Our economy is on a strong recovery path - Deputy Finance Minister

Koforidua, Eastern Region - Deputy Finance Minister Dr. Alex Ampaabeng has hailed the government's economic achievements, stating that it has delivered on its promises and is committed to doing more for Ghanaians.

Addressing the Eastern Region Townhall Meeting on Tuesday, September 3, 2024, Dr. Ampaabeng highlighted key economic milestones, including a declining inflation rate, quarter-on-quarter GDP growth, and a balance of trade surplus. He emphasized that these indicators reflect the government's dedication to sound economic management and citizen well-being.

“We’ve delivered, and we’ll continue to do more for you,” Dr. Ampaabeng declared to the audience, emphasising that the government’s economic policies have yielded positive results across various sectors.

“Our economy is on a strong recovery path from the shocks we experienced in 2020 and 2022, which brought lots of hardship to Ghanaians. Now, sustained recovery is evident in that there’s a declining inflation rate, there’s a quarter-on-quarter GDP growth rate, from 3.8% in 2023 Q4 to 4.7% in Q1 of 2024, and a remarkable balance of trade surplus. These indicators reflect our dedication to sound economic management and the well-being of our citizens,” he said.

Inflation, which peaked at 54% in November 2022, has significantly declined to 20.9% in July 2024, with a target of 15% by year-end. Dr. Ampaabeng also noted the stable electricity supply, a cornerstone of government efforts to support businesses and improve quality of life.

“We’ve managed to bring inflation from 54% experienced in 2022 November due to the effects of the external forces, especially the Russian/Ukraine war and Covid-19 pandemic to 20.9 in just over a year and a half [july 2024]. Although this remains high, assessing this from where we were, there’s a strong indication that we will achieve the end-of-year target of 15[±2],'' he added.

Minister for Information, Fatimatu Abubakar emphasized the significance of town hall meetings in enhancing government transparency and accountability, providing a platform for citizens to engage with officials and receive updates on government projects and policies.

“These town hall meetings are crucial because they allow us to bring governance closer to the people,” she said

“By promoting open dialogue and sharing information, we build a stronger relationship with the people we serve, which is essential for maintaining a healthy democracy and ensuring inclusive development,” she added.

Source : Lead News Online