Ken Ofori-Atta justifies why Ghana's economy has 'turned the corner'

Finance Minister, Ken Ofori-Atta, has insisted that Ghana’s economy has “turned the corner” despite the current economic challenges in the country.

According to him, the government has witnessed considerable progress indicating that the economy has passed a crucial point with signals pointing towards improvement.

“We have seen progress, and for me, it’s marvellous in my own eyes where we are now as a country,” he made the remarks during an interview on GTV’s Talking Point segment on Sunday, August 6, 2023.

The comments, which were first made by the finance minister in Parliament have been widely criticized by members of the opposition in Parliament and some Ghanaian economists but he [Ofori-Atta] maintained his stance amid the remarks made on July 31.

However, the World Bank in a recent report stated that Ghana’s economy was on the path to normal economic levels by the year 2025.

“Growth will further decelerate in the short term (2023-24) before returning to its potential after 2025,” the World Bank said in its 7th Ghana Economic Update titled ‘Price Surge: Un-ravelling Inflation’s Toll on Poverty and Food Security’.

Authored by three economists of the World Bank, Kwabena Gyan Kwakye, economist; Paul Andres Corral Rodas, Senior Economist and David Elmaleh, Senior Economist, the yearly analytical report examined Ghana’s economic development prospects.

The World Bank report also focused on the impact of inflation on the household indicating that Ghana's economy picked up from the post-COVID-19 growth rate of 0.5 percent to 5.3 percent in 2021.



MA/NOQ