The Finance Minister, Ken Ofori-Atta, is optimistic about a strong revival of the economy in 2023.
He said: “2023 must be our comeback year. A year in which we put in place stronger foundations that would allow us to change our country for the better and in a way that is enduring, inclusive and transformational”.
In an update on the economy on December 19, he urged Parliament to support the government in getting the Appropriations Bill for the 2023 Fiscal Year passed.
“We also urge Parliament to support, in particular new revenue measures outlined in the 2023 budget, which aim to improve revenue mobilisation. We cannot afford to repeat the mistakes of 2022,” he disclosed after giving an update on the economy.
Mr Ofori-Atta pointed out that 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. Importation of food should soon be a thing of the past”.
He added, “Ghana cannot afford to lose this essence of forward momentum for the economy as the country navigates toward stability, predictability and growth.
He urged all Ghanaians to work together with the government and support the various interventions being implemented to kick-start the recovery of the economy in a determined, bold and courageous way.
“Above all, I urge us all to maintain an unshakeable sense of optimism about Ghana in the days and years ahead. Indeed, the LORD is the Lifter of our heads (Psalm 3:4), as we all witness new confidence in our currency and the prospects of the certainty of an IMF Board approval of our Staff Level Agreement”.
The Ghana cedi has recovered significantly against the US dollar since the International Monetary Fund announced it had reached a staff-level agreement with the government.
Data from the Bank of Ghana indicate that as of December 15, 2022, the local currency wrestled the US dollar and appreciated by 63.7 per cent in the process (now selling at around GH¢8, December 19), thereby trimming down the year-to-date depreciation to 24.9 per cent.