovery process. He emphasized the pivotal role a revitalized economy plays in the well-being of the people.
Public-private cooperation was highlighted as crucial by Ofori-Atta, who stressed the importance of collaboration among the government, private sector, and citizens in achieving desired socio-economic outcomes. He called upon businesses, investors, and the entire Ghanaian populace to join hands with the government in its transformational journey.
During his engagement with South African President Cyril Ramaphosa, discussions centered around cooperation to strengthen existing ties and foster a healthy interchange of businesses between Ghana and South Africa. President Ramaphosa praised Ghana for obtaining an IMF deal in record time and expressed confidence in the government and private sector collaboration to rapidly resolve the energy challenges currently faced by the country.
Mr. Ofori-Atta expressed optimism that such economic cooperation would have a meaningful and mutually beneficial impact on citizens of both countries.
Ghana secured a $3 billion Extended Credit Facility from the IMF on May 17, this year. The program aims to restore macroeconomic stability, ensure debt sustainability, and lay the foundations for higher and more inclusive growth. The government requested financial support from the IMF in July 2022, and since then, the implementation of policies and reforms has been expedited. The approval led to the first disbursement of $600 million, which has now been received by Ghana.
