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The Director of Communications for the New Patriotic Party (NPP) Mr Richard Ahiagbah has said Ghana’s economy is gradually turning around.
This, he said, is due to the support that Ghanaians are giving to the government.
He tweeted “We are working hard to bring back the economy because we see the difficulties Ghanaians are having to endure due to the ravages of Covid-19 and Russia’s War in Ukraine. With the support of Ghanaians, the economy is turning around and trending toward stability. We are in it together!”
We are working hard to bring back the economy because we see the difficulties Ghanaians are having to endure due to the ravages of Covid-19 and Russia’s War in Ukraine. With the support of Ghanaians, the economy is turning around and trending toward stability. We are in it…
— Richard Ahiagbah (@RAahiagbah) July 27, 2023
He added “The Bank of Ghana has built $1 billion in reserves in 6 months. It is turning around. Let’s work together to quicken the pace of this recovery.”
The Governor of the Bank of Ghana (BoG) Dr Ernest Addison earlier this week said that the implementation of the International Monetary Fund (IMF) supported Extended Credit Facility programme for the first six months of 2023 is broadly in line with the performance criteria targets for June 2023.
While the programme envisaged a drawdown in reserves of close to US$100 million, he said, the BoG built reserves in excess of U$S1 billion.
He said this while speaking at the 113th Monetary Policy Committee (MPC) press conference in Accra on Monday, July 24.
Regarding the zero financing of the government’s budget, he said that “the BoG financing of the budget, under the programme, is expected to be zero and this has been met. Regarding the Monetary Policy Consultation clause, inflation, as at June 2023 was within the target band.”
The approval of the $ 3 billion deal was secured on Wednesday, May 17 with the first tranche of $600 million received.
The Finance Minister Ken Ofori Atta stated that the deal significantly paved the way for the implementation of an ambitious and well-thought-out programme of reform for the economy and country.
“In fact, the real work of adjustments, re-alignments and the return to a path of steady economic growth has just begun,” he said.
He added “Let us brace ourselves for the needed reforms, especially in expenditure control, non-arrears accumulation, revenue growth, ECG collections and Energy Sector reforms, in order to rebuild the walls of the Republic with urgency.
“That said, our reform programme, the Post COVID-19 Programme for Economic Growth
(PC-PEG), now supported by the 3-year Extended Credit Facility arrangement with the
IMF, is built on clear targets and strong policy and structural measures.”
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