General News Thu, 28 Mar 2019
Finance Minister, Ken Ofori-Atta has bemoaned that the President Akufo-Addo’s administration has been facing tough times healing the Ghanaian economy which he said was broken under former President Mahama’s government.He noted that the healing process has not been easy; ‘it has been tough; it has been restraining.’
According to him, “the economy under the Mahama’s administration was in severe crisis.”
He said the economy was broken but has had to be fixed by the President Akufo-Addo’s administration.
Mr. Ofori-Atta said these in an address to lawmakers in Parliament today, March 28, 2019, on Ghana’s successful completion of the International Monetary Fund (IMF’s) Extended Credit Facility.
His address also focused on Ghana’s historic $3 billion Eurobond, and recent developments on the foreign exchange market and the Ghanaian cedi.
He noted that the year 2016 under the Mahama’s administration was characterized by excessive fiscal dominance more than what was observed in 2012 electioneering year.
That, he said, meant that it was impossible for Ghana to end the IMF’s ECF programme in 2018 as scheduled.
He outlined 27 achievements of the Akufo-Addo’s administration since assuming power over two years ago, which included 12 structural benchmarks.
He spoke about how government’s economic policies have helped stabilized inflation in Ghana and has brought about an overall macroeconomic stability.