We’ve softened inflation, stabilized exchange rates, and declined interest rates -Finance Minister

In his 2023 mid-year budget review, Minister of Finance Ken Ofori-Atta stated that the government’s efforts to lessen the effects of COVID-19 and the current economic difficulties had been successful in stabilizing fluctuating exchange rates, taming inflation, and lowering interest rates.

In his address, the finance minister credited the accomplishments to continuous budgetary changes made by the government.

He said that the weak economy has greatly improved as a result of these budgetary changes.

“Mr. Speaker, the implementation of ongoing fiscal adjustments and sustained investments in our people have contributed immensely to the stabilization we are seeing in the economy. Exchange rate has stabilized, inflation has softened, and interest rates have declined since December 2022, and private investments have been announced due to increased investor confidence in our economy.”

He indicated that he and the government would continue to endeavor to keep the economy growing so that pricing for products and services would remain within the reach of average residents.

“Ordinarily, Mr. Speaker, these positive trends should ease the burden on our pockets. As a Finance Minister and a family man myself, I will continue to work hard to build and sustain a favourable macroeconomic environment, and remain confident that the prices of goods and services would reflect the trend for all of us – for our families and enterprises.”

Mr. Ofori-Atta further hailed the government’s domestic debt exchange programme which he said provided “the government with increased fiscal flexibility and addressed cash and other liquidity constraints. Once again, we are grateful to all investors who participated in this exchange.”