Supplementary Budget Mona Quartey: Economy moving in the right direction

A research fellow at the Institute for Fiscal Studies (IFS), Dr Said Boakye said on Joy FM’s news analysis programme Newsfile Saturday that the economy is “highly highly [sic] challenged.”

  • Published:
Mona Quartey play

Mona Quartey

24/7 Live - Subscribe to the Pulse Newsletter!

A Deputy Minister of Finance, Mona Quartey, has assured the Ghanaian economy is still buoyant and is moving in the right direction.

The assurances follow criticisms that the government has cut investment spending and achieved a less impressive economic growth rate.

READ MORE: Budget review tells economy is ‘highly challenged’- economist

A research fellow at the Institute for Fiscal Studies (IFS), Dr Said Boakye said on Joy FM’s news analysis programme Newsfile Saturday that the economy is “highly highly [sic] challenged.”

But deputy finance minister who was also a panellist on the show said it was “fair to say the economy is challenged” but was quick to attribute it to external difficulties such as the drop in crude oil prices and the  challenges in oil production on the FPSO Kwame Nkrumah.

“On the external front, because of what has happened to the oil price and of course all the uncertainty in the global economy, even including the rate of Gross Domestic Product (GDP) growth for other parts of the world.

“So external front is challenged, however, we still believe, and we know from the numbers that we are seeing that [the economy] is still buoyant on the local front,” she said.

Mrs Quartey highlighted the growth of GDP from projected 3.5 % in 2015 to 3.9%.

“So perhaps [the economy] is not growing as fast as Ghanaians would wish it to grow but it is taking the baby step and is moving in the right direction,” she said.

READ MORE: Finance Ministry refutes GHC1.6bn debt to Central Bank

She added: “For 2016 first quarter, the growth rate was 4.9%. That is an impressive growth rate for the first quarter [sic] compared to 4.1% in the same period last year.”

Mrs Quartey noted the fiscal deficit in 2015 reduced to 6.3% from 10.2%.

According to her, it is a “major achievement” considering the external challenges in the economy.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 2018 World Happiness Report Somalia is a happier place to live than...bullet
2 Nima Flagstaff House We'll return to vote for you in 2020 - Nana...bullet
3 MoMo Ghanaians to make int’l payments with mobile money as MTN...bullet
4 Nepotism In Ghana NLA boss awards sister-in-law 11 contracts in...bullet
5 Banking In Ghana Ghanaian banks resist the use of crypto currencybullet
6 Police Service Debt Vodafone cuts off line to Ghana Police...bullet
7 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet
8 Electricity Tariffs PURC gazettes tariff reductionbullet
9 Acquiring Ghanaian Passports Ghanaians to receive...bullet
10 Prisons Recruitment Prison Service extends recruitment...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Support Finance minister buys Kantanka carbullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 Entrepreneurship How to be resourceful as an entrepreneurbullet
10 Entrepreneurship How To Get Ready To Get Started |...bullet