The state of economy is a painful one for me to report – Ofori-Atta
Finance Minister Ken Ofori-Atta has stated that Ghana’s economy is not operating normally.
Mr Ofori-Atta has blamed the situation on the covid-19 epidemic, which has brought international economies to their knees, as well as the extended Russia-Ukraine war.
“In February 2022, Russia invaded Ukraine, aggravated by high finance circumstances, rising food, fertilizer, financing, construction materials, and gasoline costs, which manifested in skyrocketing domestic inflation.” “These have had a crippling effect on our people’s cost of living and style of existence,” he stated.
On Monday, the Minister made these statements in Parliament when delivering the 2022 mid-year budget review.
“Mr Speaker, this is a difficult situation for me to report to you. It is difficult to witness our folks bemoan the high pricing of essential items. These are trying times for the government, and especially for the Finance Minister.
“It pains me to hear our food farmers grumble about the high expense of transporting food from farm gates to market centers.” This is not the economy we envisioned. “This is not what we had hoped for or worked so hard for,” he bemoaned.
He has, however, reiterated the resolve of the Akufo-Addo-led administration to turn the economy around.
“Recent difficulties have engulfed us. “Our obligation is to work through and overcome these obstacles, and this is exactly what keeps the President and his staff awake at night,” he stated.