On July 31, 2023, Ghana’s Minister for Finance and Economic Planning, Ken Ofori-Atta, presented a review of the 2023 Budget and Economic Policy to parliament. Notable points from his presentation included a downward revision of the government’s appropriation from GH¢227.7 billion (as approved in November 2022) to GH¢206.0 billion. Ofori-Atta also announced that there would be no new tax measures, and the budget would not require a supplement.
Addressing the country’s economic performance, Ofori-Atta acknowledged the challenges faced but revealed a significant turn towards recovery. On August 6, 2023, he appeared on GBC’s Talking Point program, where he further discussed the mid-year budget’s contents and key economic issues.
Reflecting on 2022, he described a period of despondency and uncertainty, with inflation soaring to 54% and the exchange rate declining by 50%. Confidence was low, and there were concerns about the IMF’s support and international market closure.
However, Ofori-Atta noted positive developments in the present, with inflation declining to 42.5%, indicating progress. He emphasized the importance of striving for macro-economic stability and lowering inflation to 7.9%, debunking the notion that inflation does not matter. His “turning the corner comment” in parliament aimed to justify the country’s efforts towards achieving economic stability.