The Minister of Finance has touted what he terms “remarkable achievements” of the two-year-old New Patriotic Party (NPP) government.
Presenting the 2019 Budget in Parliament Thursday, Mr. Ken Ofori Atta said the Akufo-Addo led administration has put the economy on a sound footing to the extent that the country will no longer return to trying times.
“We’ll no longer return to Egypt,” the Finance Minister stated in reference to how the Biblical Israelites suffered in the land of Egypt before being freed.
He added: “Economic growth remains strong and we’re on track to attain our targets.”
According to him, the achievements of the government under the 2018 budget will make it possible for the 2019 version to flourish.
Outlining some of the achievements, the Finance Minister stressed: “Our economy has changed from one with a weak banking system to a strong, well-capitalized banking system, from a rising debt to GDP rate to a declining debt to GDP rate.
“There has been a change from dumsor to reliable access to power, a change from the removal of the trainee allowances to the restoration of the allowances.
“We’ve seen a change from a stagnant Agricultural sector to a revitalized sector under the planting for food and jobs programme.
“Ghana’s trade position with the rest of the world has strengthened.”
Mr. Ofori Atta added: “Ghana’s debt to GDP ratio declined from 73.1% under the NDC government to 67.3% under the NPP.
“We are on track to achieving our key macroeconomic targets for 2018 and that’s something we can all be proud of.
“We are on course to achieving our revised target of 5.6% growth this year which reflects our prudent economic management.
“The BoG has done a great job with its monetary policy which has resulted in inflation dropping to single digits, lower interest rates, and a relatively stable currency. Since the assumption of office by the current management of the BoG, bold measures have been taken to restore the health of the banking sector.”
“Following the creation of the Consolidated Bank and the investments made to cover the gaps between the liabilities and the assets, confidence in the banking system has been restored, with customers assured their funds are save,” the Finance Minister remarked.