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Ofori-Atta assures investors, Ghanaians of swift economic revival

Finance Minister, Ken Ofori-Atta

Sat, 3 Jun 2023 Source:

Minister for Finance, Ken Ofori-Atta, has assured investors and Ghanaians of government's commitment to swiftly restoring the nation's economic fortunes.

At a gathering of industry experts, policymakers, and international partners during the MTN Group's 2023 Capital Market Day (CMD), a two-day event designed to foster dialogue with players within the financial community in Johannesburg, Mr. Ofori-Atta reassured participants of the Ghanaian government's dedication to revitalizing the economy and securing a prosperous future for all.

During his speech, he acknowledged the far-reaching impacts of the global economic downturn triggered by the COVID-19 pandemic and the ongoing geo-political tension between Russia and Ukraine.

These external factors, he said, have adversely affected Ghana's economy, compelling the government to seek support from the International Monetary Fund (IMF).

Nevertheless, Ken Ofori-Atta affirmed that the government remains undeterred and is implementing measures to navigate the storm and restore Ghana's economic fortunes.

He also outlined a series of comprehensive measures and strategies, designed to stimulate economic growth, attract investments, and create job opportunities.

The Finance Minister emphasized the government's focus on enhancing key sectors such as agriculture, manufacturing, and infrastructure development, while also stressing the importance of sustainable practices.

"We are concentrating on boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects. Through these actions, we will establish a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth," explained Ofori-Atta.

The Finance Minister further underscored the government's commitment to fiscal discipline and prudent financial management. He assured, "We will maintain responsible fiscal policies, improve revenue generation, and prioritize the efficient allocation of resources. These measures will ensure that our economic revival efforts are sustainable in the long run."

Highlighting the significance of swift action, Ken Ofori-Atta emphasized the pivotal role a revitalized economy plays in the well-being of Ghanaians stating "we understand the hardships our citizens are facing, and we empathize with their concerns. That is why we are leaving no stone unturned in our efforts to expedite the recovery process."

Touching on public-private cooperation, he highlighted the importance of collaboration among the government, private sector, and citizens, in achieving desired the socio-economic outcomes.

Ken Ofori-Atta also called upon businesses, investors, and the entire Ghanaian populace to join hands with the government as they embarked on Ghana’s transformative journey.

In another development, the Minister for Finance, whilst in South Africa, met virtually with President Cyril Ramaphosa.

President Ramaphosa congratulated Ghana for obtaining an IMF deal in record time. Areas of cooperation were discussed, primarily towards strengthening existing ties and building a healthy interchange for businesses in Ghana and South Africa.

Ken Ofori-Atta expressed optimism that such economic cooperation would have a meaningful and mutually beneficial impact on citizens of both countries.

Ramaphosa also shared that he was confident that government and private sector collaboration would lead to a rapid resolution of the energy challenges currently being experienced by the rainbow nation.

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