Indicators reflect economy turning the corner – Finance Minister asserts

The Minister of Finance, Kenneth Nana Yaw Ofori-Atta, has expressed satisfaction with the growth of the economy after a torrid year in 2022.

He said all indicators point to growth in 2023 and the country is on track to beat the revised economic target.

“Thankfully and working together, we have seen improvement in the indicators,” Mr Ofori-Atta said.

“As I made clear in the mid-year budget statement, our economy is expected to continue growing now and over the medium term.

“The numbers reflect the turning the corner of our economy.”

The Minister of Finance made this known on Thursday, November 2 while delivering the keynote address at the Ghana Mutual Prosperity Dialogues (GMPD) in Accra.

The event is bringing together experts in both the private and public sectors to consider suggestions in finding solution to the current economic challenges.

The Finance Minister was glad the event is bringing two major sides of stakeholders together – public and private sectors.

He said the deeper collaboration is going to lift most businesses from serious challenges endured in 2022.

“A year ago the business environment was severely challenging, inflation surged, suddenly from 13.9 percent in January to 40.4 percent by end of October and 54 percent by end of December.”

But he says so far the economy has shown resilience as “economic growth has been resilient this year, averaging 3.2 percent in the first two quarters compared to 3 percent in the same period in 2022”.

He later observed: “According to several assessments, our future growth prospects are much brighter.”