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News2023 Mid-Year Budget Review: Finance Minister touts stabilised exchange rates, inflation, and...

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2023 Mid-Year Budget Review: Finance Minister touts stabilised exchange rates, inflation, and fiscal challenges

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Finance Minister Ken Ofori-Atta has revealed that the government’s efforts to address the effects of COVID-19 and the prevailing economic difficulties have successfully stabilised exchange rates, moderated inflation, and reduced interest rates.

During his presentation, the Finance Minister attributed the accomplishments to the government’s ongoing fiscal adjustments.

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He indicated that these fiscal adjustments have significantly improved 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.”

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He intimated that he and the government remain committed to working to sustain the improvement in the economy to ensure that prices of goods and services are within the budget of citizens.

“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.”

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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.”

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