2022 goes down in the global economic history books as the year Ghana faced the worst of economic turmoil since the 1983 economic crisis the faced during the military juntas era.
The local currency, Cedi, was ranked the worst performing currency globally. Inflation reached all time highest for a period of two decades. The country’s debt surpassed our Gross Domestic Product among other key macroeconomic indicators.
However, the Finance Minister, Ken Ofori-Atta, says the government will put in place stronger foundations in 2023 to change the country’s economy for the better.
He is quoted to have said; “The ensuing years will focus on building an entrepreneurial and export-driven economy as we grow the economy to protect and create jobs, tackle inflation, and strengthen our currency. The importation of food should soon be a thing of the past.
“2023 must be our “comeback” year. A year in which we put in place stronger foundation that would allow us to change our country for the better and in a way that is enduring, inclusive and transformational.
“We all have a role to play. And I urge us all to work together with the Government and support the various interventions being implemented to kick–start our recovery in a determined, bold and courageous way,” MrOfori-Atta said.
The finance minister bet his hopes on the recently announced debt exchange programme and the staff-level agreement with the International Monetary Fund on a $3 billion bailout have contributed to the rebound of the economy.
“The launch of the debt exchange programme, coupled with the signing of the Staff Level Agreement with the International Monetary Fund, have aided our stability efforts and have in particular contributed significantly to the rebound of our currency.
“While accommodating the inputs of stakeholders, we must do all we can to sustain the gains of these initiatives keeping in sight the urgency of obtaining IMF Board approval in Q1 2023. The cost of this not succeeding will be too huge for our economy.”
The assurance is in the good direction, if only the government machinery will walk their talk.
We at www.newsguideafrica.com therefore urges the government to be bold enough to solicit for better counsel from all those that matters in the economic management cycle, implement bold but better economic policies that will cut unnecessary expenditures where increasing domestic revenues.
With these, we can also be hopefully of a turnaround for the economy this year.
