Interest and inflation rates have dropped drastically, reflecting improved macro conditions, the Finance Minister, Dr Cassiel Ato Forson, has said.
Similarly, he said, the Cedi has demonstrated an exceptional resilience in recent months.
“We have made significant progress; the signs of recovery are visible,” he said while delivering the mid-year budget on Thursday, July 24.
Dr Forson accused the central bank under the Akufo-Addo administration of driving inflation to unseen levels.
Unlike the Akufo-Addo administration, he said, President Mahama has chosen the path of structural reforms and transformation.
Dr Forson also accused the previous Akufo-Addo administration of incompetence in the management of the economy.”
Dr Forson further said that the signs of economic recovery under President John Dramani Mahama are visible for everyone to see. He said that at the time the Mahama administration took over governance on January 7, the economy was struggling.
He says they inherited a weak financial sector with significant non-performing loans. Also, he said, they inherited a derailing IMF programme.
“Indeed, as President Mahama said, the whole of Ghana was a crime scene,” he said during the kid year budget presentation.
He further announced measures undertaken to shore up the Cedi.
“We committed to establishing the Gold bod to support the stability of the Cedi,” he said. “These deliberate policies announced in the 2025 budget are yielding results,” he added.
“The Cedi performance in the first half of the year has been impressive,” he stressed.
Sustaining this stability will require,e among other things, fiscal discipline, he added.
