In his 2023 mid-year budget review, Finance Minister Ken Ofori-Atta stated that the government’s measures to mitigate the effects of COVID-19 and current economic challenges have resulted in stabilizing fluctuating exchange rates, softening inflation, and lowering interest rates.
In his address, the Finance Minister ascribed the results to the government’s ongoing fiscal adjustments.
He stated that the fiscal modifications had a substantial positive impact on the ailing economy.
“Mr. Speaker, the implementation of ongoing fiscal adjustments and sustained investments in our people have contributed immensely to the stabilisation we are seeing in the economy. Exchange rate has stabilised, 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 stated that he and the administration are still committed to striving to keep the economy improving so that the costs of products and services remain within citizens’ budgets.benefited the hurting economy.
“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 also praised the government’s domestic debt swap program, claiming that it 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.”
