Mr. Speaker, it would be recalled that at the time of the presentation of the 2006 Budget Statement and Economic Policies of Government to this August house, available data was mainly up to September 2005.
Consequently, the report presented was based on projections resulting from annualized end-September data.Mr. Speaker, it is now my pleasure to update those figures with actual provisional Budget outturn for 2005.
In 2005, Ghana’s economy recorded a strong performance amidst the volatile international oil prices and met most of the key macroeconomic objectives under the GPRS II framework.
The economy recorded a relatively high real GDP growth rate, significant moderation in inflation despite the liberalization of domestic petroleum prices and a considerable strengthening of the external position in the face of adverse shocks emanating from volatile crude oil prices.
The consistent implementation of the fiscal and monetary framework crafted to focus on reduction in the domestic debt to GDP ratio provided an anchor for fiscal policy and contributed in large to the strong economic performance in 2005.