Let’s maintain our concentration and address the economic difficulties – Ofori Atta urges Ghanaians

Finance Minister Ken Ofori-Atta has appealed to all Ghanaians to remain focused as the government resolves the economic challenges.

Assuring Ghanaians of signs of economic improvement, Mr Ofori-Atta indicated that the local currency, the Cedi has gained stability against foreign currencies.

He also said that inflation has also tapered down, from 54.1 percent recorded in January to 42.2% in May this year.

Speaking to journalists on the sidelines of an event to mark the 147th Independence Day anniversary of the United States of America (USA) in Accra on Tuesday, July 4, Mr Ofori-Atta said “We recognize that it has been quite a dramatic change to where we are, during that period in which we did the double take to go to the Fund, we got the Staff Level Agreement (SLA) in record time, we got the Fund approval in record time, we got three times our quota which is unprecedented.

“We also were able to front load it so that we may get $1.2bn this year, which is good, within three days of the approval also it was disbursed to us. Inflation has tapered down from 54 % to where we are.”

He added ““I think the currency is a lot more stable, Treasury Bill rates have moved from 35 to 20 something percent. The domestic Debt exchange programme was very difficult for us as a country but I think the need to do it and improve it.

“So you can see some stability and we are grateful for that. There is a lot of work ahead and really we need to remain focused as Ghanaians and move ahead.”