We’ll overcome economic challenges – Ofori-Atta
The Minister of Finance Ken Ofori-Atta has assured Ghanaians that the government is working to bring the economy out of its current challenge.
According to him, the government has a track record of recovering the economy from its current predicament. He, therefore, called on citizens to have faith that the economy will be stabilized soon.
He added that the government was going to prioritize the nation’s resources with all diligence. And that included cutting expenditure for revenues that are not performing well. Also, ensuring that money is spent wisely.
He made this known while delivering a presentation on the 2022 mid-year budget review in parliament on Monday, July 25, 2022.
“With discipline, dedication, and hard work, we will overcome the current challenges that confront our nation,” he said.
“We are convinced we can do this again. We worked closely with Ghanaians to turn around the economic situation in 2017,” he explained.
The Minister indicated that the target for revenues and expenditure has been reviewed. This is to mirror the remnants of the coronavirus pandemic as well as the impact of the Russian/ Ukraine war on the economy.
Ofori-Atta On Overcoming Economic Challenges
“Mr. Speaker, in the immediate term, we will strengthen our focus on efficiency in our fiscal operations and transformation efforts.
To this end, we are aggressively improving revenue mobilization by adopting more innovative and comprehensive approaches including technology, rationalizing expenditures, adopting policies to address inflation, promoting production, and improving productivity, including implementing the Ghana CARES and YouStart programs and exploring innovative financing as illustrated by the recently approved US$750 million African Export-Import (Afrexim) Facility,” he stated.
Meanwhile, the government wants a financial bailout from the International Monetary Fund (IMF). When the IMF program gets successful the country’s microeconomic stability will be restored. Afterward, there will be a safeguard against debt sustainability.
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