Akufo-Addo’s government has turned the economy around – Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta has lauded the New Patriotic Party (NPP) government’s turnaround of the Ghanaian economy.

Ken Ofori-Atta

He said the wobblying economy inherited by the Akufo-Addo government in 2017 has seen a major turnaround.

Delivering his 2022 Economic Policy and Budget Statement in Parliament in Accra, Mr. Ofori-Atta said the economy has been put on a path to fiscal stability.

He said, "Mr. Speaker, we know we can get the job done. It is well-known that prior to the pandemic, we had stabilised and turned around the economy between January 2017 and March 2020. We had reversed the worrying economic trend we inherited and placed the country on a path of fiscal sustainability and growth.”

"We doubled the economic growth rate from 3.4 percent to an average of 7.0 percent between that period. It is undisputed that we brought down the fiscal deficit below the 5 percent threshold, we improved our gross international reserves from US$4.9 billion (2.8 months of imports) to US$9.9 billion (4.7 months of imports), we provided free SHS for 1.2 million Ghanaian students," he added.

The Finance Minister also announced that government has abolished the collection of tolls on all public roads and bridges.

He said "Mr. Speaker, our roads need fixing. Our roads are being fixed. It is true that more roads have been fixed and are being fixed over the last five years than any relative period in the entire history of our nation. We even want to do a lot more and this budget will cater for this."

"That is why for decades, the government after the government imposed and maintained tolls on some public roads to raise funds for road construction and maintenance. This is the situation in many countries," he added.


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