Ofori-Atta defends ‘turned the corner’ comment amid criticisms, cites tangible progress
Ken Ofori-Atta, Ghana’s Finance Minister, has defended his statement regarding the country’s economic trajectory during the presentation of the 2023 mid-year budget review.
He reiterated his stance that Ghana’s economy has “turned the corner,” asserting that the nation has made noticeable strides in overcoming critical challenges and embarking on a path of improvement.
Speaking on GTV’s “Talking Point” programme, Mr Ofori-Atta acknowledged the existence of challenges within the economy but emphasized that tangible progress has been achieved, warranting his optimistic view.
He attributed this positive outlook to visible growth and developments in various sectors.
The Finance Minister’s assertion of Ghana’s economic turnaround has faced criticisms from opposition parties and economists who contend that the nation is not yet out of economic difficulties.
Despite this pushback, Mr Ofori-Atta has stood his ground, maintaining that his assessment is rooted in tangible evidence of progress.
He cited instances such as growth acceleration in 2023 as well as successful inflation reduction efforts. He also underscored the stable performance of the cedi in the exchange rate market as a testament to the economy’s firm foundation.
Debt Exchange Program and Future Prospects
Notably, the government has launched an Alternative Offer aimed at restructuring Pension Funds invested in government bonds and securities.
Mr Ofori-Atta highlighted the importance of this Debt Exchange Programme, amounting to approximately GHS 31 billion, in fortifying the economy’s underpinnings.
The Minister expressed confidence in finalizing the Debt Exchange Programme by September, affirming its role in positioning the economy on a more robust trajectory.
Addressing Calls for Resignation
Speaking on calls for his resignation, Mr Ofori-Atta noted that the challenges Ghana’s economy has encountered might fuel dissatisfaction among some Ghanaians, leading to calls for his dismissal.
However, he remains steadfast in his commitment to addressing the country’s economic challenges and contributing to the stabilization of the economy.
