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Economy of Ghana Ghana's economy has improved

The economy of Ghana has faced serious challenges in the past three years which led the government to the International Monetary Fund (IMF).

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The Finance Minister Seth Terkper has said that the Mahama-led administration has significantly improved the economy of the country through their prudent management systems.

He mentioned that this is because of the investments they have made in various sectors of the economy.

“Within the last eight years there were investments that we made particularly in oil and gas. For instance the Atuabo gas processing plant which we all agree came in handy, the situation with dumsor would have been worse if we didn’t have Atuabo. It would have been worse if we were flaring the jubilee gas.”

READ ALSO: Ghana left with 200 USD to offset 2007 Eurobond – Terkper

“So we took a loan, got the pipelines, put a plant and we are processing our own gas. That is the first example. Then we started the exports…based on those mechanisms the economy grew, so you can see again specific action. Then we had gold, cocoa and later crude oil prices all going down. Then we decided to stabilise the economy through some tough measures. You would agree with me that today Ghana is not in recession. Some African countries that have gone through that are in recession. We are not in recession, yes we experienced a slowdown in growth but we never went into recession,” he added.

READ ALSO: Gov't secures funds for construction of Pokuase interchange

The economy of Ghana has faced serious challenges in the past three years which led the government to the International Monetary Fund (IMF).

However, the most political parties have argued that the NDC has taken decisions that have collapsed the economy.

The New Patriotic Party (NPP) and the Progressive Peoples Party have championed this argument saying the economy has not been managed properly hence the economic situation we find ourselves in.

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