Dr. Alex Ampaabeng, the Deputy Minister of Finance, has stated emphatically that the country’s economy is a strong path to recovery.
Speaking on Tuesday, September 3, 2024, at the Eastern Region Townhall Meeting in Koforidua, Dr. Ampaabeng emphasized significant economic developments that demonstrate the government’s dedication to enhancing the quality of life for Ghanaians.
“We’ve delivered, and we’ll continue to do more for you,” Dr. Ampaabeng declared to the audience, emphasizing that the government’s economic policies have yielded positive results across various sectors.
“Our economy is on a strong recovery path from the shocks we experienced in 2020 and 2022, which brought lots of hardship to Ghanaians. Now, sustained recovery is evident in that there’s a declining inflation rate, there’s a quarter-on-quarter GDP growth rate, from 3.8% in 2023 Q4 to 4.7% in Q1 of 2024, and a remarkable balance of trade surplus. These indicators reflect our dedication to sound economic management and the well-being of our citizens,” he said.
Dr. Ampaabeng pointed out that the inflation rate has drastically decreased, pointing to a route toward a long-term recovery, after having reached concerning levels in prior years.
“We’ve managed to bring inflation from 54% experienced in 2022 November due to the effects of the external forces, especially the Russian/Ukraine war and Covid-19 pandemic to 20.9 in just over a year and a half [july 2024]. Although this remains high, assessing this from where we were, there’s a strong indication that we will achieve the end-of-year target of 15[±2].
The steady supply of energy, which has been a pillar of the government’s initiatives to assist companies and raise the standard of living for all Ghanaians, was another topic Dr. Ampaabeng discussed.
“We have ensured that the days of erratic power supply are behind us. Today, businesses can operate with confidence, and households enjoy uninterrupted power, which is essential for our economic growth and development,” he stated.
Source: Mybrytfmonline.com/Joseph Asare
