Despite the current economic difficulties, Ghana is growing its Gross Domestic Product (GDP), according to Finance Minister Ken Ofori-Atta.
He claimed that the advancements give the government a strong base on which to address upcoming difficulties.
At a press conference held in Accra on September 28, 2022, Mr Ofori-Atta said that the country’s overall growth outturn of 3.4% and 4.8% in the first and second quarters of this year, respectively, along with modest improvements in the country’s fiscal position, are signs that the economy is gradually growing.
He said: “These figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be”.
“This progress gives us a solid foundation to confront the challenges ahead. Undoubtedly, global risks remain on the horizon, including a strengthening US dollar and higher interest rates, which negatively affect external borrowing.”
The Minister further noted that: “This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the IMF.”
Also, “within this context, Government is finalizing its Post-COVID-19 economic programme as the domestic blueprint to engage the IMF.”
“Additional stakeholder engagements will be held to solicit further inputs for the programme.”
Source: Mybrytnewsroom.com/Joseph Asare
