The Finance Minister, Ken Ofori-Atta, has reaffirmed Ghana’s commitment to achieving economic stability, citing notable progress in key macroeconomic indicators.
Speaking at the signing of two financing agreements aimed at advancing sustainable development between the Ghanaian government and the European Union, Mr. Ofori-Atta emphasized that the collaboration would play a pivotal role in accelerating Ghana’s development agenda.
“Our focus now as a government is to secure an economic turnaround underpinned by robust institutions and an active private sector. These agreements are fully aligned with both our five-year PFM strategy and the government’s pro-growth agenda, which are anchored on the themes of strengthening micro-fiscal adjustments, strong and ambitious structural reforms in tax policy, revenue administration, and public financial management, and reforms to encourage private sector investment, create growth, and generate more jobs. Let’s not lose sight of the fact that this is a market-oriented government. As such, we are fundamentally aligned with the policy approach and reform agenda.”
On his part, the European Union Ambassador to Ghana, His Excellency Irchad Razaaly, assured of deepened collaboration between the EU and Ghana in the areas of growing agribusiness, financial management, and private sector development.
“We believe that our collaborations in these areas, from agribusiness to financial management and private sector development, are a critical turning point in our economies and will help us address some of the most pressing challenges facing both the EU and Ghana. As a global leader in sustainable development, it is the EU’s duty to champion environmentally friendly practices and promote sustainable economic growth,” the European Union Ambassador to Ghana said.
On October 22, Cabinet approved further economic measures to sustain Ghana’s progress towards economic recovery.
The decision was aimed at further consolidating the stability of growth and tightening spending.
President Nana Addo Dankwa Akufo-Addo and his Cabinet began a three-day retreat on October 20 to deliberate on the country’s economy and the humanitarian crisis that has hit many parts of Lower Volta following the spillage of the Akosombo and Kpong dams.
The retreat comes on the heels of the International Monetary Fund’s approval of the next tranche of $600 million in balance of payment support for Ghana after reaching a staff-level agreement.