The Minister of Finance, Ken Ofori-Atta has admitted that even though the Government has implemented fiscal adjustment policies that have improved economic indicators such as the exchange rate, inflation and interest rates, further work needs to be done to make goods and services more affordable to Ghanaians.
The Minister explained as he presented the Mid-year Budget Review to Parliament on Monday, July 31, 2023, that as a family man himself, he is not oblivious to the prevailing economic challenges and would continue to work to ensure that the improvement in the economy improves the prices of goods and services for both families and businesses.
“Mr. Speaker, the implementation of ongoing fiscal adjustments and sustained investments in our people have contributed immensely to the stabilisation we are seeing in the economy. The exchange rate has stabilised. Inflation has softened. And interest rates have declined since December 2022 And private investments have been announced due to increased investor confidence in our economy,” he stated.
He added that:“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,” he stressed.
The Minister told Parliament that the implementation of the 2023 budget has put the ailing economy back on track and on the path of complete recovery. But opposition National Democratic Congress (NDC) Members of Parliament (MPs) led by Cassiel Ato Forson promptly disagreed, saying looking at indicators such as inflation and the exchange rate, such assertions cannot be true.