Budget 2020: Ofori-Atta sets Ghana on course to revival and redemption with a plan for growth Featured

By Isabella Agyakwa November 14, 2019 1290 0

The Ghanaian economy has seen a complete turnaround in 32 months since the Akufo-Addo-led government took over running the country’s affairs in January 2017.

This growth has rebounded strongly from 3.4 per cent in 2016 to an average of over 7 per cent in the past two years.

Presenting the government’s financial policy for 2020 yesterday in Parliament, the Minister for Finance, Ken Ofori-Atta, said the rate of inflation has fallen from an embarrassing 15.4 per cent in December 2016 to 7.6 per cent in September 2019, the lowest since March 1992.

He also announced that the rate for 91-day treasury bills, a favoured option for investors who feel a need to play safe, also fell steadily from nearly 17 per cent in December 2016 and now stands at 14.7 per cent.

Doubled growth

“As a result of us introducing the necessary combination of focus, discipline, integrity, creativity, compassion and competence, in just 32 months in office … the Lord has blessed our efforts. The economy has seen a miraculous turnaround, moving now in the right direction,” the Minister said.

“We have doubled the rate of economic growth to make Ghana one of the fastest-growing economies in the world. The economic growth rate has doubled under President Akufo-Addo, rebounding strongly from 3.4 per cent in 2016 (the lowest GDP growth rate since 1994), averaging 7 per cent,” he said.

Promises fulfilled

Addressing the House, the Finance Minister said he was satisfied that President Nana Addo Dankwa Akufo-Addo has fulfilled his pledge to Ghanaians.

Despite limited resources, the government has implemented its plans, which include the introduction of stimulus packages for viable but struggling businesses.

It is also increasing spending significantly on social services and implementing its flagship programmes.

“Mr Speaker, I am proud to stand here and declare that the President has redeemed virtually all the pledges he made to the people of Ghana. … the numbers, indeed, don’t lie and I have some numbers that make interesting reading.”

Breakdown

As Mr Ofori-Atta explained: “One point two million Ghanaian students would have had access to secondary education by 2020, justifying the spending of GHC2.2 billion.

“It is gratifying to note that the first cohort of students under the programme, numbering about 362,000, are due to graduate in 2020.”