We Have Made Significant Progress Towards Macroeconomic Stability- Ofori Atta
The Minister for Finance, Ken Ofori Atta has posited that the country has taken the right path when it comes to its macroeconomic sector.
Reading the Mid-year budget in Parliament on July 31, 2023, he said, “We have made significant progress on restoring macroeconomic stability and the narrative is changing. The economy is showing signs of recovery.”
The signs, he said, can be found in the stabilization of the country’s exchange rate, inflation and interest rates.
According to him, the signs began to show in December 2022.
“Mr Speaker, these outturns are the result of the focused implementation of all the measures we presented in the 2023 Budget and the positive sentiments arising from the progress with the IMF Programme.”
The government is targeting an overall Real GDP growth of 2.8 percent; Non-Oil Real GDP growth of 3.0 percent; End-December inflation rate of 18.9 percent; Overall budget deficit of 5.9 percent of GDP (on commitment) and 7.7 percent on cash basis; Primary Balance (Commitment basis) of a surplus of 0.7 percent of GDP and deficit of 1.1 percent of GDP on a cash basis; and Gross International Reserves to cover not less than 3.3 months of imports by in 2023.
