Government committed to a swift revival of economy – Ofori-Atta to foreign investors

Finance Minister, Ken Ofori-Atta, has pledged the government’s commitment to swiftly restoring the Ghana’s economic fortunes.

At a gathering of industry experts, policymakers, and international partners at the MTN Group’s 2023 Capital Market Day (CMD), a two-day event designed to foster dialogue with players within the financial community in Johannesburg, Mr. Ofori-Atta reassured participants of the government’s dedication to revitaliaing the Ghanaian economy and securing a prosperous future for all Ghanaians.

During his speech, he acknowledged the far-reaching impacts of the global economic downturn triggered by the COVID-19 pandemic and the ongoing geo-political tension between Russia and Ukraine.

These external factors, he said, have adversely affected Ghana’s economy, compelling the government to seek support from the International Monetary Fund (IMF).

Nevertheless, Mr. Ofori-Atta affirmed that the government remains undeterred and is implementing measures to navigate the storm and restore Ghana’s economic fortunes.

He outlined a series of comprehensive measures and strategies, designed to stimulate economic growth, attract investments, and create job opportunities.

The Finance Minister emphasised the government’s focus on enhancing key sectors such as agriculture, manufacturing, and infrastructure development, while also stressing the importance of sustainable practices.

“We are concentrating on boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects. Through these actions, we will establish a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth,” explained Ofori-Atta.

The Finance Minister further underscored the government’s commitment to fiscal discipline and prudent financial management.

He assured, “We will maintain responsible fiscal policies, improve revenue generation, and prioritise the efficient allocation of resources. These measures will ensure that our economic revival efforts are sustainable in the long run.”

Highlighting the significance of swift action, Mr. Ofori-Atta emphasised the pivotal role a revitalised economy plays in the well-being of Ghanaians stating “we understand the hardships our citizens are facing, and we empathize with their concerns. That is why we are leaving no stone unturned in our efforts to expedite the recovery process.”

Touching on public-private cooperation, he highlighted the importance of collaboration among the government, private sector, and citizens, in achieving desired the socio-economic outcomes.

Mr Ofori-Atta also called upon businesses, investors, and the entire Ghanaian populace to join hands with the government as they embarked on Ghana’s transformative journey.

South African President pledges to build healthy interchange for businesses in Ghana.

In another development, the Minister of Finance, whilst in South Africa, met virtually with President Cyril Ramaphosa.

President Ramaphosa congratulated Ghana for obtaining an IMF deal in record time.

Areas of cooperation were discussed, primarily towards strengthening existing ties and building a healthy interchange for businesses in Ghana and South Africa.

Mr. Ofori-Atta expressed optimism that such economic cooperation would have a meaningful and mutually beneficial impact on citizens of both countries.

Mr. Ramaphosa also shared that he was confident that government and private sector collaboration would lead to a rapid resolution of the energy challenges currently being experienced by the rainbow nation.